Frozen Snacks Market Size

Frozen Snacks Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

Frozen snacks have been a growing business. The market is expected to grow to $245.1 billion in 2032, from $168 billion in 2024. This represents a robust CAGR of 6.2%. The rising demand for ready-to-eat foods, driven by the lifestyle of the busy consumers and the change in the preferences of the consumers, is the main cause of this trend. The improvement of freezing technology and the improvement of the supply chain have also enhanced the quality and availability of the products, which has also contributed to the market's development. Meanwhile, the major players in the frozen food industry, such as Nestle, Conagra Brands, and Unilever, have been investing in product innovation and strategic cooperation, and have been able to obtain a larger market share. Recent product launches, such as healthier frozen snacks and plant-based alternatives, are the industry's response to the changing health consciousness of consumers. These products are gaining market share through localization and collaboration with local distributors and retailers. The industry is still evolving, and these strategic initiatives will play a decisive role in the future development of the industry.

Regional Market Size

Regional Deep Dive

Frozen snacks are experiencing a high growth rate across the globe, owing to changing preferences, the convenience factor and the increasing demand for ready-to-eat food. In North America, the market is characterized by the strong presence of established brands and the increasing popularity of healthy frozen snacks. Europe offers a wide variety of products that reflect local culinary influences, while the Asia-Pacific region is experiencing rapid growth, driven by urbanization and rising incomes. The Middle East and Africa are seeing a gradual rise in frozen snack consumption, influenced by changing lifestyles and eating habits. In Latin America, frozen snacks are being embraced as a convenient solution for time-pressed consumers.

North America

• The rise of plant-based frozen snacks is remarkable. Beyond Meat and Morningstar Farms are expanding their offerings to cater to the health-conscious consumers.
• Major companies like Conagra and Nestlé are adopting innovations in packaging, such as resealable bags and biodegradable materials, to improve the convenience and the environment.
• The recent efforts of the U.S. Department of Agriculture to encourage healthy eating habits have also affected the formulations of products, resulting in a reduction in sodium and artificial ingredients in frozen snacks.

Europe

• The European market is flooded with gourmet frozen snacks. Picard and Iceland Foods offer the quality, artisanal products that consumers love.
• The recent regulations in the European Union regarding labelling and health claims have meant that companies are now reformulating their products to meet stricter requirements. This is increasing transparency and trust among consumers.
• Unilever, for example, is now a pioneer in sustainable entrepreneurship, in line with the growing demand for sustainable products.

Asia-Pacific

• A rapid urbanization in countries like China and India is boosting the demand for convenient frozen snacks. The local companies like Haldiram and ITC are cashing in on this trend.
• Young people are now able to appreciate the new tastes and varieties, such as the fusion snacks which combine Western and Eastern tastes.
• Government initiatives to improve food safety standards have persuaded manufacturers to adopt better practices, which will enhance product quality and customer confidence.

MEA

• The growing population of expatriates in the UAE is influencing the demand for frozen snacks, and brands such as Al Ain Food and Americana Foods are meeting the varied tastes.
• With increasing investment in cold chain logistics, the distribution of frozen snacks is improving, and frozen snacks are becoming more accessible to consumers in remote areas.
• The Westernization of eating habits, the growing popularity of frozen foods among young people seeking convenience, and the growing trend towards Western-style cooking, are all reflected in the growing consumption of frozen foods.

Latin America

• Quick-service restaurants, which have become more popular, are introducing frozen foods.
• The frozen snacks made in Latin America, with the local tastes, are also low in fat and low in salt, and have a local taste.
• Brazil and Mexico, as a result of their growing economies, have seen their incomes increase, resulting in higher purchasing power, which will lead to increased demand for premium frozen snack products.

Did You Know?

“In the United States, nearly sixty per cent of the families purchase frozen foods at least once a month, indicating their popularity as a convenient food.” — Statista, 2023

Segmental Market Size

Frozen snacks are a lively sector of the frozen food industry, currently undergoing a period of steady growth, resulting from changing consumers’ tastes for convenience and variety. The growing popularity of snacks as a way of eating has a lot to do with the rise in on-the-go eating and snacking as a main meal occasion. In addition, health-conscious consumers are looking for snacks with a nutritional benefit, so manufacturers are responding with new products such as low-fat and plant-based snacks.

The market for dietary supplements is now in its mature stage of development, with companies such as Nestlé and Conagra Brands at the forefront of development and distribution. The most popular products are frozen appetizers, desserts and ready-to-eat meals, which are available in large quantities in both retail and e-commerce. Trends such as the COVID-19 epidemic have accelerated the shift towards frozen snacks as consumers stock up on pantry staples. Sustainability trends have also had a significant impact on the design and packaging of products. Brands are increasingly using eco-friendly materials for their packaging. In addition, flash freezing and advanced preservation methods are also shaping the development of the industry, guaranteeing product quality and extending shelf life.

Future Outlook

From 2024 to 2032, the frozen snack market is expected to reach a value of $170.88 billion and $245.15 billion, which will represent a significant CAGR of 6.2%. The growing trend of convenience food is based on changing consumer habits, busy lifestyles, and the growing need for quick meal solutions. The frozen snacks are a solution to the needs of consumers who are looking for both quality and convenience. The penetration of frozen snacks will continue to increase and is expected to reach more than 60 percent of households by 2032, compared to the current 45 percent. This trend is particularly visible among younger generations, who are particularly interested in on-the-go meals and new flavors.

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