The global frozen snacks market is expected to experience substantial growth from 2023 to 2033. According to Future Market Insights, the market is set to exceed 136,981 million in 2023 and is forecasted to reach USD 250,736.0 million by 2033. The market is projected to grow at a compound annual growth rate (CAGR) of 6% during this period.
The growth in the frozen snacks market is largely driven by the convenience these products provide. As consumers increasingly seek to manage their hectic schedules, they are opting for packaged foods and frozen snacks due to their quick preparation. This trend is expected to sustain and boost sales throughout the forecast period.
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The World Bank projects that two-thirds of the global population will reside in urban areas within the next decade. Consequently, the swift pace of urbanization and the busy lifestyles of millennials and working professionals are expected to drive increased adoption of frozen snacks.
“Wide availability of vegan, gluten-free and keto frozen snacks, along with increasing sales through online channels across emerging economies will augment the growth in the market in the forthcoming years,” says an FMI analyst.
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:
- In May 2023, Bikano, a manufacturer of packaged snacks and snacks, introduced a line of frozen snacks into the global market to increase export sales by 40% year over year. Bikano expects to reach Rs 200 crores in revenue in FY 23–24 as a result of this move as it looks to capitalize on prospects in the global market.
- In April 2022, Cofresh Snack Foods, a snack company in India, expanded its product line by introducing exotic veggies and innovative frozen Indian snacks. The new line-up includes new products like Batata Vada and Aloo Tikki, which are made with potato and chickpea flour, as well as other well-known Indian street foods like Vegetable Kathi Roll, Tandoori Chilli Potato Kathi Roll, and hand-stretched Tandoori Garlic Naan.
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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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