Originally published on Technavio:The estimated growth of the frozen snack food market is USD 14.44 billion, reflecting a Compound Annual Growth Rate (CAGR) of 6.48% between 2022 and 2027. Key drivers influencing this growth include the increase in the launch of frozen products and the presence of both international and domestic market players operating globally. These players are offering a variety of snacks, coupled with frequent product launches to attract consumers and enhance their market visibility. Notably, in 2021, Del Monte Foods Inc., a subsidiary of Del Monte Pacific Ltd., expanded its Veggieful brand with a new line of Veggieful Riced Veggies, emphasizing the growing trend of plant-based frozen foods.

Market Overview

Key Trends

The rise of e-commerce is a significant factor shaping market growth. E-commerce platforms have made snacks more accessible globally, allowing consumers to order products from the comfort of their homes, overcoming geographic limitations. The online platforms offer diverse options from various brands that may not be available in local brick-and-mortar stores. Consumers increasingly prefer online platforms due to the wide variety of products, exploration opportunities, and informed decision-making based on reviews and recommendations.

Key Challenge

Health risks associated with snack consumption pose a challenge to market growth. Frozen snacks, as processed foods, are stored at low temperatures to enhance shelf life. Some manufacturers prioritize cost over healthier ingredients, utilizing less effective alternatives that may lead to nutrient loss. Additionally, high sodium content in snacks increases the risk of health issues such as high blood pressure and heart diseases. Despite these challenges, the market is anticipated to grow due to the prevailing positive factors.

Segmentation by Product

The bakery products/meat substitutes/appetizer segment is estimated to witness significant growth. This segment includes bakery products, meat substitutes, frozen sandwiches, cheese snacks, and other frozen appetizers. The demand for snacks like frozen vegan pizzas is rising, driven by health-conscious consumers and those preferring plant-based food options. Additionally, the meat/poultry/seafood segment, offering frozen snacks with nutritional benefits, is expected to contribute to market growth.

Key Regions for the Market

Europe is estimated to contribute 38% to the global market's growth during the forecast period. Rapid urbanization in Europe, leading to smaller living spaces and busier lifestyles, drives the demand for space-efficient snacks with extended shelf life. The region witnesses a preference for frozen snacks perceived as convenient and potentially more nutritious, aligning with health-conscious consumer trends.

Key Frozen Snack Food Market Companies Overview

Companies are implementing various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches. Key market players include Ajinomoto Co. Inc., Al Kabeer Group ME, and BRF SA.

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The market thrives on the demand for convenient, nutrient-rich foods. Packaged and frozen food products cater to various dietary needs and flavor preferences. Meat-based frozen snacks dominate the market, with a focus on locally sourced ingredients. Offline sales channels, including supermarkets and convenience stores, remain pivotal in countries like the United States, Germany, and emerging economies.

The market forecasting report provides growth forecasts at global, regional, and country levels, analyzing the latest trends and growth opportunities from 2017 to 2027.

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