North America Refrigerated Snacks Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Baked Goods and Confectionery, Fruits and Vegetables, Yogurt, Meat Snacks, Sandwiches and Savory Snacks, and Others) and Distribution Channel (Supermarkets and Hypermarkets, Convenience Store, Online Retail, and Others)
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The refrigerated snacks market in North America is expected to grow from US$ 14,211.86 million in 2021 to US$ 20,507.65 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028.
The US, Canada, and Mexico are major economies in North America Increasing consumer awareness towards healthy snacking items are the major factor driving the growth of the North America refrigerated snacks market. The trend towards healthy snacking is rising amongst consumers. With the growing focus towards health, consumers have shifted their focus towards nutritional and high-quality food products rich in protein, minerals, vitamins and others. The trend towards healthy living has bolstered the demand for nutritional snacking food items. Amongst other essential nutrients, the demand for protein in refrigerated snacking products is comparatively high. The protein content is highlighted as a primary functional ingredient in many snacking segments. Proteins are the building blocks to maintain the structure and functions of the human body. Diet-conscious and health-conscious consumers nowadays tend to prefer the healthy snacking option, which provides a rich amount of protein, fiber, vitamins, and other nutritional profiles. The consumption of essential nutrients helps to promote proper growth and development in children, teenagers, and pregnant women. People consuming more protein tend to better maintain bone mass and have a much lower risk of osteoporosis and fractures. High protein intake has boosted metabolism that results in the burning of a high number of calories. These benefits of protein are hence attracting consumers towards protein-rich food and beverages available in the market. Hence, looking into the market’s demand, convenient food manufacturers are offering refrigerated snacks with nuts, fruits, vegetables, and other healthy ingredients. Healthy snacks such as Greek yogurt, protein snack bar, cottage cheese are extensively available in the market. Increasing consumption of plant protein along with the growing trend in clean label, gluten-free, and natural products is also contributing to the refrigerated snacks market. Some people prefer to have a small meal like snacks during the busy day which can even replace the heavy meal. Protein-based snacks are further popular among sportspeople, athletics, and bodybuilders. This further creates a massive demand for refrigerated snacks among consumers, which is further anticipated to drive the market in North America.
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
North America Refrigerated Snacks Market Segmentation
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
North America Refrigerated Snacks Market -Companies Mentioned
- 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
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