Refrigerated snacks are defined as those forms of snacks, which requires refrigeration to keep intact their food quality and expand their life span. Such types of snacks are prepared and kept under certain temperatures 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, specialty desserts, dips and spread and much more. With the shift in consumer lifestyle along with change in working demographics and growing preference towards natural and fresh food, the demand for refrigerated snacks is set to rise, mostly amongst millennial.
Rise in Demand for Convenience Foods to Boost the Global Refrigerated Snacks Market
There is a surge in demand for refrigerated snacks attributable to the rise in purchasing power along with growing consumer preference toward healthy and ready-to-eat convenience food items. Further, with the growing food &beverages industry, rise in the working population, and wider product availability through both online and offline retailing, consumers are inclining more toward convenience foods. Refrigerated snacks are readily available in retail outlets or stores and are increasingly being used as a condiment to add taste, texture, and nutrition to the food product in which they are used. Consumers are inclining over fresher and less processed products that are equally healthy and nutritious and can be directly consumed. With the expansion of the distribution network, convenience foods have gained a shelf in the supermarkets & retail outlets. Additionally, the change in working demographics along with busy lifestyles is among the other factors promoting the demand for convenience food items. With the increase in the demand for convenience food items, the need for refrigerated snacks is set to propel. These snacks offered ease of use, easy to carry in a small space and provide nutrients, due to which some people prefer to have it rather than a proper meal. Furthermore, the surge in population in economies like India and China, diversification in food habits, and exposure to global food brands are creating the demand for refrigerated snacks. Companies are delivering products with the improved quality of refrigerated snacks and efficient distribution channels to serve the broader customer base to meet the increasing demands.
Mondelez International, Inc., Nestlé, S.A., General Mills Inc.., The Kraft Heinz Company, Ohi Bar, Pepsico, Conagra Brands, Inc, Mars Incorporated, Danone S.A, and Hormel Foods Corporation are among the well-established players operating in the global refrigerated snacks market. These companies offer their products worldwide, which helps them in catering to a wider customer base. The major market players are highly focused on the development of high quality and innovative products to meet the customer’s requirements. Over the past a few years, the companies operating in the market have realized the immense potential pertaining to the refrigerated snacks market, and they are adopting strategies such as mergers & acquisitions and product launches. For instance, in November, 2020, Mars announced the acquisition of KIND North America. The partnership will build on growth across geographies and categories. As a result of the collaboration, KIND has expanded over 35 countries (including China, Germany, and France) and into eight categories (including frozen and refrigerated) and has launched new products such as KIND Bark, KIND Frozen Bars, and KIND Smoothie Bowls.
