Market Highlights
The hectic lifestyles and changing eating habits of consumers are encouraging market players to introduce a variety of snack products in frozen form. The global frozen snacks market size is projected to register a growth rate of 3.73% from 2019 to 2024 to reach a market value of USD 129 Billion by the end of 2024. However, fluctuating storage temperatures leading to physical changes, such as moisture loss, emulsion destabilization, and recrystallization of sugars and ice in frozen desserts may hinder market growth during the forecast period.
The global frozen snacks market has been segmented based on product type, distribution channel, and region.
Based on product type, the global frozen snacks market has been segmented into vegetables and fruits; meat, poultry, and seafood; bakery products; meat substitutes; frozen desserts and confectionery; and others. The meat, poultry, and seafood segment is expected to dominate the global frozen snacks market during the forecast period. The consumption of poultry and seafood is high the world owing to their protein content. The convenience of frozen products is influencing consumers to switch to frozen meat, poultry, and seafood snacks for its convenience. However, the rising adoption of veganism and changing consumer preference toward plant-based diets are expected to fuel the growth of the meat substitutes segment at the fastest rate during the forecast period.
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On the basis of distribution channel, the global frozen snacks market has been classified as store-based and non-store-based. The store-based segment has been further divided into supermarkets and hypermarkets, convenience stores, and others. The store-based segment is expected to generate higher revenue, with the supermarkets and hypermarkets sub-segment being the largest due to the strong and widespread network of stores. The non-store-based segment is expected to register the higher CAGR during the assessment period. Technological advancements in the e-commerce industry have enabled the maintenance of temperature of frozen snacks; this, along with the growing consumer preference for online retailing are fueling the growth of the segment.
Key Players
Some of the key players in the global frozen snacks market are The Kraft Heinz Company (US), Nestle S.A. (Switzerland), ConAgra Foods, Inc. (US), Flowers Foods (US), BRF S.A. (Brazil), General Mills (US), Home Market Foods, Inc. (US), Unilever plc (UK), JBS S.A. (Brazil), Maple Leaf Foods Inc. (Canada), Tyson Foods Inc. (US), Mother Dairy Fruit and Vegetable Pvt. Ltd (India), Ajinomoto Co. Inc. (Japan), Europastry, S.A. (Spain), and McCain Foods Limited (Canada).
Regional Analysis
The global frozen snacks market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
The European frozen snacks market is expected to dominate during the forecast period due to the widespread adoption of healthy eating habits and demand for convenience foods in the region. In the Netherlands, oven cooking of frozen potato snacks cooked is increasing as a healthier alternative to traditional deep-fat frying, which is driving market growth in Europe.
The frozen snacks market in Asia-Pacific is projected to grow at the fastest rate from 2019 to 2024. Increasing spending power and the rise of the organized retail sector are driving the regional market growth. The consumption of healthy frozen snacks is increasing in highly populous countries in the region. Additionally, the increasing working population and shifting consumption patterns toward convenience foods are expected to boost the growth of the frozen snacks market in Asia-Pacific during the forecast period.
Latest Industry Updates
Jun 2018: Conagra Brands announced the acquisition of Pinnacle Foods for USD 10.9 billion to expand its frozen snacks portfolio.
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