Instant Snow is an absorbent polymer that greatly expands when it comes into contact with water. Once the water evaporates, the powder can be reused. It is realistic to look at and touch. The snow can be spritzed with water to maintain its fluffiness. It has even been used for indoor snowboarding.
Some other facts:
-It is slippery to walk on
-It is non-toxic (and 99% water)
-It can be used on any surface except untreated wood
-It feels cool to the touch
-The snow can be colored
-It can be used outside and on plant life
-Kids love it
1 pound runs about $35 and covers an area 20"x30"x4" deep (about 8 gallons of snow).
While this may never completely compete with plastic fake snow, I think it could be useful when the audience is very close, or for set dressing. There are some pieces of set dressing that never looks quite right, no matter what kind of fake snow is used. While the price is somewhat high depending on how much you would need, If you were careful to minimize losses, you could save a significant part of the powder for reuse.
To get more information check out the below link. The site also has some other great products as well.