Market Size of Asia Pacific Frozen Snacks Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.30 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Frozen Snacks Market Analysis
The Asia Pacific frozen snacks market is projected to register a CAGR of 5.3% during the forecast period (2022-2027)
The market growth in the region is mainly driven by the rising popularity of frozen potato fries, potato wedges, and other potato products among millennial consumers. Further, Asian countries like China and India were among the major producers of potatoes worldwide, in 2020, according to FAO (The U.S. Food and Agriculture Organization). With the availability of a large volume of potatoes in the region and a high consumer affinity for potato-based food are enabling key manufacturers to produce a large assortment of potato-based frozen snacks. Furthermore, the busy lifestyles of the urban population are influencing the adoption of longer shelf life and convenience food options such as frozen snacks.
In the medium term, demand for plant-based snack products is expected to expand exponentially due to the consumer's inclination toward healthy food habits. Plant-based sausages, nuggets, and burger patties are a few of the products preferred by Asian consumers to replace conventional snack food.
Further, the outbreak of COVID-19 encouraged consumers to consume frozen snacks as longer shelf life snacks and ready-to-eat food is registering high demand owing to the work-from-home culture. For instance, ITC India, in its press release disclosed that the company's frozen snacks business has grown three times since the pandemic occurred. Also, the reach of the company's frozen foods extended from 12 towns to 132 towns from May to July 2020.
