The global frozen snacks market is projected to grow at a CAGR of 7.2% during the forecast period (2022 - 2027).
During the COVID-19 situation, the frozen snacks market experienced a sudden increase in sales with the availability of products in the e-commerce stores along with various supermarkets and hypermarkets with home delivery as an option for consumers. With the surge of the deadly spread of the virus, consciousness and hygiene were the major factors among consumers that created an immense opportunity for the e-commerce stores to come up with contact-less delivery with fully sanitized packaged food items in various countries around the globe. However, the unceasing innovation in the sector to provide apt packaging aids the overall growth of the market by gaining consumers’ trust and catering extensive quality to the frozen snacks.
Convenience is one of the key factors driving the increase in consumption of frozen food items, globally. Hence, leading players are introducing new types and ingredients to cater to the taste of consumers on a regional basis. The rising preference of consumers toward convenience products fuels the growing demand for frozen products due to their effortless and time-saving factor compared to cooking from scratch. The frozen snacks food market is growing abundantly owing to the rising volume of the hectic lifestyle of the working population around the globe, which in turn is boosting majorly the frozen snacks market.
Italian cuisine is gaining traction in the global market, and the trend of deep-frozen pizza is capturing majorly the Asian, European, and North American markets. The manufacturers are coming up with innovative techniques to meet consumer demands and boost the growth of the market. The intake of animal protein is associated with high cholesterol levels, fat, and calorie intake, which increases the risk of cardiac diseases, high blood sugar levels, and obesity. Hence, consumers are showing an inclination toward vegan sources of protein, which, in turn, has created a good platform for the players offering plant-based/vegan frozen products.
Across the world, the frozen or convenience food industry, which started by offering basic frozen vegetables and fries, today offers a wide range of snack products, ranging from Veg snacks and vegan snacks items to frozen meats and ready-to-cook products. With the increasing customer appetite and acceptance, the frozen snacks market has recorded a healthy growth rate, complemented by an increase in selling points and deeper penetration by organized retail players, as well as an increase in the available freezer space in retail channels. The changing lifestyles of consumers offer several opportunities for manufacturers across industries. Facilitated by the rise in the number of women in the workforce and the increasing at-home socializing, along with the preference for nuclear families, have led to the growing acceptance of western food in the developing countries, thereby enabling the need for on-the-move foods, thus, in turn, enhancing the demand for frozen snacks altogether.
Keeping up with the changing consumer demand, restaurants are providing food items in line with the need for convenience, and other trends associated with changes in the lifestyle of North American consumers have adversely boosted the growth of the global frozen snacks market. Moreover, the growing preference for healthier food options, concerns over environmental sustainability, increased competition from grocery stores, heightened consumer expectations, and rapidly advancing technology is reinventing the traditional dining experience and forcing changes in the way that restaurants and cafes operate. However, restaurant operators in North America are optimistic about their businesses, where the competition is more in terms of product offerings and dining experiences, which is expected to drive positive sales in line with the time spent at the restaurants. Further, frozen pizza and meat substitutes are booming in the region, and several restaurants have the convenience of take-out and delivery options, thereby demanding the restaurants to keep larger stocks of frozen products to facilitate growth in their sales.
The market for frozen snacks is highly fragmented due to the presence of a large number of global and local companies. Some of the key companies in the market include Tyson Foods, ConAgra Foods Inc., McCain Foods, General Mills, and Nestle SA. Manufacturers operating in the market are entering agreements with downstream companies to increase their operational reach. The giant manufacturers have intensified their R&D efforts in order to develop niche and innovative products based on the requirements of the end-user industry. The manufacturer is majorly concentrating on enhancing its product quality to obtain a competitive edge over other players in the market. Geographical expansion and mergers and acquisitions are also being practiced by the major players to pump up their revenues.
This product will be delivered within 2 business days.
During the COVID-19 situation, the frozen snacks market experienced a sudden increase in sales with the availability of products in the e-commerce stores along with various supermarkets and hypermarkets with home delivery as an option for consumers. With the surge of the deadly spread of the virus, consciousness and hygiene were the major factors among consumers that created an immense opportunity for the e-commerce stores to come up with contact-less delivery with fully sanitized packaged food items in various countries around the globe. However, the unceasing innovation in the sector to provide apt packaging aids the overall growth of the market by gaining consumers’ trust and catering extensive quality to the frozen snacks.
Convenience is one of the key factors driving the increase in consumption of frozen food items, globally. Hence, leading players are introducing new types and ingredients to cater to the taste of consumers on a regional basis. The rising preference of consumers toward convenience products fuels the growing demand for frozen products due to their effortless and time-saving factor compared to cooking from scratch. The frozen snacks food market is growing abundantly owing to the rising volume of the hectic lifestyle of the working population around the globe, which in turn is boosting majorly the frozen snacks market.
Italian cuisine is gaining traction in the global market, and the trend of deep-frozen pizza is capturing majorly the Asian, European, and North American markets. The manufacturers are coming up with innovative techniques to meet consumer demands and boost the growth of the market. The intake of animal protein is associated with high cholesterol levels, fat, and calorie intake, which increases the risk of cardiac diseases, high blood sugar levels, and obesity. Hence, consumers are showing an inclination toward vegan sources of protein, which, in turn, has created a good platform for the players offering plant-based/vegan frozen products.
Key Market Trends
Increasing Consumer Appetite and Acceptance
Across the world, the frozen or convenience food industry, which started by offering basic frozen vegetables and fries, today offers a wide range of snack products, ranging from Veg snacks and vegan snacks items to frozen meats and ready-to-cook products. With the increasing customer appetite and acceptance, the frozen snacks market has recorded a healthy growth rate, complemented by an increase in selling points and deeper penetration by organized retail players, as well as an increase in the available freezer space in retail channels. The changing lifestyles of consumers offer several opportunities for manufacturers across industries. Facilitated by the rise in the number of women in the workforce and the increasing at-home socializing, along with the preference for nuclear families, have led to the growing acceptance of western food in the developing countries, thereby enabling the need for on-the-move foods, thus, in turn, enhancing the demand for frozen snacks altogether.
North America Holds Major Share
Keeping up with the changing consumer demand, restaurants are providing food items in line with the need for convenience, and other trends associated with changes in the lifestyle of North American consumers have adversely boosted the growth of the global frozen snacks market. Moreover, the growing preference for healthier food options, concerns over environmental sustainability, increased competition from grocery stores, heightened consumer expectations, and rapidly advancing technology is reinventing the traditional dining experience and forcing changes in the way that restaurants and cafes operate. However, restaurant operators in North America are optimistic about their businesses, where the competition is more in terms of product offerings and dining experiences, which is expected to drive positive sales in line with the time spent at the restaurants. Further, frozen pizza and meat substitutes are booming in the region, and several restaurants have the convenience of take-out and delivery options, thereby demanding the restaurants to keep larger stocks of frozen products to facilitate growth in their sales.
Competitive Landscape
The market for frozen snacks is highly fragmented due to the presence of a large number of global and local companies. Some of the key companies in the market include Tyson Foods, ConAgra Foods Inc., McCain Foods, General Mills, and Nestle SA. Manufacturers operating in the market are entering agreements with downstream companies to increase their operational reach. The giant manufacturers have intensified their R&D efforts in order to develop niche and innovative products based on the requirements of the end-user industry. The manufacturer is majorly concentrating on enhancing its product quality to obtain a competitive edge over other players in the market. Geographical expansion and mergers and acquisitions are also being practiced by the major players to pump up their revenues.
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned
A selection of companies mentioned in this report includes:
- Nestle SA
- Mc Cain Foods
- Con Agra Foods
- Tyson Foods
- BRF SA
- Ajinomoto Co. Inc.
- Pinnacle Foods
- JBS S.A.
- Aryzta A.G.
- The Kraft Heinz Company
Methodology
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