The global refrigerated snacks market was estimated at USD94.8bn in 2020 and is expected to hit USD165.4bn by 2030, registering a CAGR of 5.6% from 2021 to 2030, according to the latest report by Allied Market Research.
The savory snacks segment accounted for the major share in 2020, holding around one-third of the global market. The fruit snacks segment, however, would exhibit the fastest CAGR of 7.9% throughout the forecast period. Based on end-user, the residential segment generated the highest share in 2020, accounting for nearly two-thirds the global market. The foodservice segment, however, would exhibit the fastest CAGR of 6.4% from 2021 to 2030.
The demand for refrigerated snacks experienced a steep incline during the pandemic as people were mostly avoiding stepping out of the home. Refrigerated snacks were easy to store and cook, which gave way to upsurge in consumption of frozen or refrigerated products, especially during the initial phase of the outbreak, thereby boosting the growth of the global market. However, huge supply chain disruptions across the world affected the market to some extent, thereby giving the sector a mixed impact altogether.
Based on region, the market across Europe held the highest share in 2020, garnering nearly two-fifths of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 7.3% by the end of 2030. The other provinces studied in the report include North America and LAMEA.
The refrigerated snacks market industry has grown significantly in the past two decades. The balance of work, family, and social life is becoming difficult for the working population, which in result turning the consumer to shift toward prepared food rather than spending time in preparing it by themselves in order to spend more time with the friends and family, which is the major growth factor of the food service industry.