By 2022, the global refrigerated snacks market is anticipated to be worth US$ 84.5 billion, growing at a CAGR of 4.2 percent between 2022 and 2032. Refrigerated snack sales are expected to account for almost 20% of the global snack market, which is expected to be worth US$ 427.2 billion by the end of 2022. Low-calorie foods, such as chilled snacks, are in high demand all across the world as people attempt to live healthier lives. In urban regions, hypermarkets and supermarkets are popular outlets for food retailing, particularly among middle- and upper-income earners, whereas small businesses are preferred by low-income earners.
Key Takeaways from Market Study
The market is categorized by kind, with traditional refrigerated snacks expected to account for roughly 87 percent of the market share over the projection period. With a market share of over 29 percent in 2022, North America is expected to dominate the worldwide refrigerated snacks industry. Refrigerated savory snacks are predicted to have the largest market share in 2022, but demand for refrigerated fruit snacks is expected to expand at a faster rate over the forecast period.
The retail/household category accounted for about 59 percent of the global market in terms of sales channels, while the foodservice industry is predicted to develop at a faster rate throughout the forecast period. Over the projection period, online retail outlets are expected to dominate the global market in the retail/household segment. E-Commerce is gaining traction around the world as more consumers use smartphones to order food and groceries. Rapid digitalization has resulted in widespread e-Commerce penetration in Asian countries, with China dominating the sector with a large share. Refrigerated snacks have a long shelf life and can be packaged in a variety of ways, allowing them to appeal to a wide range of customers.
The need for branded food in the food service business is growing. This is increasingly increasing, especially in underdeveloped countries. The wide availability of these products in the retail industry has resulted in a broad consumer base, which creates prospects for manufacturers of refrigerated snacks. In recent years, the use of chilled snacks in the food business has increased substantially. Producers, on the other hand, have an inherent opportunity to debut their products in the retail market shortly to reach the food-service business and households. The following are some recent market developments to keep an eye on: Under the Pact brand, Tyson Foods has released a new range of functional refrigerated protein snacks designed to help people leverage the natural advantages of food.