Refrigerated Snacks Market Segments and Growth by 2028

The refrigerated snacks 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.

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.

In 2021, Europe contributed to the largest share of the market. Fresh snacks, those that require refrigeration, have become an essential aspect of this new way of eating because freshness exudes a sense of healthfulness that shelf-stable snacks often do not. Besides, recent advancements in refrigeration methods and techniques ensure that the products do not lose their nutrient value. Increasing consumer awareness about protein-rich food, rise in demand for convenience foods, and growing popularity of the refrigerated snacks are the major factors bolstering the growth of the refrigerated snacks market in Europe.

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.

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Refrigerated Snacks Market: Strategic Insights

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Market Insights

Increasing Consumer Awareness Toward Protein-Rich Food

Protein is a tremendous nutrient present in most snacks, including refrigerated snacks. 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. Protein intake helps promote proper growth and development in children, teenagers, and pregnant women. Various studies show that eating a protein-rich diet helps gain muscle mass and strength and prevents muscle loss during weight management or weight loss. 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 toward 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. Mixed nuts and seeds, pumpkin seeds, Greek yogurt, protein bar, cheesy popcorns, and cottage cheese are some of the high protein snacks available in the market. Increasing consumption of plant protein along with 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 that can even replace the heavy meal. Protein-based snacks are further popular among sports people, athletes, and body builders. This further creates a massive demand for refrigerated snacks among consumers globally.

Type Insights

Based on type, the global refrigerated snacks market is segmented into baked goods & confectionery, fruits and vegetables, yogurt, meat snacks, sandwiches & savory snacks, and others. The fruit and vegetable segment is one of the lucrative segment and is dominating the refrigerated snacks market in 2021. Fruits and vegetables are enriched with the vitamins and antioxidants that savvy shoppers nowadays are looking for. When choosing a snack, around 60% of consumers look for additional health benefits above and beyond simple nutrition. They look for snacks that contain vitamins and minerals. Also, the millennials are willing to pay a bit more for convenient or refrigerated snacks like ready-to-eat fresh fruits and vegetables. The fruit snack is usually a sweet confectionery. Fruit snacks are quite a similar item to gummy candies. The main content found in fruits snack is sugar, particularly refined sugar obtained from concentrated white grape juice as well as apple juice. Some fruit snacks contain more sugar than gummy candies, and they regularly have less protein. Fruit snacks are gaining popularity due to their convenience, candy-like taste, and the positioned the product gained as being healthier compared to candy

Distribution Channel Insights

Based on distribution channel, the global refrigerated snacks market is segmented into supermarkets and hypermarkets, convenience store, online retail, and others. The supermarkets and hypermarkets segment held the largest share of the market in 2021. Hypermarkets and supermarkets offer products of different brands in one place with affordable prices compared with other distribution channels. Also, the products of different brands are placed nearby in order to facilitate buyers to select suitable products in less time. Apart from this, factors such as hassle-free transactions, bulk purchasing, better services, and pleasant customer experience encourage buyers to shop from hypermarkets & supermarkets. The refrigerated snack product manufacturers sell their products directly to the dealer or distributor, which is further supplied to the hypermarkets & supermarkets. The distributor at hypermarkets & supermarkets keeps the assortment of a particular product as per consumer requirement and demand. It is also a convenient and cost-effective way for the new market players to promote their products through these channels. High footfall in hypermarkets & supermarkets makes it easy for the manufacturers to target their customer base. Furthermore, bulk delivery of products to these places minimizes the cost of operation for manufacturers, which results in gaining a high-profit margin. The sales of refrigerated snacks in hypermarkets and supermarkets are increasing by the day due to the increasing footfall at these places, especially from the middle-class buyers. The wide availability of refrigerated snack products from various brands at a lower price has encouraged customers to buy refrigerated snacks from hypermarkets and supermarkets.

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. These companies offer their products worldwide, which help them in catering to a wider customer base. The major market players are highly focused on the development of high quality and innovative products to meet the customer’s requirements. Over the past a few years, the companies operating in the market have realized the immense potential pertaining to the refrigerated snacks market, and they are adopting strategies such as mergers & acquisitions and product launches. For instance, in November 2020, Mars announced the acquisition of KIND North America. The partnership will build on growth across geographies and categories. As a result of the collaboration, KIND has expanded in over 35 countries (including China, Germany, and France) and into eight categories (including frozen and refrigerated) and has launched new products such as KIND Bark, KIND Frozen Bars, and KIND Smoothie Bowls.

Report Spotlights

• Progressive industry trends in the global refrigerated snacks market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the global refrigerated snacks market from 2021 to 2028
• Estimation of the demand for refrigerated snacks across various industries
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
• Recent developments to understand the competitive market scenario and the demand for refrigerated snacks
• Market trends and outlook coupled with factors driving and restraining the growth of the refrigerated snacks market
• Decision-making process by understanding strategies that underpin commercial interest with regard to the global refrigerated snacks market growth
• Refrigerated snacks market size at various nodes of the market
• Detailed overview and segmentation of the global refrigerated snacks market as well as its dynamics in the industry
• Refrigerated snacks market size in various regions with promising growth opportunities

Refrigerated Snacks Market Regional Insights

The regional trends and factors influencing the Refrigerated Snacks Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Refrigerated Snacks Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Refrigerated Snacks Market Report Scope

Refrigerated Snacks Market Players Density: Understanding Its Impact on Business Dynamics

The Refrigerated Snacks Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Refrigerated Snacks Market are:

1. Mondelez International, Inc.
2. Nestle S.A
3. General Mills, Inc.
4. The Kraft Heinz Company
5. OHi bars

Disclaimer: The companies listed above are not ranked in any particular order.

Refrigerated Snacks Market, by Type 

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

• Refrigerated Snacks Market, by Distribution Channel

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

Company Profiles

• Mondelez International, Inc.
• Nestlé, S.A.
• General Mills Inc.
• The Kraft Heinz Company
• Ohi Bar
• Pepsico
• Conagra Brands, Inc
• Mars Incorporated
• Danone S.A
• Hormel Foods Corporation