Frozen Snacks Market Research Report - Forecast till 2030

Frozen Snacks Market Research Report: Information by Product Type (Vegetables and Fruits; Meat, Poultry and Seafood; Bakery Products; Meat Substitutes; Frozen Desserts and Confectionery and others), Distribution Channel (Store-Based and Non-Store-Based) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030

ID: MRFR/F-B & N/6482-HCR | December 2022 | Region: Global | 90 Pages         

Frozen Snacks Market

Frozen Snacks Market is projected to register a growth rate of 6.2% from 2022 to 2030 to reach a market value of USD 245.2 billion by the end of 2030.

Segmentation

By Product Type Vegetables and fruits Meat Poultry and Seafood Baked goods Meat substitutes Frozen desserts Confectionary Others
By Distribution Channel Store-Based Non-Store-Based
By Region North America Asia Pacific Europe Row

Key Players

  • 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)
  • McCain Foods Limited (Canada)

Drivers

  • Growing Preference for Healthy Frozen Snacks
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Frozen Snacks Market Overview


Frozen Snacks Market is projected to register a growth rate of 6.2% from 2022 to 2030 to reach a market value of USD 245.2 billion by the end of 2030. Frozen foods are those fruits, vegetables, meats, and other foodstuffs that are frozen to either be consumed at a later date or to be consumed over a certain period of time.


Many types of foods qualify in this category. These include ready meals, fruits, and vegetables, potatoes, meat, poultry, seafood, and soups.


Covid-19 Analysis of Frozen Snacks Market


COVID-19 is a dangerous disease. Its presence since the early spring of last year has changed the destiny of the world. Many people became very sick because of COVID-19 and a few even died. National governments around the world took notice and they began to try to contain the spread of the virus with nationwide lockdowns and quarantines. These were temporary since they had limited effect.


Many companies in many markets suffered because they were forced to either shut down temporarily or drastically scale back operations temporarily. However, the companies in the frozen snacks market were not affected in this way. More people were eating or ordering in because they wanted to limit their exposure to the virus as much as possible. The demand for various types of frozen foods and snacks began to skyrocket.


Market Dynamics


Drivers


Lifestyles were becoming busier and faster-paced before the advent of COVID-19. However, COVID-19 accelerated this trend dramatically. People who are always on the go don’t have time to cook, though they still need to eat healthy food. They tend to prefer to eat food and snacks that can be heated up for a few minutes and be safely consumed. Also, Western foods are becoming more common around the world as the middle classes rise, especially in developing nations. These people tend to prefer to consume frozen foods, and especially, frozen snacks.


Opportunities


Manufacturers in the frozen snacks market are seizing upon this opportunity to make lots of money by investing heavily in research and development. This is allowing them to develop and market a new generation of food products that are healthier, taste better, and last longer than previous generations of frozen foods and snacks.


The rise of doing grocery shopping online and through apps is also presenting new opportunities for companies in the frozen snacks market. This was an emerging trend pre-COVID-19. COVID-19 just accelerated this trend. People like to shop for foods online and through apps because they can customize their meals the way that they want to. This is especially true for frozen foods and snacks.


Restraints


What’s holding back growth in this market is the fact that foods that are frozen and stored for long periods of time tend to become discolored. They also tend to lose their initial taste and flavor. It’s not uncommon for foods that have been frozen and stored in freezers for long periods of time to taste like a freezer.


Also, frozen foods that are stored for long periods of time tend to lose their nutritional value. Most notably, they tend to lose their Vitamin C content.


Many people also think that frozen foods are not as good as fresh foods are. They feel that they may not taste as good or be as nutritious. This is also a major restraint for the market.


Challenges


Food that is frozen needs to always be in a very cold environment to keep from spoiling and/or developing deadly pathogens. The problem is that frozen foods are rising in popularity in developing nations. These are the nations that don’t have the physical infrastructure needed to ensure that frozen foods always stay frozen. This is mainly true since the electricity needed to power powerful freezers is not always guaranteed. For example, India experiences common power shortages. This is especially true in rural areas, but it’s also common in urban areas.


Technology Analysis


Kraft Heinz Company is a major American company. It has managed to become an industry leader in the frozen snacks market because it has invested heavily in research and development. Thus, it has managed to create newer frozen foods and snacks that have fewer preservatives. These foods also stay fresher for longer. They retain their natural taste for longer and have higher nutritional content for longer.


Segment Overview


By Product Type


The frozen snacks market can be grouped into the following sub-segments based on product type:



  • Vegetables and fruits

  • Meat

  • Poultry and seafood

  • Baked goods

  • Meat substitutes

  • Frozen desserts

  • Confectionary

  • Others


The convenience and ready meals sub-segment is expected to command the majority of the frozen snacks market share in this particular segment.


By Distribution Channel


The frozen snacks market can be grouped into the following sub-segments based on distribution channel:


Store-based


Non-store based


The store-based sub-segment can be further grouped into:



  • Supermarkets

  • Hypermarkets

  • Convenience stores

  • Others


By Region:


The frozen snacks market can be grouped into the following regions:



  • North America

  • The European Union

  • Asia-Pacific

  • The rest of the world


Regional Analysis


The European Union dominates in terms of frozen snacks market share. The reason for this is that its companies are industry leaders in terms of premiumization and offering consumers many choices in terms of customized frozen foods and snacks. The companies that have also led the industry in terms of improving the quality of these frozen foods and snacks in terms of shelf life, taste, and nutritional quality are also in the European Union.


The people who eat frozen snacks and foods the most in the European Union are in the following nations:



  • The United Kingdom

  • Germany

  • Italy

  • Spain

  • The Netherlands


Consumers in the European Union are more health-conscious. That’s why they want to eat frozen foods more often. They also want foods that are cheaper, and easier to cook/prepare. Frozen foods and snacks offer all of these and more!


The Asia-Pacific region is expected to register the highest frozen snacks market growth until 2030. The reason for this is that the middle classes in India and China are exploding. The people are becoming wealthier, and they want to buy and consume foods that are easy to cook and make. They find this convenience in frozen foods and snacks. Also, as food technologies have improved, and more foods are being ago-processed commercially the nutritional value and shelf life of these frozen foods and snacks are being enhanced dramatically. One other major growth factor is that frozen foods and snacks are often cheaper than their fresh counterparts.


Competitive Landscape


The frozen snacks market is very competitive. Companies find that they can survive only if they invest heavily in research and development. Of course, they find that merging with and acquiring highly successful companies and entering into strategic partnerships with these companies also helps a great deal.


Companies invest in their future when they invest heavily in research and development. They are able to develop and market superior frozen snacks and foods that will last longer when frozen, taste better when warmed up, and retain more of their nutritional value when frozen and then warmed up!


Companies find that they increase their resource pools when they enter into mergers and acquisitions or strategic partnerships. They are able to invest heavily in research and development and thus develop superior products. They are also able to 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.


The Kraft Heinz Company is a major player in the frozen snacks market. It has managed to stay competitive and become one of the industry leaders by investing heavily in research and development. This has allowed it to develop and market a new generation of superior frozen foods and snacks.


List of Companies



  • 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)


Recent Developments


Kraft acquires Brazilian food company Hemmer


ConAgra acquired Pinnacle Foods (USA) in 2021


Report Overview


The frozen snacks market growth is 6.20%. The frozen snacks market value will be USD 245.2 billion in 2030. The European Union leads in terms of frozen snacks market share. That said, the Asia-Pacific region will have the highest regional CAGR.



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 245.2 Billion
  CAGR   6.2%
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Product Type, Distribution Channel, and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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   The rise of doing grocery shopping online and through apps
  Key Market Drivers   Growing Preference for Healthy Frozen Snacks


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Frequently Asked Questions (FAQ) :

Frozen snacks market is expected to touch a value of USD 245.2 billion by 2030.

Frozen snacks market can showcase a CAGR of 6.2% from 2022 to 2030.

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) are key players of the frozen snacks market.

Europe can dominate in the global frozen snacks market till 2030.