Frozen Snack Food Market to Register a 6.48% CAGR

snacks

The frozen snack food market size is expected to grow by USD14.44bn from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 6.48% during the forecast period.

The rise in the launch of frozen products is notably driving the frozen snack food market. However, factors such as frequent product recalls may impede market growth.

The market share of the bakery products/meat substitutes/appetizer segment is significant during the forecast period. This segment mainly includes bakery products, meat substitutes, frozen sandwiches, frozen cheese snacks, and other frozen appetizers. In addition, there is an increasing demand for frozen snacks, especially frozen vegan pizzas from developing countries.

Europe is estimated to account for 38% of the growth during the forecast period. Factors such as rapid urbanization which has led to smaller living spaces and busier lifestyles one of the main factors which has significantly contributed to the growth of the region. In addition, the rising preference for frozen snacks in the region is due to the increasing perception of these products as convenient and potentially more nutritious options.

The Frozen Snacks Market is witnessing exponential growth, fueled by the rising popularity of convenient food options among consumers. With the advent of e-commerce stores and widespread availability in supermarkets and hypermarkets, accessibility has increased significantly. Home delivery services cater to busy lifestyles, while heightened consumers’ awareness drives demand for healthier options and emphasizes hygiene practices. Innovations such as contactless delivery ensure safety, complemented by fully sanitized packaged food items. Continuous innovation in flavors and packaging captivates consumers, with key players vying for dominance. Various types of ingredients cater to diverse tastes, with preferences varying on a regional basis. Consumers’ preference leans towards convenience products, underlining the trajectory towards convenience and accessibility.

Find out more at: https://www.technavio.com