Refrigerated Snacks Market

Global Refrigerated Snacks Market Value And Growth (2024 to 2029):

Refrigerated Snacks Market was worth US$ 100.42 billion in 2024 and is anticipated to increase at US$ 132.49 billion by 2029 with a CAGR of 5.7% during 2024-2029.

Global Refrigerated Snacks Market Overview:

Refrigerated snacks are ones that need to be refrigerated in order to maintain their food quality and extend their shelf life. Snacks of this nature are made and stored at specific temperatures to keep their overall authenticity and to make food consumption more convenient for the end users. Cheese-based snacks, yogurt snacks, snack bars, specialty desserts, dips, and spreads are all examples of refrigerated snacks. The demand for refrigerated snacks is expected to expand, especially among millennials, due to changes in consumer lifestyles, changing working demographics, and a growing preference for natural and fresh foods. The boost in spending power, along with a growing consumer preference for nutritious and ready-to-eat convenience foods, has resulted in a boom in demand for chilled snacks. Furthermore, customers are gravitating toward convenience foods as the food and beverage sector expands, the working population grows, and product availability expands through both online and offline commerce. Refrigerated snacks are widely available in retail outlets and stores, and they are increasingly being utilized as a condiment to enhance the flavor, texture, and nutritional value of the food product in which they are employed.

Global Refrigerated Snacks Market Drivers:

The global refrigerated snacks market is growing due to rapid growth in the food services industry, increased use of convenience foods due to rising tendency toward sedentary lifestyles, and the emergence of clean-label refrigerated snacks. The availability of substitute products, on the other hand, limits growth to some level. However, the growing demand for vegan foods and snacks, as well as the industry's expanding sales channels, are projected to provide lucrative opportunities. 

In the last two decades, the food service industry has expanded dramatically. The working population is finding it increasingly difficult to strike a balance between work, family, and social life, leading to a shift in consumer preference toward prepared food rather than spending time preparing it themselves in order to spend more time with friends and family, which is a major growth factor for the food service industry. Furthermore, by 2020, the global food service industry will be worth $3.5 trillion, and it will continue to grow rapidly due to factors such as rising women's employment rates, urbanization, rising disposable income, and the growing trend toward casual dining, all of which are driving the current market growth. In addition, Mcdonald's, Starbucks, KFC, Subway, Domino's pizza, Pizza Hut, Burger King, Taco Bell, and Tim Hortons are popular QSR brands in the food service business, where the demand for quick-to-prepare foods is significant among food services in order to deliver speedy services to customers. Furthermore, home delivery of food is a recent trend that is boosting market growth since rising food demand will increase demand for quick-to-cook products from the food service segment, which will boost the global refrigerated snacks market growth directly.

Global Refrigerated Snacks Market - By Type:

However, alternative products such as freshly cooked snacks, fresh fruits, chocolates, crispy and crisp style snacks, cakes and sweet baked snacks, bread, biscuits, sweets, pies, pastry and sausage rolls, dry fruits, fresh fruits, fresh vegetables, and pretzels, among others, pose a serious threat to the market. Fresh fruits, chocolates, and crisp-style snacks are the most popular snacks on the market because they don't need to be refrigerated and can be eaten right away. Furthermore, 93 percent of the population in the United Kingdom consumes potato chips on a regular basis, while 35.2 million Americans consumed an average of 16 or more chips packs in 2019. Furthermore, the United States and France are the biggest consumers of crispy snacks, indicating that substitute product consumption is high and consistent in the market, limiting the expansion of the refrigerated snacks industry.

REPORT COVERAGE:  

This research report on the global Refrigerated Snacks Market has been segmented and sub-segmented based on type, end user, distribution channel & region. 

Global Refrigerated Snacks Market - By Type:

• Fruit snacks
• Savory snacks
• Bakery snacks
• Confectionery snacks
• Others

Based on type, savory snacks sector dominates the global refrigerated snacks market growth during the forecast period. Because of the significant consumer desire for savory snacks, the savory snacks sector has the largest refrigerated snacks market share. Fruit snacks, on the other hand, are predicted to increase at the quickest rate during the forecasted period, as several refrigerated market participants attempt to provide healthier fruit snacks to meet rising customer demand.

Millennials are also willing to spend a premium for convenient or refrigerated foods, such as ready-to-eat fresh fruits and vegetables. Typically, a fruit snack is a sweet confectionary. Fruit snacks are similar to gummy candies in appearance. Sugar, particularly refined sugar produced from concentrated white grape juice and apple juice, is the major component of fruit snacks. Fruit snacks typically have less protein and contain more sugar than gummy sweets. Fruit snacks are becoming more popular as a result of their convenience, candy-like flavor, and the perception that they are healthier than candy.

Global Refrigerated Snacks Market - By End User:

• Food services
• Residential

Food services is the fastest-growing end-user segment, owing to rising demand for ready-to-cook and serve snacks, which is driving up demand for refrigerated snacks. However, due to the increased consumption of refrigerated snacks by consumers at home as a result of the growing sedentary lifestyle, the residential segment will continue to dominate the market.

Global Refrigerated Snacks Market - By Distribution Channel:

• Online sales channel
• Hypermarket/Supermarket
• Specialty stores
• Others

The fastest increasing distribution channel is online sales, owing to the global growth of internet usage and smart phones, which is fueling the demand for chilled snacks. However, due to the increased consumption of refrigerated snacks by consumers at home as a result of the growing sedentary lifestyle, the residential segment will continue to dominate the global refrigerated snacks market.

On the other hand, Hypermarkets and supermarkets are self-service stores with well-organized product displays in various areas and shelves to attract shoppers. These types of businesses provide consumers with a diverse selection of refrigerated snacks goods, including numerous varieties and sizes of refrigerated snacks, all in one convenient location at reasonable pricing when compared to other distribution channels. As a result of this factor, sales of refrigerated snacks in supermarkets and hypermarkets have soared.

Global Refrigerated Snacks Market - Region: 

• North America 

• Europe 

• Asia-Pacific 

• South America 

• Middle East & Africa 

The Global Refrigerated Snacks Market Report includes the segmentation of Regions:

Europe accounted for the greatest portion of the market. Fresh snacks, which must be refrigerated, have become an important part of this new style of eating since they emanate a sense of healthfulness that shelf-stable snacks typically lack. Furthermore, current advances in refrigeration methods and processes ensure that the goods' nutritional worth is preserved. Consumer awareness of protein-rich meals is expanding, as is demand for convenience foods and the popularity of refrigerated snacks.

The Asia-Pacific area, on the other hand, is forecast to have the highest CAGR of 7.3 percent by 2027 due to the increasing consumption of ready to eat food in this region.

North America

Latin America

Middle East & Africa

KEY MARKET PLAYERS:

Key market players of Refrigerated Snacks Market are Keventer Agro Limited, Charoen Pokphand, Ajinomoto, inc, Unilever, General Mills, Cargill incorporated, Kraft Heinz, McCain Foods Limited, Nestle S.A, ConAgra Foods, Inc. 

RECENT HAPPENINGS IN THE GLOBAL REFRIGERATED SNACKS MARKET:

• Cargill, a US-based agri-food company, has completed a prepared meats acquisition as part of its value-added segment expansion.
• Conagra Brands, Inc., is introducing more new foods to the market with modern features and original flavors. Conagra continues its demand-driven approach to innovation as it works to accelerate growth and maximize value creation by launching a slate of on-trend products from iconic and emerging brands across its Frozen & Refrigerated Meals, Snacks & Sweet Treats, Condiments & Enhancers, and Shelf Stable Meals & Sides businesses.