Report : Refrigerated Snacks Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Baked Goods and Confectionery, Fruits and Vegetables, Yogurt, Meat Snacks, Sandwich and Savory Snacks, and Others) and Distribution Channel (Supermarkets and Hypermarkets, Convenience Store, Online Retail, and Others)
New Product Launches to Escalate Refrigerated Snacks Market Growth During 2021–2028
According to our latest market study on “Refrigerated Snacks Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Baked Goods and Confectionery, Fruits and Vegetables, Yogurt, Meat Snacks, Sandwich and Savory Snacks, and Others) and Distribution Channel (Supermarkets and Hypermarkets, Convenience Store, Online Retail, and Others),” the market was valued at US$ 52,042.62 Million in 2021 and is projected to reach US$ 73,768.51 Million by 2028; it is expected to grow at a CAGR of 5.1% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Refrigerated snacks are defined as those forms of snacks that require refrigeration to keep their food quality intact and expand their shelf life. Such types of snacks are prepared and kept under certain temperature conditions to preserve their overall authenticity and provide convenience in food consumption to the final consumers. The refrigerated form of snacks are cheese-based snacking, yogurt snacks, snack bars, specialty desserts, dips, and spread, among others. With the shift in consumer lifestyle, along with change in working demographics, and growing preference toward natural and fresh food, the demand for refrigerated snacks is set to rise, mostly among millennials.
The rise in popularity of refrigerated snacks has motivated the manufacturers to boost the production volume and undertake investment in research and development and new product development of refrigerated snacks with an exotic taste that could suit consumer needs. The rise in industrial field expenditures and increasingly intense competition, and the growing adoption of refrigerated snacks as snacking ingredients have driven the demand for new product launches. Besides, the key players in the market are launching new products with a unique combination of organic or natural ingredients, which is quite different from traditional refrigerated snacks. Manufacturers are experimenting with several elements, texture, flavor, and nutritional ingredients. For instance, in September 2020, Hormel Foods introduced Hormel Black Label egg bites and breakfast combos. This will further enhance the company’s product portfolio and thus strengthen its sales in the coming years. Also, in February 2020, KIND launched KIND Nut Butter Bar, its first-ever refrigerated, smooth, and creamy nut butter protein bar. It has three different varieties, including creamy peanut butter, chocolate peanut butter, and honey almond butter. The key manufacturers have also been financing this opportunity by packaging their products more conveniently to make them easier to consume on the go and increase shelf life. The factors such as flexible products matching consumer needs, innovative concepts, and busy lifestyles are anticipated to benefit market growth.
Mondelez International, Inc.; Nestlé, S.A.; General Mills Inc.; The Kraft Heinz Company; Ohi Bar; Pepsico; Conagra Brands, Inc; Mars Incorporated; Danone S.A.; and Hormel Foods Corporation are among the well-established players operating in the global refrigerated snacks market.
Impact of COVID-19 Pandemic on Refrigerated Snacks Market
The COVID-19 outbreak disrupted the refrigerated snacks market as there was a slowdown in the production of raw material, restrictions on supply chain and trade movements, decrease in construction demand, and decline in new projects. 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 store for a longer time. People are 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 such as 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. Some of the safety measures followed by the companies include limiting direct contact with truck drivers & visitors, strengthening and communicating proper hygiene practices, and conducting complete sanitations and eliminating personnel contact during shift changes. With all these factors, it can be presumed that in post-pandemic times, the demand for refrigerated snacks is further expected to rise.
The report includes the segmentation of the global refrigerated snacks market as follows: