The global frozen snacks market size is anticipated to exhibit colossal growth from 2023 to 2033. According to the research report published by Future Market Insights, the global market is poised to surpass a valuation of USD 136,981 million in 2023. It is predicted to reach a valuation of USD 250,736.0 million by 2033. The market is projected to expand at a CAGR of 6% from 2023 to 2033.
The convenience that these products provide is the reason for their growth. Due to their shorter preparation times, customers are favouring packaged food items and frozen snacks as they strive to fit them into their hectic schedules. Sales in the market will be driven by this trend for the duration of the projection.
In the next ten years, two thirds of the world’s population is expected to reside in urban regions, according to the World Bank. Thus, the adoption of frozen snacks will be driven by the fast urbanisation and busy lifestyle of millennials and working professionals.
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Companies Profiled In frozen snacks market are 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.
Moreover, these frozen snacks take less time to prepare than cooked meals, which is one of the key reasons driving the preference for frozen snacks. In addition to this, increasing focus on nutrient-rich frozen snacks is compelling manufacturers to launch products with organic ingredients and clean-labels. This is anticipated to fuel sales in the market.
“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:
- The global frozen snacks market is anticipated to reach a valuation of around US$ 131.7 Bn in 2022.
- By product type, sales in the desserts segment will account for around 2/5th of the total market share over the forecast period.
- In terms of category, demand in the ready-to-eat frozen snacks segment will remain high through 2032.
- Offline sales channels will be the most preferred sales channel among consumers over the assessment period.
- France will dominate the Europe frozen snacks market owing to increasing demand for vegan frozen snacks and ready-to-eat meals.
- China will account for a lion’s share of the East Asia frozen snacks market due to increasing sales of packaged food products through online channels
- The U.S. will emerge as a lucrative market on the back of growing preference for vegan and clean-label frozen snacks.
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Competitive Landscape
Leading players in the frozen snacks market are aiming to improve sales by launching frozen snackes made from organic and natural ingredients. They are also investing in mergers, acquisitions and collaborations to expand their production and storage facilities for frozen snacks. For instance:
- In April 2021, Abergavenny Fine Foods Ltd., a company specializing in frozen snacks and finger food was acquired by Frostkrone Food Group.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global frozen snacks market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on product type (desserts, confectionary, vegetable & fruit snacks, bakery products, meat-based snacks, meat substitute snacks, seafood snacks and other products), category (ready to eat, ready to cook and others), sales channel (offline sales channel (supermarkets/hypermarkets, departmental stores, convenience store and other sales channel) and online sales channel (company website and e-commerce platform)), across seven major regions of the world.
Frequently Asked Questions
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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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