Global refrigerated snacks market is driven by the soaring food service industry growth and demand for convenience food among consumers to become one of the highest investment segments, as highlighted in a recent industry analysis.
The market size was valued at $94.8 billion in 2020, and is estimated to reach $165.4 billion by 2030, growing at a CAGR of 5.6% from 2021 to 2030. This continuous growth trend represents a fundamental change in the way consumers think about food consumption, and it’s spurred by shifts in lifestyle behaviors, increasing urbanization and greater demand for ready-to-eat as well as ready-to-cook products.
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➤ Key Investment Drivers
The market’s growth is supported by multiple long-term growth drivers:
The food service industry is growing rapidly: The global food service industry was as big as $3.5 trillion in 2020 and will grow still rapidly thanks to factors like the increasing employment of women, urbanization, rising disposable income and a trend towards casual dining.
Shift towards convenience food: The juggling act between work, family and social life is proving to be a struggle for the working population making the consumers gravitate towards prepared rather than spending time cooking themselves.
Trend for home delivery: One of the main trend driving the market growth is Home delivery of food is a new era which led to increased demand for fast prepare products among food service segment.
Shift towards sedentary lifestyle: Consumers are shifting trends of fast and sedentary lifestyle which is decreasing the home-cooking because they find food with convenience to save time and work.
Although alternative products such as fresh fruits, chocolates, and crispy snacks can pose a significant threat to the market’s growth, players in the global refrigerated snack food market are focusing on healthy and clean-labeled refrigerated snacks to overcome this challenge.
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➤ Emerging Opportunities
The market offers compelling investment opportunities:
Key Market Trend: Emergence of clean label refrigerated snacks One of the key drivers expected to boost market growth in the coming years is emergence of.
Many of players in refrigerated market are striving to roll out increased number of healthy fruit snacks into the market because of growing consumer demand, which makes fruit snacks a the fastest growing type segment during forecast period.
The growing internet penetration and smartphone usage across the globe drive the online sales of refrigerated snacks; going forward, as such, the online sales channel will be fastest among the distribution segment.
World-class food service sector: Food service is the fastest growing end-user segment in the global pizza cheese market due to high preference for ready-to-cook and ready-to-serve snacks.
➤ Segment Insights
By Type:
Based on product type, the savory snacks segment has the highest refrigeration snacks market share due to high consumer preference toward savory snack. But during the forecasted period, fruit snacks is likely to be the fastest segment to growth.
By End User:
The global refrigerated snack market by residential segment is leading and it is expected to retain its leadership position over the forecast period due to increased consumption of refrigerated snacks by consumer at home as a result of the increase in sedentary lifestyle. By end user, the food service sector is expected to register high growth rate segment on account of increasing demand for ready to cook and serves snacks.
By Distribution Channel:
The hypermarket/supermarket segment led the global refrigerated snack market in 2018 and is expected to continue its dominance over the forecast period. The fastest growing segment is the online sales channel due to the internet penetration and growth of smartphones across the globe.
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➤ Regional Outlook
The global refrigerated snack market is segmented across the regions of North America, Latin America, Asia pacific, Western Europe and Eastern Europe with Europe holding the largest share and expected to continue dominating till the end of forecast period. The region is fortified by a solid cold chain infrastructure and a high consumer preference toward refrigerated convenience items.
Regional coverage includes:
North America: U.S., Canada, Mexico
Europe: UK, Germany, France, Italy, Spain, Rest of Europe
Asia-Pacific: India, China, Japan, ASEAN, Australia and Rest of Asia-Pacific
LAMEA: Brazil, Argentina, UAE, Saudi Arabia, South Africa & Rest of LAMEA
➤ Competitive Landscape
Thus, the companies functioning in the worldwide refrigerated snacks market have embraced several developmental strategies to expand their market share, achieving profitability while staying abreast of competition. Ajinomoto, Inc., Cargill Incorporated,Chrespondent Pokphand,ConAgra Foods the key players operating in the market include featuring prominently General Mills, Inc., Keventer Agro Limited, Kraft Heinz McCain Foods Limited Nestle SA Unilever Ifoulc.
➤ Investment Outlook
The refrigerated snacks segment also offers a slow and steady growth investment opportunity with strong consumer demand. Rapid growth of food services industry, increase in adoption of convenience food with rise in inclination toward sedentary lifestyle, and emergence of clean label refrigerated snacks are some drawer for the growth of the global refrigerated snacks market.
Investors should particularly monitor:
The Developing of online distribution channels in emerging markets
Growth of healthy and clean-label refrigerated snack product lines
Increasing food service sector demand for fast-to-prepare refrigerated snacks
