North America Refrigerated Snacks Market is expected to reach US$ 20,507.65 Mn by 2028

PRESS RELEASE BY The Insight Partners 06 Jul 2021

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Fruits and Vegetables Segment to Dominate North America Refrigerated Snacks Market during 2020–2028

According to The Insight Partners market research study on “North America Refrigerated Snacks Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by type, and distribution channel,” is expected to reach US$ 20,507.65 million by 2028 from US$ 14,211.86 million in 2021. The market is estimated to grow at a CAGR of 5.4% from 2021 to 2028. The report provides trends prevailing in the North America refrigerated snacks market along with the drivers and restraints pertaining to the market growth. Increasing consumer awareness towards healthy snacking items are the major factor driving the growth of the North America refrigerated snacks market. However, issues associated with the food safety and quality issues associated with refrigerated snacks hinder the growth of North America refrigerated snacks market.

The market is being disrupted by COVID-19 because of the slowdown of raw material production, supply chain instability, hampered trade movements, and other reasons. The outbreak has distorted operational efficiency and disrupted the value chains due to the sudden shutdown of national and international boundaries, creating revenue loss and damage. The disturbed value chain has had a negative impact on raw material supply and further impacting the refrigerated snacks market. However, since the economies are planning to revive their operations, the demand for refrigerated snacks is presumed to rise in the coming months. In addition, most people are now working from home, and this change in lifestyle has further inspired families to buy food products online and to store for a longer time. And people are highly looking for sustainable refrigerated snacks for healthy snacking option; this is further giving an opportunity to the market players to recover their loss and to grow business through online platforms. According to the report published in the American Journal of Agriculture Economics in November 2020, the demand for fresh fruit & vegetables, grains, and frozen foods increased the most during the pandemic, which benefited small farms over agribusinesses. This increased sales by 5.7% and the number of customers by 4.9%. The variety of food products are sold on the e?commerce platform with an increased ratio, which suggests the concentration of sales on niche products could rise as more consumers are drawn to online platforms. However, despite the difficulties faced by food shoppers during the Covid-19 pandemic, including food stockouts, limited public transportation, and reduced hours mainly at supermarkets & grocery stores, most of the shoppers in developed countries like the US have maintained adequate access to food (according to the US Food and Drug Administration 2020). Also, food processing companies are taking extra precautions to diminish person-to-person contact. The US in North America has the highest number of confirmed cases of COVID-19 among all key countries. Last year the pandemic impacted the overall food and beverage industry in the region, including the processed food market. However, post-pandemic, purchasing of food products with refrigerated snacks are increasing mainly through the online platform, which is going to put a positive impact upon the studied market.

The market for refrigerated snacks market is segmented into type, distribution channel, and country. Based on type, the North America refrigerated snacks market is categorized into baked goods and confectionery, fruits and vegetables, yogurt, meat snacks, sandwiches and savory snacks, and others. In 2020, the fruit and vegetable segment led the market. In 2020, the fruits and vegetables segment held the largest share North America refrigerated snacks market Based on distribution channel, the North America refrigerated snacks market is categorized into supermarkets and hypermarkets, convenience store, online retail and others. In 2020, the supermarkets and hypermarkets segment dominated the refrigerated snacks market.

Conagra Brands, Inc.; Danone S.A.; General Mills Inc.; Hormel Foods Corporation; Mars Incorporated; Mondelez International, Inc.; Nestle S.A; OHi Bars; PepsiCo; The Kraft Heinz Company; are among the leading companies in the North America refrigerated snacks market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Danone S.A. partners with Bright seed, a bioscience company

The report segments the North America Refrigerated Snacks Market as follows:

North America Refrigerated Snacks Market – By Type

  • Baked Goods and Confectionery
  • Fruits and Vegetables
  • Yogurt
  • Meat Snacks
  • Sandwiches and Savory Snacks
  • Others

North America Refrigerated Snacks Market – By Distribution Channel

  • Supermarkets and Hypermarkets
  • Convenience Store
  • Online Retail
  • Others

North America Refrigerated Snacks Market – By Country

  • US
  • Canada   
  • Mexico   

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