Frozen snack food market to grow by $12.83 billion in 4 years
The global market for frozen snack food has a growth potential of $12.83 billion for the next 4 years, according to the latest market report from Technavio. The market will also witness an accelerating growth momentum at a CAGR of 6.1% during the forecast period. The rise in launch of products has been instrumental in driving the growth of the market. However, frequent product recalls might hamper market growth.
Almost 25% market share is expected to be represented by frozen snacks made from poultry, meat and seafood, according to the report. The biggest advance will be seen in the bakery and meat substitutes segments, while veggies and fruit snack segments will come third.
32% in growth is expected to be supported by countries in the APAC region, with China and Japan being the key markets for frozen snack food in this area. The increasing number of consolidations through mergers and acquisitions (M&A), innovative marketing campaigns by vendors, and the premiumization of frozen food products will facilitate the frozen snack food market growth in APAC over the forecast period.
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