The Global Refrigerated Snacks Market size is expected to reach $141.1 billion by 2027, rising at a market growth of 5.5% CAGR during the forecast period.
Snacks which are needed to be kept at lower than room temperature in order to maintain the quality and shelf life are called refrigerated snacks. These types of snacks are preserved under a specific temperature to provide convenience to the consumer of food by maintaining overall authenticity. Changing lifestyle of people as well as rising demand for fresh and natural food is growing the demand for refrigerated snacks.
Some of the major dealers in refrigerated food snacks are Keventer Agro Limited, Kraft Heinz, McCain Food Limited, Unilever plc., Nestle S.A., Ajinomoto, and many more. Snacks such as yogurt snacks, specialty desserts dips, snack bars, and others come under refrigerated snacks. The refrigerators can be seen as an example of technological advancement. Due to the busy schedules of people, the demand for ready-to-eat food items is rapidly growing and thus they find it easy to consume refrigerated snacks.
Yogurt, a kind of refrigerated snack is rich in calcium, which is healthy for bones and teeth and also for the functioning of the heart, muscles, and nerves. Additionally, such snacks provide protein to the body as well as probiotics which help in the digestion of food. Some commonly found probiotics in yogurt are bifidobacteria & lactobacillus which are proved beneficial in lessening the uncomfort caused due to IBS (irritable bowel syndrome), a disorder that affects the colon. Also, a good amount of vitamin B, especially vitamin B12, present in yogurt may prevent diseases related to the heart.
Apart from the delicious taste, refrigerated food products such as cakes are also energy booster. Most of the cakes are prepared by adding flavors, dairy cream, breads and other ingredients which contains good amount of carbohydrates and thus boosts energy. Also, some mixed fruit cakes are beneficial in digestion also. These cakes contain fresh seasonal fruits such as strawberries, premium apple, Kiwi, pineapple and others which are rich in fibre. In addition, cheese which is also a part of refrigerated snacks is a nice source of calcium.
The widespread of COVID-19 has brutally affected economies of almost all nations. Each sector has faced one or other challenges due to the pandemic and other uncertainties it brought. The outbreak of the pandemic has hampered the growth of the refrigerated snack market as there was a decline in the production of raw materials. Also, the supply chain was disrupted due to restrictions imposed on import and export and lockdown imposed in many nations in order to curb the effect of COVID-19.
Whereas, different sectors are planning to restart their operations which may result in rising demand for refrigerated snacks. Moreover, the lifestyle of people is being changed, a number of people are working from home and are concerned about not going out much due to the COVID-19 spread. Due to this, consumers prefer to buy food options that can be stored for the long term which may raise the adoption of refrigerated snacks during the forecast period.
It is becoming difficult to balance family, social life and work altogether for the working population, which is resulting in the rising adoption of the ready-to-eat product instead of spending their time cooking. Additionally, the food service industry is expanding worldwide. The foodservice outlets like KFC, Domino’s, McDonalds, Starbucks, Subway, Burger King, Tim Hortons, and Pizza Hut are also arising the need for ready-to-serve food, in order to ensure quick and efficient services.
The consumers are adopting a balanced nutritional diet which would further improve the physiological, functional and metabolic health of consumers. This is because of increasing health issues and self-care concerns. The consumer's demand for a protein-rich diet is increasing. Protein is gaining popularity among consumers because of the health benefits it serves. Protein provides the structural component of tissue and muscles in the human body. Protein is also proved beneficial for bone health.
The major factor responsible for hampering the market growth is the continuously changing prices of raw material which also result in change in prices of refrigerated snacks. Raw material like processed meat, fresh veggies and others are required for preparation of ready to consume refrigerated snacks but the prices of these products keep on fluctuating due to many reasons such as peak harvest season and the season of less availability.
By end-user, the refrigerated snack market is divided into residential and food services. The food service segment garnered a significant revenue share of the overall refrigerated snack market in 2020. This is due to the rising number of food service outlets such as hotels and restaurants are rising the demand for food products that need less time for cooking which is likely to surge the demand for refrigerated snacks in the market. Food services refers to providing food to consumers in the form of restaurants, fast food, and other catering services.
Based on type, the refrigerated snack market is segmented into savory snacks, fruit snacks, confectionery snacks, and bakery snacks. The fruit snacks segment is anticipated to have promising growth in the market over the forecast period. The fruit snacks are a bit the same as the gummy candies. These snacks usually contain refined sugar extracted from white grape juice and apple juice. Fruits are considered to be a good source of vitamins & antioxidants essential for the body. When choosing a snack consumers like to adopt the option rich with nutrients and demand for snacks that contain vitamins and minerals which can be served by the fruit snack segment.
On the basis of distribution channels, the refrigerated snack market is fragmented into supermarket/hypermarkets, specialty stores, online sales channels, and others. In 2020, hypermarkets and supermarkets segment dominated the refrigerated snack market by generating maximum revenue. Hypermarkets/Supermarkets are self-service stores that offer different types of products. Refrigerated snacks are easily available in such stores. Even, this segment is among the major distributors of refrigerated snacks products.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 94.1 Billion |
| Market size forecast in 2027 | USD 141.1 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 5.5% from 2021 to 2027 |
| Number of Pages | 216 |
| Number of Tables | 373 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Distribution Channel, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Australia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the refrigerated snack market is analyzed in North America, Europe, Asia Pacific, and LAMEA. In 2020, Europe emerged as the leading region in the overall refrigerated snacks market. The western section of Europe is known for having a higher standard of living and people with greater income levels. It is one of the wealthiest regions of the European continent, having a per capita GDP higher than the rest of the continent.
Free Valuable Insights: Global Refrigerated Snacks Market size to reach USD 141.1 Billion by 2027
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Nestle S.A. are the forerunners in the Refrigerated Snacks Market. Companies such as Conagra Brands, Inc., Ajinomoto Co. Inc. and General Mills, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ajinomoto Co. Inc., Charoen Pokphand Foods Public Company Limited, Keventer Agro Limited, Cargill Corporation, Nestle S.A., Conagra Brands, Inc., General Mills, Inc., The Kraft Heinz Company, Unilever PLC, and McCain Foods Limited.
By End User
By Type
By Distribution Channel
By Geography
The refrigerated snacks market size is projected to reach USD 141.1 billion by 2027.
Increasing demand for ready-to-eat food are driving the market in coming years, however, surging prices of raw materials limited the growth of the market.
Ajinomoto Co. Inc., Charoen Pokphand Foods Public Company Limited, Keventer Agro Limited, Cargill Corporation, Nestle S.A., Conagra Brands, Inc., General Mills, Inc., The Kraft Heinz Company, Unilever PLC, and McCain Foods Limited.
The Residential market acquired maximum revenue share in the Global Refrigerated Snacks Market by End User 2020, and would continue to be a dominant market till 2027.
The Specialty Stores market shows highest growth rate of 5.1% during (2021 - 2027).
The Europe market is the fastest growing region in the Global Refrigerated Snacks Market by Region 2020, and would continue to be a dominant market till 2027.
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