Frozen Snacks Market Size was valued at USD 160.9 billion in 2022. The Frozen Snacks market industry is projected to grow from USD 170.8758 Billion in 2023 to USD 245.1476087 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.20 % during the forecast period (2023 - 2030). Rising frequency of gluten-free dietary lifestyles among consumers owing to various health benefits offered by these products are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market is primarily driven by rising food and beverage spending, the introduction of goods with longer shelf lives, an increase in impulse buying, and rising consumer demand for convenience foods that can be quickly prepared and are still fresh to eat, such as fries, frozen pizza, and other goods. For instance, the American Frozen Food Institute (AFFI) reported that all categories of frozen and chilled meals had double-digit sales in February 2021, with sales of frozen meals such as seafood and poultry up 21.0% from the previous year. The real benefit of these goods is that they are comfortingly familiar to consumers as snack foods, particularly for families where stressed parents resort to frozen pizza as a cuisine that even the pickiest eaters will eat. Because of our hectic lifestyles and the need for a quick snack among adults, there has been a growing demand for healthy and convenient foods that can be consumed instantly. These products are considered beneficial as most can be cooked quickly for consumption. These factors have been propelling the market's growth. Moreover, manufacturers have provided consumers with more foods, for which much of the preparation work has been done outside the home. This development has been facilitated by technological innovations in preservation, packaging, freezing, artificial flavorings and ingredients, and by using microwaves.
Therefore, the Frozen Snacks marketrevenue. is expanding rapidly due to the increasing number of working populations and their hectic lifestyles, which is enhanced the Frozen Snacks market CAGR across the globe in the recent years.
The Frozen Snacks Market segmentation, based on product type, grouped into the following sub-segments Vegetables and fruits, Meat, Poultry and Seafood, Baked goods, Meat substitutes, Frozen desserts, Confectionary, Others. Ready meals are primarily consumed by working-class people worldwide, the ready meals sector, which had the most significant revenue share of 43.0% in 2021, is anticipated to continue to dominate the market. A February 2020 article in BioMed Central (BMC) reported that about 36% of adults in the U.S. admitted to eating prepared meals.
The market growth is also anticipated to expand due to the introduction new products. For instance, China's HEROTEIN introduced sixteen ready-to-eat plant-based meat dinners in September 2021, including various chicken and beef cuts. China will receive the entire spectrum, which is entirely made of plants.
Projections, the market for fruits and vegetables will grow at the fastest rate, 6.0%, between 2022 and 2030. Because of Owing to the increasing prevalence of lifestyle diseases, consumers are shifting to these products as they do not need to be washed, peeled, or chopped. That increases the Frozen Snacks Market revenue.
June 2022: Conagra Brands introduced an extensive summer line-up of new product innovations featuring contemporary flavors, on-trend ingredients, and convenient preparation methods. The latest food highlights a broad collection of single-serve and multi-serve frozen meals from leading brands such as Healthy Choice, Marie Callender's, Banquet, Frontera, and more.
April 2022: Nestle's brand DiGiorno launched the Stuffed Pizza Bites snack, its flagship pizza made using 100% real cheese. The Stuffed Pizza Bites are available in four varieties: Pepperoni, Supreme, Three Meat, and Four Cheese.
The Frozen Snacks Market data has been based on distribution channel grouped into the following sub-segment: Store-Based, Non-Store-Based. The offline category held the most significant revenue share of roughly 89.2% in 2021. Supermarkets/hypermarkets, convenience stores, grocers, and neighborhood shops are examples of offline outlets. Frozen food distribution has increased significantly among a growing number of these retailers in various places. From 2022 to 2030, the internet distribution channel is expected to experience a CAGR of 5.4%. During the projected year, the category is expected to become a reliable source of revenue. Manufacturers are being compelled to readjust their retail strategy in these nations due to the promising growth displayed by e-commerce platforms in emerging and developed countries.
March 2021:Nomad Foods acquired Fortenova’s frozen food business. The deal for divesting the abovementioned business covers Ledo Plus, Ledo Citluk, Frikom, and several smaller affiliated companies.
June 2020:GOELD, a frozen food business by the Goel Group, was launched. The brand offers fifteen products in four categories, including Indian bread, snacks, desserts, and vegan treats.
January 2021: Imperial Tobacco Company of India Limited (ITC) expanded its frozen snacks business three times during the COVID-19 pandemic, with the conglomerate adding ten new products. The extension of the snack business will increase the growth of the Frozen Snacks industry
Figure 1: Frozen Snacks Market, by Distribution Channel, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Frozen Snacks market accounted for USD 160.9 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing gluten-free dietary lifestyles among consumers owing to various health benefits offered by these products across the region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: FROZEN SNACKS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Frozen Snacks market accounts for the largest market share because in the European Union, consumers are more concerned with their health. They desire to eat frozen meals more frequently because of this. Also, they like foods that are less expensive and simpler to prepare. All of these and more are available in frozen foods and snacks. Further, the Germany Frozen Snacks market held the largest market share, and the UK Frozen Snacks market was the fastest growing market in the European region
The Asia-Pacific Frozen Snacks Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the middle classes in India and China are exploding. The population gets wealthy, and they choose to purchase and consume simple to-prepare cuisine. The fact that Frozen Snacks market are sometimes less expensive than their fresh counterparts is another significant growing reason. Moreover, China Frozen Snacks market held the largest market share, and the India Frozen Snacks market was the fastest growing market in the Asia-Pacific region
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Frozen Snacks market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Frozen Snacks industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global Frozen Snacks industry find that can invest heavily in research and development and thus develop superior products. They can also reach new markets and markets to more people in existing markets because they increase their manpower and financial resources. This allows them to develop more powerful digital and traditional marketing campaigns and strategies which help to expand Frozen Snacks industry.
The Frozen Snacks market major player such) Nestle S.A. (Switzerland), ConAgra Foods, Inc. (US), The Kraft Heinz Company (US), Mother Dairy Fruit and Vegetable Pvt. Ltd (India), BRF S.A. (Brazil), General Mills (US), Home Market Foods, Inc. (US), Unilever plc (UK), Maple Leaf Foods Inc. (Canada), Tyson Foods Inc. (US), Ajinomoto Co. Inc. (Japan), Europastry, S.A. (Spain), Flowers Foods (US), JBS S.A. (Brazil), and McCain Foods Limited (Canada),and others are working to expand the market demand by investing in research and development activities.
Nestle’s brand DiGiorno launched the Stuffed Pizza Bites snack, its flagship pizza made using 100% real cheese. The Stuffed Pizza Bites are available in four varieties like Pepperoni, Supreme, Three Meat, and Four Cheese.
Tyson Foods Inc. announced to build a new facility in Bowling Green, Kentucky, for the production of bacon with an investment of USD 355 million.
The Frostkrone food group acquired abergavenny fine foods Ltd., a market leader in the British retail and food service sector. Abergavenny fine food ltd. It specializes in finger food and snack combination in the form of deep-frozen goods such as Halloumi Fires, Cake Bites, and goat cheese products. The export markets for the company are Australia, Japan, and U.S.
Frozen Snacks Industry Developments
March 2021:Nomad Foods acquired Fortenova’s frozen food business. The deal for divesting the abovementioned business covers Ledo Plus, Ledo Citluk, Frikom, and several smaller affiliated companies.
June 2020:GOELD, a frozen food business by the Goel Group, was launched. The brand offers fifteen products in four categories, including Indian bread, snacks, desserts, and vegan treats.
April 2022: Nestle's brand DiGiorno launched the Stuffed Pizza Bites snack, its flagship pizza made using 100% real cheese. The Stuffed Pizza Bites are available in four varieties: Pepperoni, Supreme, Three Meat, and Four Cheese.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 160.9 billion |
| Market Size 2023 | USD 170.8758billion |
| Market Size 2030 | USD 245.14760billion |
| Compound Annual Growth Rate (CAGR) | 6.20% (2023-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2030 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Nestle S.A. (Switzerland), ConAgra Foods, Inc. (US), The Kraft Heinz Company (US), Mother Dairy Fruit and Vegetable Pvt. Ltd (India), BRF S.A. (Brazil), General Mills (US), Home Market Foods, Inc. (US), Unilever plc (UK), Maple Leaf Foods Inc. (Canada), Tyson Foods Inc. (US), Ajinomoto Co. Inc. (Japan), Europastry, S.A. (Spain), Flowers Foods (US), JBS S.A. (Brazil), and McCain Foods Limited (Canada) |
| Key Market Opportunities | Rise of doing grocery shopping online and through apps |
| Key Market Dynamics | Growing Preference for Healthy Frozen Snacks |
Frozen Snacks Market Highlights:
Frequently Asked Questions (FAQ) :
The global Frozen Snacks market size was valued at USD 160.9 Billion in 2022.
The global market is projected to grow at a CAGR of 6.20% during the forecast period, 2022-2030.
Europe had the largest share in the global market
The key players in the market are Nestle S.A. (Switzerland), ConAgra Foods, Inc. (US), The Kraft Heinz Company (US), Mother Dairy Fruit and Vegetable Pvt. Ltd (India), BRF S.A. (Brazil), General Mills (US), Home Market Foods, Inc. (US), Unilever plc (UK), Maple Leaf Foods Inc. (Canada), Tyson Foods Inc. (US), Ajinomoto Co. Inc. (Japan), Europastry, S.A. (Spain), Flowers Foods (US), JBS S.A. (Brazil), and McCain Foods Limited (Canada)
Based on product, in 2022, the ready meals segment is estimated to account for the largest share of the frozen food market.
The increasing demand for convenience edible products is the key market driver.
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