Refrigerated Snacks Market By Nature (Organic and Conventional), Type (Fruit Snacks, Confectionery Snacks, Savoury Snacks, Yogurt, Meat Snacks, Bakery Snacks), End-user (Residential and Food Services), Distribution Channel (Supermarkets and Hypermarkets, Convenience Store, Online Retail), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023-2032
Market Perspective
The global Refrigerated Snacks Market size was worth around USD 56.25 Billion in 2022 and is anticipated to surpass USD 102.82 billion by 2032 with a compound annual growth rate of roughly 6.9% between 2023 and 2032. The market growth is attributed to an increase in the number of companies using e-commerce websites for ordering refrigerated food, as well as a persistent consumer preference for refrigerated food services. In recent years, refrigerated foods have become immensely popular.
Refrigerated snacks, such as cheese-based snacks, yogurt snacks, snack bars, specialty desserts, dips, and spreads, are prepared and stored under specific temperature conditions in order to maintain their overall reliability and provide the convenience of food consumption to the consumer.
The organic segment is expected to hold over 13.8% market share and is also expected to continue holding its dominance over the forecast period. The demand for chilled snacks is accelerating, especially among millennials; as consumer lifestyles change, the workforce changes, and the preference for natural and fresh foods increases. Over the forecast period, the product demand is expected to continue rising on account of growing awareness among consumers and increasing focus on convenience.
Key Insights
- Based on nature, the organic segment held the largest market share in the year 2022
- Based on type, the savory snacks segment held the largest market share in the year 2022
- Based on end-user, the savory snacks segment dominated the market share in the year 2022
- Based on distribution channels, the online retail segment accounted largest market share in the year 2022
- On the basis of region, North America held the largest market share in the year 2022
Rising Demand for Ready-to-eat Snacks Drives the Market Growth
The growing popularity of ready-to-eat convenience food items owing to the growing need for fast and convenient food which requires minimum time, energy, and cooking skills to prepare and consume. Consumers across the developed and developing countries are preferring convenience food due to increased time pressure, and busy lifestyle. Additionally, modern grocery retail formats are replacing traditional food markets in developing countries, offering consumers the opportunity to purchase a wide variety of convenience food products.
In recent years, consumers have increased their focus towards more premium convenience products, from world cuisine-influenced ready-meals. Diet trends such as vegan, gluten-free, and paleo are all on convenience store shelves. With consumers having an abundance of on-demand choices it is clear that refrigerated snacks offering a greater variety of quality convenience and food products are imperative. Hence, these factors are driving the refrigerated snacks market growth.
Surging Prices of Raw Materials Restrict the Market Growth
Ongoing fluctuation in prices of raw materials such as meat and fresh vegetables is one of the key factors hampering market growth to some extent. These ingredients are needed to make ready-to-eat refrigerated snacks, but the cost of these products keeps fluctuating depending on a number of variables, including the peak harvest season and the season of lower availability.
Fluctuating raw material prices are negatively impacting the growth of the refrigerated snacks market by increasing production costs and reducing profit margins for manufacturers. This can lead to higher prices for consumers and reduced demand for the products. Additionally, the uncertainty of raw material prices makes it difficult for manufacturers to plan and budget for production, which can also slow the growth of the industry.
Furthermore, inadequate inventory of these raw materials has impacted the variability of refrigerated food manufacturing operations and supplier selection, which has overall impacted the refrigerated snacks market share.
Segmentation Analysis
By nature, the refrigerated snacks market is bifurcated into organic and conventional. The organic refrigerated snacks segment is expected to dominate market growth over the forecast period due to growing consumer preferences for organic food and a rising health-conscious population. In addition to this, most consumers prefer organic refrigerated snacks product on account of higher nutritional content, better flavor, and environmental sustainability. As a result, manufacturers are increasingly offering organic options for refrigerated snacks, such as dips, cheese, yogurt, and meat alternatives.
This trend is also driven by the increasing awareness of the environmental impact of conventional farming methods and the desire to support sustainable and environmentally friendly practices. Additionally, the rise of e-commerce and online grocery shopping has made it easier for consumers to access organic options, further driving the growth of the refrigerated snacks market.
Based on type, the refrigerated snacks market is segmented into fruit snacks, confectionery snacks, savory snacks, yogurt, meat snacks, bakery snacks, and others. Over the course of the projection period, the market for fruit snacks is expected to experience encouraging growth as an increasing number of consumers prefer to choose snacks that are high in nutrients and need products such as fruits that contain vitamins and minerals.
Based on end-user, the refrigerated snacks market is segmented into residential and food services. The food services segment is expected to continue leading the market due to the increased demand for convenient food products and the on-the-go snacking trend that favors high-protein and low-sugar foods. In line with this, manufacturers have started offering a wide range of goods with distinctive flavor profiles, shapes, packaging, and ingredients.
On the basis of distribution channels, the refrigerated snacks market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The online segment accounted for a prominent revenue share of the global refrigerated snacks market.
Recent Developments
In March 2022: Clio Snacks added Vanilla Almond Granola & Yogurt Parfait Bars, Chocolate Greek Yogurt Bars, and Vanilla Less Sugar Yogurt Bars the new collection of chilled, handheld bars. The aim intends to expand its distribution by combining health with Clio's distinctive cheesecake-like texture and delectable chocolate or nut butter coating.
In January 2022: FIELD + FARMER unveiled its product lineup in order to broaden beyond its well-liked dressings, dips, and juices and its produce-forward chilled snack bars. The product brings its promise of fresh, mouthwatering flavors into a fast-growing refrigerated snack-bar market and adds value to the category through a produce-first bar.
In October 2021: Nestlé introduced Rallies Nut Butter Bombs, a chilled snack with 40% less added sugar and offers shoppers who are in the periphery areas of the store, such as the produce and dairy departments, more snack alternatives, and it is available for online purchase at NestleRallies.com.
Regional Analysis
North America is Dominating the Market Share Due to the Growing Preference for Healthy and Ready-to-Eat Convenience Food among Consumers
The market is anticipated to grow consumers' preference for frozen food, particularly among millennials, due to single-serving alternatives and preparation convenience. In September 2021, the U.S. Department of Agriculture (USDA) emphasized families follow food safety practices to prevent foodborne illness when it comes to preparing frozen foods.
In the current scenario, dieting and health-conscious consumers in the US and Canada often prefer a healthy snack to get protein, fiber, vitamins, and other nutritional benefits. Refrigerated snacks are widely accessible at retail establishments or stores and are being used more frequently as a condiment to enhance the flavor, texture, and nutritional value of the food product.
APAC is the Fastest Growing Market owing to the Availability and Popularity of Frozen Foods
The growing availability of frozen foods across key countries such as India, China, Indonesia, South Korea, Japan, and Australia is adding fuel to regional market growth. Consumers in this region are found to be preferring refrigerated foods that are rich in protein, low in calories, and low in fat. In addition to this, most of the market players in this region are catering to special dietary needs, including those that are dairy-free, vegan, sugar-free, gluten-free, and plant-based.
In the last few years, Asia Pacific witnessed significant growth in Generation Z and millennials, that are putting themselves on ketogenic and high-protein diets, along with meat and plant-based diets. According to a recent study, the South Asian country has set a goal to increase the value of farm exports to USD 60 billion by 2022.
For instance, the state and federal governments in India provided up to 50% subsidy for cold storage. In addition to this, the Indian government has boosted the food processing business and is accelerating the capacity addition of cold storage chains, reefer vehicles, and mega food parks.
Key Players
Some of the key manufacturers operating in the refrigerated snacks industry include MondelÄ“z International, Nestlé, General Mills Inc., Conagra Brands, Inc., Mars, Incorporated, Hormel Foods Corporation, Unilever PLC, Clio Snacks, FIELD + FARMER, Tyson Foods, Inc., amongst others.
The global refrigerated snacks market is segmented as follows:
By Nature
- Organic
- Conventional
By Type
- Savoury Snacks
- Yogurt
- Meat Snacks
- Fruit Snacks
- Confectionery Snacks
- Bakery Snacks
- Others
By End-Use
- Residential
- Food Services
By Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Store
- Online Retail
- Others
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Refrigerated Snacks Market By Nature
- January-2023
- 148
- Global
- food-beverage
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