The global market for frozen snacks is expected to register a compound annual growth rate (CAGR) of 6.5%, reaching a valuation of US $247.2 billion by 2032, according to a report from Future Market Insights (FMI). The desire for convenience is driving sales, as consumers coping with busy schedules are increasingly attracted to packaged foods and frozen snacks that take less time to prepare.
According to the World Bank, two-third of the world’s population is predicted to live in urban areas within the next 10 years. As a result, rapid urbanization and hectic lifestyles among millennials and working professionals will boost increased sales of frozen snacks. Additionally, an increasing focus on nutrient-rich frozen snacks is compelling manufacturers to launch products with organic ingredients and clean labels.
“Wide availability of vegan, gluten-free and keto frozen snacks, along with increasing sales through online channels across emerging economies will augment the growth in the market in the forthcoming years,” says a research analyst.
Here are key takeaways offered by the report:
The global frozen snacks market is anticipated to reach a valuation of around US $131.7 billion in 2022.
By product type, sales in the desserts segment will account for around two-fifths of the total market share over the forecast period.
In terms of category, demand in the ready-to-eat frozen snacks segment will remain high through 2032.
Offline sales channels will be the most preferred purchase points among consumers over the assessment period.
France will dominate the Europe frozen snacks market, owing to increasing demand for vegan frozen snacks and ready-to-eat meals.
China will account for a lion’s share of the East Asia frozen snacks market due to increasing sales of packaged food products through online channels
The USA will emerge as a lucrative market on the back of growing preference for vegan and clean label frozen snacks.
Leading players in the frozen snacks market are aiming to improve sales by launching frozen snacks made from organic and natural ingredients. They are also investing in mergers, acquisitions and collaborations to expand their production and storage facilities for frozen snacks. For example, in April of 2021 Abergavenny Fine Foods Ltd., a company specializing in frozen snacks and finger food, was acquired by the Frostkrone Food Group.
For more information about the FMI’s 350-page Frozen Snacks Market report, visit futuremarketinsights.com.