Frozen Snacks Market Size- Industry Analysis, Size, Share, Growth, and Forecast - 2023
Market
Highlights
The
hectic lifestyles and changing eating habits of consumers are encouraging
market players to introduce a variety of snack products in frozen form. The
global frozen snacks market size is projected to register a growth rate of
3.73% from 2020 to 2024 to reach a market value of USD 129 Billion by the end
of 2024. However, fluctuating storage temperatures leading to physical changes,
such as moisture loss, emulsion destabilization, and recrystallization of
sugars and ice in frozen desserts may hinder market growth during the forecast
period.
The Global Frozen Snacks
Market has been segmented based on product type, distribution channel, and
region.
Based
on product type, the Global Frozen Snacks Market Size has
been segmented into vegetables and fruits; meat, poultry, and seafood; bakery
products; meat substitutes; frozen desserts and confectionery; and others. The
meat, poultry, and seafood segment is expected to dominate the global frozen
snacks market during the forecast period. The consumption of poultry and
seafood is high the world owing to their protein content. The convenience
of frozen products is influencing consumers to switch to frozen meat, poultry,
and seafood snacks for its convenience. However, the rising adoption of
veganism and changing consumer preference toward plant-based diets are expected
to fuel the growth of the meat substitutes segment at the fastest rate during
the forecast period.
On
the basis of distribution channel, the global frozen snacks market has been
classified as store-based and non-store-based. The store-based segment has been
further divided into supermarkets and hypermarkets, convenience stores, and
others. The store-based segment is expected to generate higher revenue, with
the supermarkets and hypermarkets sub-segment being the largest due to the
strong and widespread network of stores. The non-store-based segment is
expected to register the higher CAGR during the assessment period.
Technological advancements in the e-commerce industry have enabled the
maintenance of temperature of frozen snacks; this, along with the growing
consumer preference for online retailing are fueling the growth of the segment.
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Key Players
Some of the key players in
the global frozen snacks market are The Kraft Heinz Company (US), Nestle S.A.
(Switzerland), ConAgra Foods, Inc. (US), Flowers Foods (US), BRF S.A. (Brazil),
General Mills (US), Home Market Foods, Inc. (US), Unilever plc (UK), JBS S.A.
(Brazil), Maple Leaf Foods Inc. (Canada), Tyson Foods Inc. (US), Mother Dairy
Fruit and Vegetable Pvt. Ltd (India), Ajinomoto Co. Inc. (Japan), Europastry,
S.A. (Spain), and McCain Foods Limited (Canada).
Regional
Analysis
The
global frozen snacks market has been segmented, by region, into North
America, Europe, Asia-Pacific, and the rest of the world.
The European frozen snacks
market is expected to dominate during the forecast period due to the widespread
adoption of healthy eating habits and demand for convenience foods in the
region. In the Netherlands, oven cooking of frozen potato snacks cooked is
increasing as a healthier alternative to traditional deep-fat frying, which is
driving market growth in Europe.
The frozen snacks market
in Asia-Pacific is projected to grow at the fastest rate from 2020 to
2024. Increasing spending power and the rise of the organized retail sector are
driving the regional market growth. The consumption of healthy frozen snacks is
increasing in highly populous countries in the region. Additionally, the
increasing working population and shifting consumption patterns toward
convenience foods are expected to boost the growth of the frozen snacks market
in Asia-Pacific during the forecast period.
Latest
Industry Updates
- Jun 2018: Conagra Brands
announced the acquisition of Pinnacle Foods for USD 10.9 billion to expand
its frozen snacks portfolio.
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