The global frozen snacks market size is predicted to cross a valuation of USD 136,981 million in 2023. It is anticipated to attain a valuation of USD 250,736.0 million by 2033. The market is foreseen to thrive at a CAGR of 6% from 2023 to 2033.
In recent years, veganism and plant-based diets have gained broad popularity. Plant-based frozen snacks are now readily accessible and affordable as a result. They are now available in regular supermarkets, online vendors, and niche health food stores.
The market for frozen snacks is expanding as a result of the increased accessibility and exposure of these items, which have drawn many customers.
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The demand for frozen snacks has been rising significantly in the Asia Pacific region for several kinds of reasons. Convenient and fast meal options are in demand as a result of evolving lifestyles, urbanization, and rising working populations. The demand for frozen snacks in this region has also been influenced by changing culinary tastes and the expansion of Western influence.
Market expansion has been fueled by the prevalence of snacking culture and the accessibility of innovative frozen food options from domestic as well as international manufacturers. In addition, there is a growing market for effective frozen snack products as a result of rising health and wellness consciousness.
In North America, there is a considerable demand for frozen snacks because of convenience, busy lives, and a wide variety of snack choices. Customers in this region frequently seek out quick and simple snacks that don’t require any preparation. Additionally, the expansion of plant-based diets and the expansion of vegan frozen snacks have fueled market expansion in this region.
Key takeaways from Frozen Snacks Market:
- The global frozen snacks industry size increased at a CAGR of 2.6% from 2018 to 2022.
- In 2018, the global market size stood at US$ 119,050.3 million.
- The market size stood at US$ 131,712.70 million in 2022.
- In 2022, the meat-based segment garnered a 34.6% share of the global market.
- In 2022, the supermarkets and hypermarkets segment captured a 27.6% share of the global market.
- In 2022, China captured a 5.8% share of the global market.
- In 2022, the United States captured an 18.2% share of the global market.
Competitive Landscape
Key players in the global market are actively investing in research and development to enhance product nutritional profiles and extend shelf life. They are strategically leveraging partnerships, mergers, and acquisitions to expand their market presence and geographic footprint. Furthermore, these leaders are introducing new products and innovative frozen snack items as part of their organic growth strategies.
Key Players Working in the Global Market for Frozen Snacks:
- Nestle’
- ConAgra Foods Inc.
- Ajinomoto Co. Inc.
- McCain Foods
- The Kraft Heinz Co.
- Cargill Incorporated
- Tyson Foods Inc.
- NewForrest Fingerfood BV
- Rich Products Corp.
- Nomad Foods Ltd.
- Others
Recent Developments Observed by FMI:
- Bikano, a producer of packaged snacks, launched a range of frozen snacks in May 2023 to boost export sales by 40% on an annual basis. With this step, Bikano hopes to take advantage of opportunities in the international market and generate Rs 200 crores in revenue in FY23–24.
- Snack firm in India, Cofresh Snack Foods added unique vegetables and innovative frozen Indian snacks to their product lineup as of April 2022. Batata Vada and Aloo Tikki, which are prepared with potato and chickpea flour, as well as other well-known Indian street dishes like Vegetable Kathi Roll, Tandoori Chilli Potato Kathi Roll, and hand-stretched Tandoori Garlic Naan are among the new items in the lineup.
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Frozen Snacks Market Segmentation
By Product Type:
- Desserts
- Confectionery
- Vegetable & Fruit Snacks
- Bakery Products
- Meat Based Snacks
- Meat Substitute Snacks
- Seafood Snacks
- Other Products
By Category:
- Ready to Eat
- Ready to Cook
- Others
By Sales Channel:
- Offline Sales Channel
- Supermarkets/Hypermarkets
- Departmental Stores
- Convenience Stores
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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