Frozen Snack Food Market size is set to grow by USD 14.6 billion from 2024-2028, Rise in launch of frozen products boost the market, Technavio

NEW YORK, June 11, 2024 /PRNewswire/ -- The global frozen snack food market size is estimated to grow by USD 14.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 6.24%  during the forecast period. Rise in launch of frozen products is driving market growth, with a trend towards rise of e-commerce. However, frequent product recalls  poses a challenge. Key market players include Ajinomoto Co. Inc., Al Kabeer Group ME, BRF SA, Conagra Brands Inc., Del Monte Pacific Ltd., ELEVATION BRANDS LLC., General Mills Inc., Home Market Foods Inc., JBS SA, Kidfresh, Maple Leaf Foods Inc., McCain Foods Ltd., Mother Dairy Fruit and Vegetable Pvt. Ltd., Nestle SA, NewForrest Fingerfood B.V., Nomad Foods Ltd., Rich Products Corp., The Hain Celestial Group Inc., The Kraft Heinz Co., and Tyson Foods Inc..

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Market Driver

E-commerce significantly broadens the accessibility of frozen snacks for consumers worldwide. It eliminates geographic constraints, increasing market reach for producers, large and small. Online platforms provide a vast selection of frozen snack options from various brands, including niche and specialty products. Consumers can read reviews and make informed decisions based on others' experiences. E-commerce enables the discovery of global flavors and gathers consumer data for market refinement. This expansion of the global frozen snack food market enhances consumer discovery, purchase, and enjoyment, driving market growth. 

The frozen snack food market is experiencing significant growth with various players offering a wide range of products. Meats, bases, vegetables, and fruits are popular categories in this market. Fruits, such as strawberries and blueberries, are in high demand due to their health benefits. Markets for meat-based and vegetable-based frozen snacks are also expanding. Convenience is a key trend driving sales, with many consumers opting for quick and easy meal solutions. Processing technologies, such as flash freezing and vacuum packaging, ensure the preservation of taste and nutritional value. The market is expected to continue growing, with a focus on sustainability and innovation in product offerings. 

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Market Challenges

•         The Frozen Snack Food Market faces challenges due to product recalls. These recalls result from the presence of harmful materials or undeclared ingredients. In the US, the Food Safety and Inspection Service (FSIS) handles meat, poultry, and certain egg product recalls. Class 1 recalls, the most serious, involve health risks, such as Listeria monocytogenes in Tyson Foods' products in July 2021. Frequent recalls can negatively impact a company's brand, sales, and market growth. For instance, in January 2021, UK supermarkets recalled frozen foods due to salmonella contamination. These incidents may hinder market expansion during the forecast period.

•         The frozen snack food market faces several challenges in the industry. Frequent changes in consumer preferences and trends, such as the demand for organic and natural products, pose a significant challenge. Delivery and distribution of perishable goods also present logistical issues. The use of innovative packaging and freezing technologies is crucial to maintain product quality and extend shelf life.

•         Competition from local and international players intensifies the need for effective marketing strategies and competitive pricing. Regulations and compliance with food safety standards add to the complexity of the business environment. Overall, the frozen snack food market requires continuous innovation and adaptation to meet evolving consumer demands and market dynamics.

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Segment Overview 

1. Product 
• 1.1 Bakery products/meat substitutes/appetizers
• 1.2 Meat/poultry/seafood
• 1.3 Vegetables and fruits
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Bakery products/meat substitutes/appetizers-  The frozen snack food market is experiencing growth due to rising demand for plant-based food products and meat alternatives. Health-conscious consumers prefer vegan options, leading to increased production of frozen vegan pizzas and veggie-filled appetizers like mozzarella sticks. Vendors are expanding their product lines with offerings like Rich Products Corp.'s Bean Dip Bites and NewForrest Fingerfood BV's garlic herb mozzarella sticks. The shift towards plant-based diets, driven by health and food safety concerns, fuels market expansion.

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Research Analysis

The Frozen Snack Food Market encompasses a wide range of contactless delivery options for packaged food items, including deep-frozen pizza, animal protein sources such as seafood and poultry, and convenience foods. Consumers seek out these products for their nutrient levels, which often include essential vitamins and minerals.

The market caters to diverse tastes with unique flavors and a vast variety of ready-to-eat meals. Frozen pizza, a popular choice, offers the convenience of a home-cooked meal without the time commitment. HEROTEIN, a high-protein ingredient, is increasingly being incorporated into frozen snack foods to meet the growing demand for nutrient-dense options.

The Frozen Snack Food Market encompasses a wide range of food products that are preserved by freezing to maintain their freshness and extend their shelf life. These snacks come in various forms, including pizzas, sandwiches, burritos, fries, nuggets, and many more. The market is driven by several factors, including convenience, changing consumer preferences, and advancements in freezing technology.

Consumers are increasingly opting for frozen snacks due to their ease of preparation and long shelf life. Furthermore, the market is witnessing significant growth due to the introduction of healthier options, such as low-calorie and organic frozen snacks. The future of the Frozen Snack Food Market looks promising, with innovations in product development and packaging expected to further boost its growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Bakery Products/meat Substitutes/appetizers
• Meat/poultry/seafood
• Vegetables And Fruits
• Distribution Channel
• Offline
• Online
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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