The refrigerated snacks market was valued at USD52bn in 2021 and is projected to reach USD73.7bn by 2028; it is expected to grow at a CAGR of 5.1% from 2021 to 2028, according to a new report by The Insight Partners. Refrigerated snacks are defined as those forms of snacks that require refrigeration to keep their food quality intact and expand their shelf life. Such types of snacks are prepared and kept under certain temperature conditions to preserve their overall authenticity and provide convenience in food consumption to the final consumers. The refrigerated form of snacks are cheese-based snacking, yogurt snacks, snack bars, specialty desserts, dips, and spread, among others. 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 among millennials.
Based on type, the global refrigerated snacks market is segmented into baked goods & confectionery, fruits and vegetables, yogurt, meat snacks, sandwiches & savory snacks, and others. The fruit and vegetable segment is one of the lucrative segment and is dominating the refrigerated snacks market in 2021. Fruits and vegetables are enriched with the vitamins and antioxidants that savvy shoppers nowadays are looking for. When choosing a snack, around 60% of consumers look for additional health benefits above and beyond simple nutrition. They look for snacks that contain vitamins and minerals, the report shows.
Also, the millennials are willing to pay a bit more for convenient or refrigerated snacks like ready-to-eat fresh fruits and vegetables. The fruit snack is usually a sweet confectionery. Fruit snacks are quite a similar item to gummy candies. The main content found in fruits snack is sugar, particularly refined sugar obtained from concentrated white grape juice as well as apple juice. Some fruit snacks contain more sugar than gummy candies, and they regularly have less protein. Fruit snacks are gaining popularity due to their convenience, candy-like taste, and the positioned the product gained as being healthier compared to candy.
Geographically, the refrigerated snacks market is segmented into North America, Europe, Asia Pacific (APAC), South America (SAM), and Middle East & Africa (MEA). In 2020, Europe contributed to the largest share of the market. Fresh snacks, those that require refrigeration, have become an essential aspect of this new way of eating because freshness exudes a sense of healthfulness that shelf-stable snacks often do not. 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, rise in 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 Europe.