Global Frozen Snacks Market - 2023-2030

Global Frozen Snacks Market - 2023-2030

The Global Frozen Snacks Market reached US$ 102.1 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 140.8 billion by 2030. The market is growing at a CAGR of 4.1% during the forecast period 2023-2030.

Frozen snacks are pre-prepared food items that are frozen to maintain their quality and extend their shelf life. Frozen snack manufacturing involves a series of steps to produce and package frozen food items that are convenient, ready-to-eat, and have an extended shelf life.

Frozen snacks come in various forms and flavors, catering to different tastes and preferences. They can include appetizers like chicken wings, mozzarella sticks, spring rolls, and frozen finger foods like pizza rolls, mini quiches, and samosas. Dessert options such as ice cream bars, frozen pies, and pastries are also available.

Additionally, ready-to-eat frozen snacks like frozen pizzas, burritos, and sandwiches are considered frozen snacks. Frozen snacks provide convenience by eliminating the need for extensive meal preparation, boosting the frozen snacks market growth. Frozen snacks are readily available, allowing consumers to have a quick and satisfying snack or meal option on hand.

Market Dynamics

Increasing Popularity of Snacking Driving the Market Growth

Busy and hectic lifestyles have led to an increase in snacking. For instance, The snack food industry in the US was the world's greatest revenue earner in 2022, generating over $100 billion. This implies that snacking will continue to be a popular way to eat.

Frozen snacks offer convenience to consumers as they are pre-prepared and require minimal effort for cooking or preparation. They are easy to store and can be quickly heated or thawed when needed. Hence, the increasing popularity of snacking is driving the growth of the frozen snacks market.

Perception of Lower Quality is Restraining the Market Growth of Frozen Snacks Market

Frozen snacks are often associated with a loss of texture and flavor compared to their fresh counterparts. The freezing and thawing process can sometimes affect the surface, making the snacks seem less appealing or enjoyable. Fresh snacks are inherently more nutritious compared to frozen snacks. Some consumers are also concerned about preservatives and additives in frozen snacks.

This negative brand image can discourage potential customers from trying or repurchasing frozen snacks, limiting market growth. Additionally, rigid snack packaging and labeling can hamper the market growth if not properly executed as it plays a crucial role in the frozen snack industry, ensuring product integrity, and safety, and providing essential information to consumers.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it to pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The Global Frozen Snacks Market is segmented based on product type, category, distribution channel, and region.

Popularity and Consumer Preferences for Meat-based Snacks

Depending upon product type, the frozen snacks market is divided into desserts, confectionary, meat-based snacks, bakery products, meat substitute snacks, and others.

In 2022, meat-based snacks had the highest share in the frozen snacks market. Meat-based snacks, such as chicken wings, meatballs, sausage rolls, and beef patties, are widely popular and enjoy high consumer demand. These snacks offer savory flavors and are often associated with indulgence and satisfaction. Consumers’ taste preferences significantly drive the higher share of meat-based snacks in the frozen snacks market.

Geographical Analysis

The Growing Demand From Large and Growing Population for Snacking in the Asia-Pacific Region

In 2022, Asia Pacific region has a significant share of the frozen snacks market. According to the United Nations Population Fund, the Asia-Pacific region is home to the world's highest population in 2022, with over 4.3 billion people living there. This population size creates a vast consumer base for frozen snacks, contributing to the region's high market share. For instance, according to Statista, in the Indian packaged food sector, the savory snacks industry saw sales of roughly 1.5 million metric tonnes in 2022. Hence, the growing demand from a large and growing population for snacking is driving the frozen snack market growth in that region.

Competitive Landscape

The major global players in the market include General Mills Inc., ConAgra Foods, Inc., J.R. Simplot Co., Mother Dairy Fruit and Vegetable Pvt. Ltd, Home Market Foods Inc., Unilever plc., Maple Leaf Foods Inc., Nestle S.A., Mc Cain Foods, and Tyson Foods

Why Purchase the Report?
• To visualize the Global Frozen Snacks Market segmentation based on product type, category, distribution channel, and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous frozen snacks market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Frozen Snacks Market Report Would Provide Approximately 61 Tables, 59 Figures, And 102 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies