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Asia Pacific Refrigerated Snacks Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and Distribution Channel

Asia Pacific Refrigerated Snacks Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type and Distribution Channel

  • July 2021
  • 88 pages
  • ID: 6134599
  • Format: PDF
  • The Insight Partners

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The refrigerated snacks market in APAC is expected to grow from US$ 13,262.47 million in 2021 to US$ 19,843.73 million by 2028; it is estimated to grow at a CAGR of 5.9% from 2021 to 2028. New product launches are also bolstering the growth of the industry. The rise in popularity of refrigerated snacks has motivated the manufacturers to boost the production volume and undertake investment in research and development and new product development of refrigerated snacks with an exotic taste that could suit consumer needs. The rise in industrial field expenditures and increasingly intense competition, and the growing adoption of refrigerated snacks as snacking ingredients have driven the demand for new product launches. Besides, the key players in the market are launching new products with a unique combination of organic or natural ingredients, which is quite different from traditional refrigerated snacks. Manufacturers are experimenting with several elements, texture, flavor, and nutritional ingredients. For instance, in September 2020, Hormel Foods introduced Hormel Black Label Egg Bites and Breakfast Combos. This will further enhance the company’s product portfolio and thereby strengthen its sales in the coming years. Also, in February 2020, KIND launched KIND Nut Butter Bar, its first-ever refrigerated, smooth, and creamy nut butter protein bar. It has three different varieties, including creamy peanut butter, chocolate peanut butter, and honey almond butter. The key manufacturers also have been financing this opportunity by packaging their products more conveniently to make them easier to consume on the go and increase shelf life. The factors such as flexible products matching consumer needs, innovative concepts, and busy lifestyles are anticipated to benefit market growth.

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 supermarkets and hypermarkets segment led the refrigerated snacks market based on distribution channel in 2020.Hypermarkets and supermarkets offer products of different brands in one place with affordable prices compared to other distribution channels.

Also, the products of different brands are placed nearby to facilitate buyers to select suitable products in less time.Apart from this, factors such as hassle-free transactions, bulk purchasing, better services, and pleasant customer experience encourage buyers to shop from hypermarkets & supermarkets.

The refrigerated snack product manufacturers sell their products directly to the dealer or distributor, which is further supplied to the hypermarkets and supermarkets.The distributor at supermarkets and hypermarkets keeps the assortment of a particular product as per consumer requirement and demand.

It is also a convenient and cost-effective way for the new market players to promote their products through these channels. High footfall in hypermarkets & supermarkets makes it easy for the manufacturers to target their customer base. Further, bulk delivery of products to these places minimizes the cost of operation for manufacturers, which results in gaining a high-profit margin. The sales of refrigerated snacks in supermarkets and hypermarkets are increasing by the day due to the increasing footfall at these places, especially from the middle-class buyers. The wide availability of refrigerated snack products from various brands at a lower price has encouraged customers to buy refrigerated snacks from hypermarkets and supermarkets, which is ultimately drives the refrigerated snacks market.

The overall APAC refrigerated snacks market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining overview and forecast for the APAC refrigerated snacks market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC refrigerated snacks market. Danone S.A.; General Mills Inc.; Hormel Foods Corporation; Mars Incorporated; Mondelez International, Inc.; Nestle S.A; PepsiCo; and The Kraft Heinz Company are among the leading companies in the APAC refrigerated snacks market

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