Report : Asia-Pacific Procurement as-a-Service Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component (Strategic Sourcing, Spend Management, Category Management, Process Management, Contract Management, Transaction Management); Enterprise Size (SMEs, Large Enterprises); End-User Industry (IT and Telecom, Consumer Goods and Retail, Manufacturing, Energy and Utility, Healthcare, Hospitality and Tourism, Others); and Country
Supermarkets and Hypermarkets Segment to Dominate APAC Refrigerated Snacks Market during 2020–2028
According to a new market research study on “APAC Refrigerated Snacks Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by type, and distribution channel,” is expected to reach US$ 19,843.73 million by 2028 from US$ 13,262.47 million in 2021. The market is estimated to grow at a CAGR of 5.9% from 2021 to 2028. The report provides trends prevailing in the APAC refrigerated snacks market along with the drivers and restraints pertaining to the market growth .Growing demand for fresh snacks and plant-based refrigerated snacks are the major factor driving the growth of the APAC refrigerated snacks market. However, issues associated with the food safety and quality issues associated with refrigerated snacks hinder the growth of APAC refrigerated snacks market.
The COVID-19 outbreak is anticipated to cause a significant economic loss in APAC. The consequence and impact are likely to worsen with the spread of the virus. The governments of various APAC countries-imposed lockdowns in early 2020 to restrict the spread of the virus, which, in turn, negatively impacted the production of refrigerated snacks. The governments have asked the food and beverage manufacturers to delay their production, which has been adversely affected the global supply of food, including refrigerated snacks. However, in 2021, the government of different countries in APAC are now offering vaccination to people and taking precautionary measures to protect people against the spread of Covid-19. The governments of APAC countries have realigned their operations, restructured their production facilities, and procured raw materials required for refrigerated snacks in advance to avoid an imbalance between supply and demand. Also, e-commerce network is playing a major role in food product distribution during the pandemic, and people mostly prefer buying products online.
The market for refrigerated snacks market is segmented into type, distribution channel, and country. Based on type, the APAC refrigerated snacks market is categorized into baked goods and confectionery, fruits and vegetables, yogurt, meat snacks, sandwiches and savory snacks, and others. In 2020, the fruit and vegetable segment led the market. In 2020, the fruits and vegetables segment held the largest share APAC refrigerated snacks market Based on distribution channel, the APAC refrigerated snacks market is categorized into supermarkets and hypermarkets, convenience store, online retail and others. In 2020, the supermarkets and hypermarkets segment dominated the refrigerated snacks market.
Danone S.A.; General Mills Inc.; Hormel Foods Corporation; Mars Incorporated; Mondelez International, Inc.; Nestle S.A; PepsiCo; The Kraft Heinz Company; are among the leading companies in the APAC refrigerated snacks market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, General Mills announced that their refrigerated cookies and dough are “safe to eat raw” as marked by the seal on the packaging.
The report segments the APAC Refrigerated Snacks Market as follows:
APAC Refrigerated Snacks Market – By Type
- Baked Goods and Confectionery
- Fruits and Vegetables
- Meat Snacks
- Sandwiches and Savory Snacks
APAC Refrigerated Snacks Market – By Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Store
- Online Retail
APAC Refrigerated Snacks Market – By Country
- South Korea
- Rest of APAC
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