The US refrigerated snacks market was valued at US$ 20,395.84 million in 2019 and is projected to reach US$ 36,516.28 million by 2027; it is expected to grow at a CAGR of 6.7% from 2020 to 2027.
Refrigerated snacks require refrigeration to keep the food quality intact and expand their life span. Such types of snacks are prepared and kept under certain temperature conditions, which preserves their overall authenticity and provides convenience in food consumption to the final consumers. The refrigerated form of snacks includes cheese based snacking, yogurt snacks, snack bars, cookies, specialty desserts, dips, and spread. 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 amongst millennial population.
Based on type, the refrigerated snacks market is segmented into fruit and vegetable snacking, snack combos, cheese snacking, yogurt snacks, cookie dough, snack bars, sweet goods and specialty desserts, and others. The snack bars segment accounted for the largest share of the US refrigerated snacks market in 2019. The others segment is expected to grow at the highest CAGR during the forecast period. Snack bars are currently becoming popular as they are the top need among the US populace for convenient snacking options. Earlier food bars primarily targeted athletes, diet-specific consumers, and the morning; however, nowadays, bars are formulated for all eating occasions, from an on-the-go breakfast option to a mid-morning snack and a dinner meal replacement.
Moreover, consumer preference for convenient and nutritional food augments the product demand as these bars have less sugar and provide a high protein, fiber content, and other nutrition. Also, the filling of nuts, fruits, and cereals in these refrigerated snack bars attracts health-conscious consumers. They serve every purpose, such as meal, workout, energy, diet, nutrition, and hence are expected to drive in more consumer acceptance. Besides, growing popularity of sports and athletic activities, changing food preferences, along with a busy lifestyle, increasing health consciousness, and rising number of nuclear families, are the factors pushing manufacturers to introduce products with newer flavors and ingredients. A wide range of refrigerated snack bars is available, which is driving the US refrigerated snacks market.
The US is witnessing a high demand for refrigerated snacks due to steady rise in income in the US population, which is causing a lifestyle change. This lifestyle change is facilitating the US refrigerated snacks market growth. Additionally, healthy snacking is vital component of the modern diet. Consumers prefer small meals to fill up, maintain energy, and focus throughout the day. Refrigerated snacks have become a crucial aspect of modern day eating habits and this helps the market to gain significant traction in the U.S. 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, rising demand for convenience foods, and growing popularity of the refrigerated snacks are the major factors bolstering the growth of the refrigerated snacks market in the US.
COVID-19 first began in Wuhan, China, during December 2019 and since then it has spread at a fast pace across the globe. Food & beverages is one the world’s major industries suffering serious disruptions, such as supply chain breaks, and office shutdowns, as a result of this outbreak. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the travel bans and shutdowns imposed across the US are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the industries in a negative manner and thus, act as restraining factor for the growth of various markets related to this industry in the coming months. This is likely to impact the consumer food & beverages industry in the US as, due to the COVID-19, the supply chain is likely to get affected. In addition, the overall manufacturing processes and research and development activities are also expected to negatively impact the US refrigerated market growth.
Better Bites Bakery; CONAGRA BRANDS, INC; DANONE S.A; DELIGHTED BY Desserts; GENERAL MILLS, INC.; HAIL MERRY; Honey Mama’s; Hormel Foods Corporation; Justin’s; KIND; MARS INCORPORATED; Nelly’s Organic; Nestlé, S.A.; Nutt Zo LLC; OHi Bar; PEPSICO; PERFERCT BAR, LLC; SARGENTO FOODS INCORPORATED; Sweet Loren's, Inc.; and THE KRAFT HEINZ COMPANY are among the key players present in the US refrigerated snacks market.
The Overall size of the US refrigerated snacks market has been derived using primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the US refrigerated snacks market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants who take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the US refrigerated snacks market.