RTC Cheese Snacks Market to be Worth USD 2,946.73 Million by 2030, The Insight Partners

The RTC Cheese Snacks market is expected to grow from US$ 1,879.54 million in 2022 to US$ 2,946.73 million by 2030; it is expected to record a CAGR of 5.8% from 2022 to 2030.

The consumption of convenience food is increasing, which is currently one of the biggest trends in the food industry. Convenience foods, such as RTC products, allow consumers to save time and effort associated with shopping for ingredients, meal preparation and cooking, consumption, and post-meal activities. The development of this food segment is ascribed to many social changes; the most notable of these include the growing number of smaller households and the rising millennial population worldwide. Due to hectic work schedules, millennials prefer to be efficient with their time rather than spend it on tedious tasks.

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Thus, they are more likely to spend their money on convenience foods, which dives into the popularity of packaged RTE products, such as baked products, snacks, and dairy products. Modern lifestyles, characterized by busy schedules and an increasing emphasis on time efficiency, have fueled consumer preferences for convenient meal options. In response to this trend, RTC cheese snacks have gained popularity as a quick and easy-to-prepare choice for individuals seeking both convenience and flavor. Moreover, the convenience factor goes beyond preparation to include diverse snacking at home during impromptu gatherings. The versatility of RTC cheese snacks positions them as adaptable and convenient for various occasions, further driving their demand. In essence, the growing appetite for convenience food, coupled with the ease of preparation and consumption offered by RTC cheese snacks, has established them as a sought-after choice among consumers seeking a harmonious balance between convenience and enjoyable culinary experiences.

Based on type, the market is categorized into cheese balls, cheese sticks, cheese nuggets, and others. The cheese nuggets segment held the largest share of the global RTC cheese snacks market in 2022. Cheese nuggets are small, bite-sized snacks with cheese cubes in a crispy, flavorful batter. These delectable nuggets are typically deep-fried to achieve a crunchy exterior while maintaining a soft, melty cheese center. Cheese nuggets have become a favorite among cheese lovers with their rich texture and flavor. The demand for cheese nuggets in the global RTC cheese snacks market has been surging due to their convenience, indulgence factor, and the growing popularity of snacking.
 
The RTC cheese snacks market is segmented into five key regions: North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The market was dominated by Asia Pacific, accounting for ~US$ 504 million in 2022. The growing demand for convenient, novel food options and shifting consumer preferences have led to the expansion of the RTC cheese snacks market in Asia Pacific.

The key factors fueling the growth of the RTC cheese snacks market in Asia Pacific include the increasing influence of Western culinary trends. As globalization continues to impact food preferences, there is a rising demand for Western-style snacks, including frozen cheese snacks. The Kerry Group report published in 2022 revealed a study on product launches in 16 countries; the surge in the launch of new cheese-savory snacks overtook other savory snack categories in China and India. Manufacturers have responded to regional cheese preferences by incorporating regional ingredients and flavors, ensuring that RTC cheese snacks are enriched with regional tastes.

Impact of COVID-19 Pandemic on RTC Cheese Snacks Market

The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, travel bans, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the food & beverages industries. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and non-essential products.

Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the bans imposed by various governments in Europe, Asia Pacific, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. All these factors hampered the food & beverages industry in 2020 and early 2021, thereby restraining the growth of RTC cheese snacks market.

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This release was published on openPR.