Frozen Snacks Market Snapshot
|Study Period:||2016 -2027|
|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
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The global frozen snacks market is projected to grow at a CAGR of 7.2% during the forecast period (2022 - 2027).
During the COVID-19 situation, the frozen snacks market experienced a sudden increase in sales with the availability of products in the e-commerce stores along with various supermarkets and hypermarkets with home delivery as an option for consumers. With the surge of the deadly spread of the virus, consciousness and hygiene were the major factors among consumers that created an immense opportunity for the e-commerce stores to come up with contact-less delivery with fully sanitized packaged food items in various countries around the globe. However, the unceasing innovation in the sector to provide apt packaging aids the overall growth of the market by gaining consumers’ trust and catering extensive quality to the frozen snacks.
Convenience is one of the key factors driving the increase in consumption of frozen food items, globally. Hence, leading players are introducing new types and ingredients to cater to the taste of consumers on a regional basis. The rising preference of consumers toward convenience products fuels the growing demand for frozen products due to their effortless and time-saving factor compared to cooking from scratch. The frozen snacks food market is growing abundantly owing to the rising volume of the hectic lifestyle of the working population around the globe, which in turn is boosting majorly the frozen snacks market.
Italian cuisine is gaining traction in the global market, and the trend of deep-frozen pizza is capturing majorly the Asian, European, and North American markets. The manufacturers are coming up with innovative techniques to meet consumer demands and boost the growth of the market. The intake of animal protein is associated with high cholesterol levels, fat, and calorie intake, which increases the risk of cardiac diseases, high blood sugar levels, and obesity. Hence, consumers are showing an inclination toward vegan sources of protein, which, in turn, has created a good platform for the players offering plant-based/vegan frozen products.
Scope of the Report
Freezing food preserves it from the time it is prepared to the time it is eaten. The frozen snacks market is segmented by product type into potato fries, pizzas, and other frozen snacks. Additionally, by distribution channel, the market is segmented into retail, which is further sub-segmented into supermarkets/hypermarkets and convenience stores, and food service. In terms of geography, the report covers North America, Europe, Asia-Pacific, South America, and Middle-East & Africa. The report offers the market size and forecast of the market in value (USD million) for all the above segments.
|Other Frozen Snacks|
Key Market Trends
Increasing Consumer Appetite and Acceptance
Across the world, the frozen or convenience food industry, which started by offering basic frozen vegetables and fries, today offers a wide range of snack products, ranging from Veg snacks and vegan snacks items to frozen meats and ready-to-cook products. With the increasing customer appetite and acceptance, the frozen snacks market has recorded a healthy growth rate, complemented by an increase in selling points and deeper penetration by organized retail players, as well as an increase in the available freezer space in retail channels. The changing lifestyles of consumers offer several opportunities for manufacturers across industries. Facilitated by the rise in the number of women in the workforce and the increasing at-home socializing, along with the preference for nuclear families, have led to the growing acceptance of western food in the developing countries, thereby enabling the need for on-the-move foods, thus, in turn, enhancing the demand for frozen snacks altogether.
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North America Holds Major Share
Keeping up with the changing consumer demand, restaurants are providing food items in line with the need for convenience, and other trends associated with changes in the lifestyle of North American consumers have adversely boosted the growth of the global frozen snacks market. Moreover, the growing preference for healthier food options, concerns over environmental sustainability, increased competition from grocery stores, heightened consumer expectations, and rapidly advancing technology is reinventing the traditional dining experience and forcing changes in the way that restaurants and cafes operate. However, restaurant operators in North America are optimistic about their businesses, where the competition is more in terms of product offerings and dining experiences, which is expected to drive positive sales in line with the time spent at the restaurants. Further, frozen pizza and meat substitutes are booming in the region, and several restaurants have the convenience of take-out and delivery options, thereby demanding the restaurants to keep larger stocks of frozen products to facilitate growth in their sales.
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The market for frozen snacks is highly fragmented due to the presence of a large number of global and local companies. Some of the key companies in the market include Tyson Foods, ConAgra Foods Inc., McCain Foods, General Mills, and Nestle SA. Manufacturers operating in the market are entering agreements with downstream companies to increase their operational reach. The giant manufacturers have intensified their R&D efforts in order to develop niche and innovative products based on the requirements of the end-user industry. The manufacturer is majorly concentrating on enhancing its product quality to obtain a competitive edge over other players in the market. Geographical expansion and mergers and acquisitions are also being practiced by the major players to pump up their revenues.
- In 2022, Indian leading brand Prasuma, which offers frozen food, launched frozen snacks products to its frozen food product portfolio. The newly launched products are Frozen Veg and Chicken Spring Rolls, Frozen Chicken Nuggets, Chicken and Veg Mini Samosas, Chicken and Mutton Shammi Kababs, and Seekh Kababs, along with Bacon to its frozen snacks product portfolio.
- In 2020, Iglo, part of Nomad Foods, launched Green Cuisine Line in Germany with a range of nine new products to establish an independent category of meat alternatives on the frozen snacks and meal food products shelf. The pea-based products include mincemeat, pulled BBQ strips, burger patties, Mini-schnitzels and spicy meatballs, and four ready meal products.
- In 2020, General Mills Inc. expanded its production of Totino's series of pizza snacks by diversifying its plant in the region of the United States, Wellston, Ohio. This expansion will help enable General Mills to fulfill the high demand of their consumer for frozen pizzas in the country.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Potato Fries
5.1.3 Other Frozen Snacks
5.2 Distribution Channel
220.127.116.11 Convenience Stores
18.104.22.168 Online Retail Stores
22.214.171.124 Other Distribution Channel
5.3.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Rest of Asia-Pacific
5.3.4 South America
22.214.171.124 Rest of South America
5.3.5 Middle-East and Africa
126.96.36.199 South Africa
188.8.131.52 United Arab Emirates
184.108.40.206 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Nestle SA
6.4.2 Mc Cain Foods
6.4.3 Con Agra Foods
6.4.4 Tyson Foods
6.4.5 BRF SA
6.4.6 Ajinomoto Co. Inc.
6.4.7 Pinnacle Foods
6.4.8 JBS S.A.
6.4.9 Aryzta A.G.
6.4.10 The Kraft Heinz Company
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Frozen Snacks Market market is studied from 2016 - 2027.
What is the growth rate of Frozen Snacks Market?
The Frozen Snacks Market is growing at a CAGR of 7.2% over the next 5 years.
Which region has highest growth rate in Frozen Snacks Market?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Frozen Snacks Market?
North America holds highest share in 2021.
Who are the key players in Frozen Snacks Market?
Nestle S.A., Mc Cain Foods, Tyson Foods, General Mills, Conagra Brands are the major companies operating in Frozen Snacks Market.