The frozen snack food market share will post an incremental growth of USD 12.83 billion, progressing at a CAGR of 6.1% during the forecast period. The rise in the launch of products will offer immense growth opportunities to market vendors. The frozen snack food market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Frozen Snack Food Market by Product and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The frozen snack food market is segmented by Product (Bakery products meat substitutes and appetizers, meat poultry and seafood, and vegetables and fruits) and Geography (Europe, North America, APAC, South America, and Middle East and Africa).
The growth of the frozen snack food market in the bakery products meat substitutes and appetizers segment will be significant during the forecast period. In terms of geographic segmentation, factors such as the increasing number of consolidations through mergers and acquisitions (M&A), innovative marketing campaigns by vendors, and the premiumization of frozen food products will boost the market growth in APAC. 32% of the market's growth will originate from APAC. China and Japan are the key markets for the frozen snack food market.
The rise in the launch of products will directly influence the sales of the frozen snack food market. In addition, the rising number of private-label brands offering frozen snacks is one of the major frozen snack food market trends that will positively impact the market growth. However, factors such as frequent product recalls will hamper the frozen snack food market growth.
Some of the major frozen snack food market vendors are AJINOMOTO FOODS NORTH AMERICA 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.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the frozen snack food market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the frozen snack food market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the frozen snack food market.
Frozen snack food industry growth across Europe, North America, APAC, South America, and Middle East and Africa.