Refrigerated Snacks market Size, Share, Growth, and Industry Analysis, By Type ( Baked Goods & Confectionery, Fruits & Vegetables, Yogurt, Meat Snacks, Sandwich and Savory Snacks, Others), By Application ( Supermarkets and Hypermarkets, Convenience Store, Online Retail, Others) and Regional Insights and Forecast to 2032

Updated On: 15 April 2024

REFRIGERATED SNACKS MARKET REPORT OVERVIEW

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The global Refrigerated Snacks market size was USD 57180 million in 2022 and is forecast to a readjusted size of USD 82080 million by 2028 at CAGR of 6.2% during the forecast period.

The refrigerated snacks market is a dynamic snacks market within the food & beverages industry, Unlike traditional shelf-stable snacks, refrigerated snacks require cold storage to preserve their freshness, flavor, and nutritional integrity the refrigerated snacks market caters to fast-paced consumers who prioritize convenience and on-the-go snacking without compromising taste or healthfulness, the refrigerated snacks market is aligned with the modern life-style, urban living standards and their dietary preferences, the market offers an extensive selection to cater to varied tastes with their emphasis on freshness and quality ingredients and functional benefits.

Refrigerate Snacks has successfully served the ever changing and evolving demands of the food industry, from serving quick bites, to a wholesome midday snack, catering diverse dietary needs, including vegetarian, vegan, gluten-free, and dairy-free options, that underscores its commitment to inclusivity and accessibility it covers all the segments of consumers, furthermore with new age restaurant and hotels are coming up chefless and cloud kitchen models, refrigerated snacks has become of the most sought after products  as  refrigerated snacks offers unparalleled convenience and versatility including longer shelf life, consistent taste, easy storage & has reduced wastage.

COVID-19 Impact: Market Growth is propelled by pandemic due to increasing  demands for Refrigerated Snacks

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic has  influenced consumer behavior significantly  in the snacks market, and consumers are now seeking for snacks that incorporates both taste and health in a single snacks, moreover with shift in work from home culture, the average working was increased that lead to change the food & snacking habits as well, working professionals are now seeking instant, convenient & no cook meals with same nutritional values along with heightened focus on health and wellness, prioritizing  immune-boosting and nutritious options refrigerated snacks have become a go to option, known for their freshness and nutrient-rich profiles, refrigerated snacks have emerged as favored choices among health-conscious individuals, In response to the heightened demand for health-focused snacks,market players within the Refrigerated Snacks Market have ramped up innovation efforts to incorporate functional ingredients without compromising  the immune-boosting and wellness-enhancing properties of the frozen snacks, this includes the integration of probiotics, prebiotics, antioxidants, and other bioactive compounds aimed at supporting digestive health, immunity, and overall vitality.

LATEST TRENDS

"Innovation in refrigerated snacks market to propel the market growth"

With anticipated growth prospects of refrigerated snacks market size, the market players are dedicatedly working towards innovation in refrigerated snacks to cater the wide variety seeking consumers with authentic taste & original health benefit.Innovative snacks combine different food categories, such as protein-rich meats, cheese, crackers, and fresh fruits or vegetables, in a single, portable container, in different size variants to target both single-serve & multi-serve options, moreover with rising awareness among the consumers, there is a large segments that is seeking plant-based & cruelty free refrigerated snacks, such as dairy free cheese & yogurts made from plant-based alternatives like almonds, soy, or coconuts & other powdered forms as an alternative of meat substitutes, in a way offering an innovative & delicious snacking options that aligns with ethical & environmental values without compromising the taste & health concerns of the consumers.

REFRIGERATED SNACKS MARKET SEGMENTATION

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BY TYPE

• Baked Goods & Confectionery- Baked goods & confectionery includes a variety of cakes, cup-cakes, muffins, cookies, chocolates , these types of products generally need cold storage for maintaining the freshness, taste & longer shelf life.

• Fruits & Vegetables- Refrigerated fruits & vegetables have been widely taken into use especially by big hotel chains, due to mass consumption as pre-cut fruits, pre-mix salads, for instant & convenient and nutritious snacking.

• Yogurt- Yogurts are one of most sought after refrigerated snacks that are available in versatile flavors & formulations such as greek yogurts, probiotic yogurts for health conscious consumers.

• Meat Snacks- Meat snacks include multi nutritional packs like protein, fats, carbs to  offer a convenient source of protein & energy for consumers on-the-go.

• Sandwich- A variety of sandwiches like gourmet wraps and subs that are available in refrigerated  form local retail stores to  trains, planes & other transit locations as well, satisfying the consumers looking for a quick and filling snack option.

• Savory Snacks- Savory snacks encompass a wide range of flavor-packed options such as cheese charcuterie boards, dips, spreads, these snacks are used as side dips for flavorful snacking experience.

BY APPLICATION

• Supermarkets and Hypermarkets- There is a large demand for refrigerated snacks, supermarkets & hypermarkets are key players in this whole distribution channel as it offers wide options to choose from, catering to the large consumers.

• Convenience Store- Convenience stores cater to consumers seeking quick and on-the-go snack options. Refrigerated snacks stocked at these outlets are often packaged for individuals with majorly small & medium packaged snacks options.

• Online Retail- E-commerce & Quick commerce gives the consumer an option to get the product delivered within no time, consumers are increasingly moving to buy such snacks online due wide selection options, from comfort of their home saving time & efforts.

DRIVING FACTORS

"Convenience & Portability to boost the market growth"

Busy life-style & change in consumption patterns has boosted the refrigerated snacks market size, consumers are adopting on-the-go snacks for convenience & portability while working or traveling, without compromising the nutritional benefits, anticipating the larger growth prospects the manufacturers are introducing new flavors, textures & packaging formats to cater to evolving consumer preferences, within the  healthier snacking categories like instant health drinks, lean protein snacks, yogurts to maintain the balanced diet & maintain the overall well-being.

"Urbanization & Changing Demographics to expand the market size"

Urbanization has played a pivotal role in boosting the refrigerated snacks market, such as increase in single household, dual-income families, the demand for ready to eat  snacks options  for convenience & modern lifestyle has become common over the traditional snacks, due to online & offline availability , quick delivery options, hassle free preparation, & minimal food wastage, urban families are moving towards adopting these options.

RESTRAINING FACTORS

"High production & storage cost to restrain the market growth"

The production & storage costs associated with refrigerated snacks are higher compared to shelf-stable & traditional snacks alternatives, due to the need for cold chain logistics, for maintaining the freshness of the food, avoiding spoilage & minimal wastage post production, maintaining the inventory also requires large cold storage units with effective forecasting and supply chain management such checkpoints are must for the manufacturers & retailers to maintain profitability in the business.

REFRIGERATED SNACKS MARKET REGIONAL INSIGHTS

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"North America dominates the refrigerated snacks market "

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America dominates the refrigerated snacks market size, owning to conventional consumer segment for refrigerated snacks & consumptions patterns due to the busy & hectic lifestyle, consumers are driven to opt for convenient & healthy snacking options that are available in wide options, the popularity of refrigerated snacks such as yogurt, fresh fruits, and protein packs are quite prevalent in North American snacks market, the demand for premium and innovative refrigerated snacks is particularly high in urban centers due to diverse population & multicultural food preferences, with advanced food industry & stringent food regulations the manufacturers ensures frozen snacks that are non-harmful & compliant with the regulations, that has enabled trust factors among the consumers for intake of refrigerated snacks, leading to uptake in the market in recent years.

List of Market Players Profiled

• Mondelez International, Inc. (U.S.)
• Nestle, S.A.(Switzerland)
• General Mills Inc. (U.S.)
• The Kraft Heinz Company (U.S.)
• Ohi Bar (U.S.)
• Pepsico (U.S.)
• Conagra Brands, Inc (U.S.)
• Mars Incorporated (U.S.)
• Danone S.A (France)
• Hormel Foods Corporation (U.S.)

INDUSTRIAL DEVELOPMENT

March 2024: Two leading frozen food companies, Twin City Foods, Inc., and Smith Frozen Foods, Inc. have signed an agreement to merge. While the terms are still being finalized, it is expected that post-merger  Twin City Food and Smith Frozen Foods will operate under a new parent company called TCF Holdings, Inc. The dynamic partnership represents a strategic alignment of resources and capabilities to meet customer's needs and meet market demand more effectively while supporting local farmers. The combination is expected to bring improved capabilities and efficiencies.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated time frame. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.