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 global refrigerated snacks market is segmented into baked goods & confectionery, fruits and vegetables, yogurt, meat snacks, sandwiches & savory snacks, and others.The fruit and vegetable segment is one of the lucrative segment and is dominating the refrigerated snacks market in 2021.
Fruits and vegetables are enriched with the vitamins and antioxidants that savvy shoppers nowadays are looking for.When choosing a snack, around 60% of consumers look for additional health benefits above and beyond simple nutrition.
They look for snacks that contain vitamins and minerals.Also, the millennials are willing to pay a bit more for convenient or refrigerated snacks like ready-to-eat fresh fruits and vegetables.
The fruit snack is usually a sweet confectionery. Fruit snacks are quite a similar item to gummy candies. The main content found in fruits snack is sugar, particularly refined sugar obtained from concentrated white grape juice as well as apple juice. Some fruit snacks contain more sugar than gummy candies, and they regularly have less protein. Fruit snacks are gaining popularity due to their convenience, candy-like taste, and the positioned the product gained as being healthier compared to candy.
Geographically, the refrigerated snacks market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East & Africa (MEA).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 the Europe.
The COVID-19 outbreak disrupted the refrigerated snacks market as there was a slowdown in the production of raw material, restrictions on supply chain and trade movements, decrease in construction demand, and decline in new projects.However, since the economies are planning to revive their operations, the demand for refrigerated snacks is presumed to rise in the coming months.
In addition, most people are now working from home, and this change in lifestyle has further inspired families to buy food products online and store for a longer time.People are looking for sustainable refrigerated snacks for healthy snacking option; this is further giving an opportunity to the market players to recover their loss and to grow business through online platforms.
According to the report published in the American Journal of Agriculture Economics in November 2020, the demand for fresh fruit & vegetables, grains, and frozen foods increased the most during the pandemic, which benefited small farms over agribusinesses. This increased sales by 5.7% and the number of customers by 4.9%. The variety of food products are sold on the e?commerce platform with an increased ratio, which suggests the concentration of sales on niche products could rise as more consumers are drawn to online platforms. However, despite the difficulties faced by food shoppers during the COVID-19 pandemic, including food stockouts, limited public transportation, and reduced hours mainly at supermarkets & grocery stores, most of the shoppers in developed countries such as the US have maintained adequate access to food (according to the US Food and Drug Administration 2020). Also, food processing companies are taking extra precautions to diminish person-to-person contact. Some of the safety measures followed by the companies include limiting direct contact with truck drivers & visitors, strengthening and communicating proper hygiene practices, and conducting complete sanitations and eliminating personnel contact during shift changes. With all these factors, it can be presumed that in post-pandemic times, the demand for refrigerated snacks is further expected to rise.
Mondelez International, Inc.; Nestlé, S.A.; General Mills Inc.; The Kraft Heinz Company; Ohi Bar; Pepsico; Conagra Brands, Inc; Mars Incorporated; Danone S.A.; and Hormel Foods Corporation are among the well-established players operating in the global refrigerated snacks market.
The overall global refrigerated snacks market size has been derived in accordance with both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global refrigerated snacks market.
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