6.48% CAGR to be recorded in Frozen Snack Food Market between 2022 to 2027- Technavio

NEW YORK, Feb. 16, 2024 /PRNewswire/ -- The frozen snack food market size is expected to grow by USD 14.44 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 6.48% during the forecast period. Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The FREE sample report is available in PDF format 

The rise in the launch of frozen products is notably driving the frozen snack food market. However, factors such as frequent product recalls may impede market growth. The market is segmented by product (bakery products/meat substitutes/appetizers, meat/poultry/seafood, and vegetables and fruits), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, and Middle East and Africa). 

• The market share of the bakery products/meat substitutes/appetizer segment is significant during the forecast period. This segment mainly includes bakery products, meat substitutes, frozen sandwiches, frozen cheese snacks, and other frozen appetizers. In addition, there is an increasing demand for frozen snacks, especially frozen vegan pizzas from developing countries. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period. To know additional highlights and key points on various market segments and their impact in coming years, View the FREE PDF Sample Report.

• Europe is estimated to account for 38% of the growth during the forecast period. Factors such as rapid urbanization which has led to smaller living spaces and busier lifestyles one of the main factors which has significantly contributed to the growth of the region. In addition, the rising preference for frozen snacks in the region is due to the increasing perception of these products as convenient and potentially more nutritious options. Hence, such factors drive the growth in the region during the forecast period.

Company Insights 
The industry is fragmented, and the companies are deploying organic and inorganic growth strategies to compete. The report analyzes the competitive landscape and offers information on several companies, including: Ajinomoto Co. Inc., Al Kabeer Group ME, BRF SA, Conagra Brands Inc., Del Monte Pacific Ltd., General Mills Inc., Home Market Foods Inc., JBS SA, Kidfresh, Maple Leaf Foods Inc., McCain Foods Ltd., Mother Dairy Fruit and Vegetable Pvt. Ltd., Nestle SA, NewForrest Fingerfood B.V., Nomad Foods Ltd., Rich Products Corp., The Kraft Heinz Co., Tyson Foods Inc., ELEVATION BRANDS LLC., and The Hain Celestial Group Inc. View a FREE PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

The Frozen Snacks Market is witnessing exponential growth, fueled by the rising popularity of convenient food options among consumers. With the advent of e-commerce stores and widespread availability in supermarkets and hypermarkets, accessibility has increased significantly. Home delivery services cater to busy lifestyles, while heightened consumers' awareness drives demand for healthier options and emphasizes hygiene practices. Innovations such as contactless delivery ensure safety, complemented by fully sanitized packaged food items. Continuous innovation in flavors and packaging captivates consumers, with key players vying for dominance. Various types of ingredients cater to diverse tastes, with preferences varying on a regional basis. Consumers' preference leans towards convenience products, underlining the trajectory towards convenience and accessibility.

The industry caters to diverse consumer needs, particularly in regions with hectic lifestyles such as North America, Europe, and the Asian region. Italian cuisine offerings like deep-frozen pizza are gaining traction globally. With innovative techniques, manufacturers ensure quality while meeting demands for convenience. Working populations increasingly rely on frozen products for quick meals. However, concerns persist regarding calorie intake and fat intake, especially with snacks high in animal protein. Addressing these worries is crucial amidst rising awareness of high cholesterol levels and the risk of cardiac diseases. Fueling this growth is the emphasis on healthier options, with companies incorporating telemetry solutions to monitor high blood sugar levels. Effective maintenance scheduling ensures product integrity, maintaining consumer trust in this dynamic industry.

The artificial sweetener market size is projected to increase by USD 2,017.87 million and the size is estimated to grow at a CAGR of 5.05% between 2022 and 2027.

The poke foods market size is projected to increase by USD 849.19 million and the size is estimated to grow at a CAGR of 8.53% between 2022 and 2027.

Executive Summary

Landscape

Sizing

Historic Sizes

Five Forces Analysis

Segmentation by Product

Segmentation by Distribution Channel

Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio