The global refrigerated snacks market was estimated at $94.8 billion in 2020 and is expected to hit at $165.4 billion by 2030, registering a CAGR of 5.6% from 2021 to 2030. The report provides an all-inclusive analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and wavering market trends.
Rapid growth of the food services industry, increase in adoption of convenience food with the rising inclination toward sedentary life style, and emergence of clean label refrigerated snacks drive the growth of the global refrigerated snacks market. On the other hand, availability of substitute products restrains the growth to some extent. However, surge in demand for vegan foods & snacks and expanding sales channel are expected to create lucrative opportunities in the industry.
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The key market players analyzed in the global refrigerated snacks market report include Cargill Incorporated, Charoen Pokphand, Ajinomoto, Inc., Unilever plc., General Mills, Inc., Keventer Agro Limited, Kraft Heinz, McCain Foods Limited, Nestle S.A., and ConAgra Foods, Inc. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
COVID-19 scenario-
- The demand for refrigerated snacks experienced a steep incline during the pandemic as people were mostly avoiding stepping out of the home. Refrigerated snacks were easy to store and cook, which gave way to upsurge in consumption of frozen or refrigerated products, especially during the initial phase of the outbreak, thereby boosting the growth of the global market.
- However, huge supply chain disruptions across the world affected the market to some extent, thereby giving the sector a mixed impact altogether.
The global refrigerated snacks market is analyzed across type, end user, distribution channel, and region.
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Based on type, the savory snacks segment accounted for the major share in 2020, holding around one-third of the global market. The fruit snacks segment, however, would exhibit the fastest CAGR of 7.9% throughout the forecast period.
Based on end-user, the residential segment generated the highest share in 2020, accounting for nearly two-thirds the global market. The food service segment, however, would exhibit the fastest CAGR of 6.4% from 2021 to 2030.
Based on region, the market across Europe held the lion’s share in 2020, garnering nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 7.3% by the end of 2030. The other provinces studied in the report include North America and LAMEA.
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