Refrigerated Snacks Market Size, Trends and Growth Analysis by 2027

The refrigerated snacks sector was valued at approximately US$ 52,042.62 million in 2021 and is anticipated to grow to US$ 73,768.51 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.1% during the period from 2021 to 2028.

Refrigerated snacks are categorized as snacks that necessitate refrigeration to maintain their quality and extend their shelf life. These snacks are produced and stored under specific temperature conditions to ensure their authenticity and provide convenience for consumers. Common types of refrigerated snacks include cheese-based items, yogurt, snack bars, specialty desserts, dips, and spreads. As consumer lifestyles evolve, particularly among millennials, there is a noticeable shift towards natural and fresh food options, which is driving the demand for refrigerated snacks.

The global refrigerated snacks market is divided into several categories based on type, including baked goods and confectionery, fruits and vegetables, yogurt, meat snacks, sandwiches and savory snacks, among others. The fruits and vegetables segment stands out as a particularly lucrative area, dominating the market in 2021. These snacks are rich in vitamins and antioxidants, which are increasingly sought after by health-conscious consumers. Approximately 60% of snack purchasers prioritize additional health benefits beyond basic nutrition, seeking snacks that are fortified with vitamins and minerals. Millennials, in particular, are inclined to invest more in convenient refrigerated snacks, such as ready-to-eat fresh fruits and vegetables. Fruit snacks, often resembling sweet confections, are similar to gummy candies, primarily composed of sugar derived from concentrated white grape juice and apple juice. Some fruit snacks may contain higher sugar levels than gummy candies while typically offering less protein. Their convenience, appealing taste, and healthier positioning compared to traditional candies contribute to their rising popularity.

Geographically, the refrigerated snacks market is segmented into regions including North America, Europe, Asia Pacific (APAC), South America (SAM), and the Middle East & Africa (MEA). In 2020, Europe held the largest market share. The demand for fresh snacks that require refrigeration has surged as consumers increasingly associate freshness with health benefits, a perception that shelf-stable snacks often lack. Recent advancements in refrigeration technology have also played a crucial role in preserving the nutritional value of these products. Factors such as heightened consumer awareness regarding protein-rich foods, a growing preference for convenience foods, and the rising popularity of refrigerated snacks are significantly driving market growth in Europe.

The COVID-19 pandemic had a disruptive impact on the refrigerated snacks market, leading to a slowdown in raw material production, supply chain restrictions, decreased construction demand, and a decline in new projects. However, as economies begin to recover, the demand for refrigerated snacks is expected to rebound in the near future. The shift towards remote work has prompted families to purchase food products online and store them for extended periods. Consumers are increasingly seeking sustainable refrigerated snacks as healthier snacking options, presenting opportunities for market players to recover losses and expand their businesses through online channels. According to a report published in the American Journal of Agricultural Economics in November 2020, the demand for fresh fruits and vegetables, grains, and frozen foods surged during the pandemic, benefiting smaller farms over larger agribusinesses. This trend resulted in a 5.7% increase in sales and a 4.9% rise in customer numbers. The variety of food products available on e-commerce platforms has also increased, indicating a potential rise in sales concentration for niche products as more consumers turn to online shopping.

Despite the challenges faced by food shoppers during the pandemic, such as stockouts, limited public transport, and reduced hours at supermarkets, most shoppers in developed nations like the US maintained adequate access to food, as reported by the US Food and Drug Administration in 2020. Food processing companies have implemented additional safety measures to minimize person-to-person contact, including limiting direct interactions with truck drivers and visitors, enhancing hygiene practices, and conducting thorough sanitation procedures. Given these factors, it is reasonable to expect that the demand for refrigerated snacks will continue to grow in the post-pandemic landscape.

Key players in the global refrigerated snacks market include Mondelez International, Inc., Nestl? S.A., General Mills Inc., The Kraft Heinz Company, Ohi Bar, PepsiCo, Conagra Brands, Inc., Mars Incorporated, Danone S.A., and Hormel Foods Corporation. These established companies are actively participating in the global refrigerated snacks market.

The overall size of the global refrigerated snacks market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the findings and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the refrigerated snacks market.