Frozen Snacks Market Size, Share, Regional Analysis and Growth by Forecast to 2024
Market Overview
Global Frozen Snacks Market is growing due to the demand for healthy and convenient food products. Frozen snacks reduce preparation time and have a long shelf life; they also maintain nutrition levels. According to the US Food and Drug Administration (FDA), frozen produce packs the same nutrients as fresh produce. Often, frozen snacks are superior in nutritional value and flavor since crops are harvested at the height of freshness, processed, and frozen quickly to seal in nutrients and taste. The global frozen snacks market is projected to register a growth rate of 3.73% from 2019 to 2024 to reach a market value of USD 129 billion by the end of 2024.
Key Players
Some of the key players in the Global Frozen Snacks Market are General Mills (US), Nestle S.A. (Switzerland), Tyson Foods Inc. (US), ConAgra Foods, Inc. (US), Home Market Foods, Inc. (US), The Kraft Heinz Company (US), JBS S.A. (Brazil), Maple Leaf Foods Inc. (Canada), Mother Dairy Fruit and Vegetable Pvt. Ltd (India), BRF S.A. (Brazil), Unilever plc (UK), Ajinomoto Co. Inc. (Japan), Europastry, S.A. (Spain), Flowers Foods (US), and McCain Foods Limited (Canada).
Market Segment
The global frozen snacks market has also been segmented by product type and distribution channel.
By product type, the global frozen snacks market has been classified as vegetables and fruits; meat, poultry, and seafood; bakery products; meat substitutes; frozen desserts and confectionery; and others. The meat, poultry, and seafood segment is expected to dominate the global frozen snacks market during the forecast period. However, the meat substitutes segment is expected to register the highest CAGR during the forecast period.
On the basis of distribution channel, the global frozen snacks market has been segmented into store-based and non-store-based. The store-based segment is further segregated into supermarkets and hypermarkets, convenience stores, and others. The store-based segment is projected to occupy the larger market share while the non-store-based segment is expected to grow at the faster rate during the forecast period.
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Regional Analysis
The global frozen snacks market has been analyzed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The frozen snacks market in Europe is projected to account for the largest market share during the assessment period. The key markets for frozen snacks in Europe include the UK, Germany, Spain, the Netherlands, and Italy. According to a recent study by MRFR, the frozen food market in Germany was the largest, valued at USD 11.9 billion in 2018, followed by the UK at USD 6.5 billion. The growth of the frozen snacks market in Europe can be attributed to product development including the introduction of exotic flavors and organic variants by small and established market players.
The North American frozen snacks market is expected to showcase significant growth during the forecast period. Consumers in the region prefer frozen snack foods due to their long shelf life and higher nutritional value as compared to fast food. According to a recent study by MRFR, the consumption of healthy frozen snacks and meal results in approximately 253 fewer calories and 2.6 fewer grams of saturated fat per day than junk food. Rising health consciousness in the US and extensive product promotion by market players are influencing the change in consumption pattern toward healthy frozen snacks in the region.