The scope of our recent study on the “The global Refrigerated Snacks Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Baked Goods and Confectionery, Fruits and Vegetables, Yogurt, Meat Snacks, Sandwich and Savory Snacks, and Others) and Distribution Channel (Supermarkets and Hypermarkets, Convenience Store, Online Retail, and Others)” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The refrigerated snacks market was valued at US$ 52,042.62 Million in 2021 and is projected to reach US$ 73,768.51 Million by 2028; it is expected to grow at a CAGR of 5.1% from 2021 to 2028. Refrigerated snacks are defined as those forms of snacks that require refrigeration to keep their food quality intact and expand their shelf life. Such types of snacks are prepared and kept under certain temperature conditions to preserve their overall authenticity and provide convenience in food consumption to the final consumers. The refrigerated form of snacks are cheese-based snacking, yogurt snacks, snack bars, specialty desserts, dips, and spread, among others. With the shift in consumer lifestyle, along with change in working demographics, and growing preference toward natural and fresh food, the demand for refrigerated snacks is set to rise, mostly among millennials.
Based on type, the refrigerated snacks market is categorized into baked goods and confectionery, fruits and vegetables, yogurt, meat snacks, sandwich and savory snacks and others. In 2021, the fruit and vegetable snacking segment dominated the market. Based on distribution channel, the refrigerated snacks market is categorized into supermarket and hypermarket, convenience stores, online, and others. Hypermarkets and supermarkets are self-help stores where products are placed in an organized way in different sections and shelves to attract customers. These types of stores offer an extensive choice of refrigerated snacks products to consumers, i.e., various types and sizes of refrigerated snacks, at one place in affordable prices as compared with that of other distribution channels. This factor has led to increased sales of refrigerated snacks through supermarkets and hypermarkets.
The global refrigerated snacks market is segmented into five main regions — North America, Europe, Asia Pacific (APAC), Middle East &Africa (MEA), and South America. In 2020, Europe contributed to the largest share of the market. Fresh snacks, those that require refrigeration, have become an essential aspect of this new way of eating because freshness exudes a sense of healthfulness that shelf-stable snacks often do not. Besides, recent advancements in refrigeration methods and techniques ensure that the products do not lose their nutrient value. Increasing consumer awareness about protein-rich food, rise in demand for convenience foods, and growing popularity of the refrigerated snacks are the major factors bolstering the growth of the refrigerated snacks market in Europe.
Refrigerated snacks are defined as those forms of snacks, which requires refrigeration to keep intact their food quality and expand their life span. Such types of snacks are prepared and kept under certain temperatures conditions, which preserves their overall authenticity and provides convenience in food consumption to the final consumers. The refrigerated form of snacks includes cheese-based snacking, yogurt snacks, snack bars, specialty desserts, dips and spread and much more. With the shift in consumer lifestyle along with change in working demographics and growing preference towards natural and fresh food, the demand for refrigerated snacks is set to rise, mostly amongst millennial.
There is a surge in demand for refrigerated snacks attributable to the rise in purchasing power along with growing consumer preference toward healthy and ready-to-eat convenience food items. Further, with the growing food &beverages industry, rise in the working population, and wider product availability through both online and offline retailing, consumers are inclining more toward convenience foods. Refrigerated snacks are readily available in retail outlets or stores and are increasingly being used as a condiment to add taste, texture, and nutrition to the food product in which they are used. Consumers are inclining over fresher and less processed products that are equally healthy and nutritious and can be directly consumed. With the expansion of the distribution network, convenience foods have gained a shelf in the supermarkets & retail outlets. Additionally, the change in working demographics along with busy lifestyles is among the other factors promoting the demand for convenience food items. With the increase in the demand for convenience food items, the need for refrigerated snacks is set to propel. These snacks offered ease of use, easy to carry in a small space and provide nutrients, due to which some people prefer to have it rather than a proper meal. Furthermore, the surge in population in economies like India and China, diversification in food habits, and exposure to global food brands are creating the demand for refrigerated snacks. Companies are delivering products with the improved quality of refrigerated snacks and efficient distribution channels to serve the broader customer base to meet the increasing demands.
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