The global microwavable foodsmarket size was valued at $120,456.0 million in 2020, and is projected to reach $230,935.7 million by 2031, registering a CAGR of 5.6% from 2022 to 2031.The fast-paced lifestyle of individuals has enforced them to seek convenient solutions such as microwavable foods, replacing traditional cooked meals. Microwavable foods require minimal preparation time and can be cooked using a conventional microwave oven. It includes shelf stable, chilled& frozen meals (beef, pork, poultry, seafood, vegetarian meals, frozen & chilled pizza), and soups. These foods are considered to have nutritional benefits, as their cooking does not involve added fat. Rise in demand for convenience is the key factor that drives the microwavable foods market. Other factors such as growth of nuclear families, increase in number of women working outside the home, surge in disposable income, rise in standard of living, and rapid increase in number of large retail chains further fuels the market.
Increase in popularity of fast food restaurants, also known as the quick service restaurants (QSRs), boosts the growth of the global microwavable foods market. Among the emerging economies, China, India, and Brazil dominate in terms of microwavable food consumption, owing to their large population base and growth in number of QSRs such as McDonalds, Burger King, Wendy’s, Subway, and Dunkin’ Donuts. The business of QSR chains in India is expected to grow eight-fold, owing to rise in disposable income and surge in urbanization, which lead to higher consumption of microwavable foods. Thus, growth in popularity of fast food restaurants across the globe is expected to present a potential opportunity for the manufacturers of microwavable foods.
The microwavable foods market is segmented into product, packaging technology, and region. Based on product, the market is divided into shelf stable microwavable food, chilled food, and frozen food. On the basis of packaging technology, it is categorized into patterned susceptors technology, new tray-lidding methods, and new cook bag technique. Based on distribution channel, the market is segmented into hypermarkets/supermarkets, convenience stores, online sales channel, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia and rest of Europe), Asia-Pacific (China, India, South Korea, Japan, ASEAN, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, UAE, South Africa, and rest of LAMEA).
Based on product, the market is divided into shelf stable microwavable food, chilled food, and frozen food. The frozen microwavable foods segment dominated the microwavable foods market. These foods provide better nutritional benefits and taste, similar to that of fresh food. Consumers are on a constant lookout for a healthier meal that is easier to cook and tastes better, which is fulfilled by frozen microwavable foods. Freezing helps retain the essential nutrients in the food products, which are essential to synthesize various vitamins and minerals in the body. Furthermore, research and operational excellence of players have led to continuous improvement of existing products, thus driving the market demand.
By Product
Frozen Food segment dominates the global market and is expected to retain its dominance throughout the forecast period.
On the basis of packaging technology, it is categorized into patterned susceptors technology, new tray-lidding methods, and new cook bag technique.The development of a patterned susceptor technology has led to a major breakthrough in the packaging technology of microwavable foods. The use of susceptor in packaging microwavable food helps the food to reach high temperature, thereby increasing its crunchiness and further browning it. In 2020, patterned susceptor technology segment accounted for the major share in the market.
By Packaging Technology
New Cook Bag Technique segment is expected to grow at a highest CAGR of 7.7% during the forecast period.
By distribution channel, the hypermarket/supermarket segment led the market value in 2020. The availability of broad range of consumer goods under a single roof, provision of ample parking space, and convenient operation timings are the factors that boost the growth of the hypermarket/supermarketsegment in the developed and the developing region.
By Distribution Channel
Online Sales Channel segment is expected to grow at a highest CAGR of 7.5% during the forecast period.
The report includes comprehensive analysis of the key players in the microwavable foods market, such as Ajinomoto Windsor, Inc., Campbell Soup Company., ConAgra Foods, Inc., General Mills Inc., Kellogg Company, McCain Foods, Nestle SA, Pinnacle Food Inc., The Kraft Heinz Company and Unilever Plc.
By Region
Europe dominates the market and is expected to grow with a CAGR of 4.0% during the forecast period
COVID-19 Impact Analysis
- COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
- Decline in footfall in retail outlets & grocery stores and preparing for potential food shortages motivated consumers to shop microwavable foods such as frozen food during the pandemic.
- Demand for online sales of microwavable foods has increased significantly due to complete lockdown across the globe.
- Owing to COVID-19 crisis, many microwavable foods producing companies increased their production to meet the demand of the customers. Thus, COVID-19 has positively impacted the microwavable foods market, as production and sales of companies increased in 2020, owing to COVID-19 pandemic across the world.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the microwavable foodsmarket analysis from 2020 to 2031 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and microwavable foods market opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the microwavable foods market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market industry.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global microwavable foods market trends, key players, market segments, application areas, and microwavable foods market growth strategies.
Microwavable Foods Market Report Highlights
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Analyst Review
Microwavable food products are healthy, ethical, comforting, and fit for the fast-paced life. People prefer convenience over price, which has led to the emergence of shelf stable, chilled, and frozen microwavable foods, which include ready-to-eat meals (beef, pork, poultry, seafood, vegetarian meals, frozen & chilled pizza) and soups.
Change in lifestyles impact consumer behavior and the hectic modern life changes European and North American consumers’ inclination toward microwavable food. Increased usage of household cooking technologies in developed countries further drives the market growth. Foreign direct investment (FDI) in emerging economies, such as China, India, and Brazil, has led to increased participation from foreign and private players, which is expected to boost the retail infrastructure, thereby driving the microwavable foods market. China and India have undergone infrastructural development with better and advanced connectivity; thus, retail shops have witnessed transition in terms of storage facility & inventory, which is anticipated to offer lucrative opportunity. With increased per capita income, change in consumer profile, and growth in number of working women, the developing markets are expected to emerge as major markets for microwavable food. Rapid upsurge in global population and surge in number of quick service restaurants (QSRs), such as McDonalds, Burger King, Wendy’s, Subway, and Dunkin’ Donuts, further contribute to market growth.
The global microwavable foods market size was valued at $120,456.0 million in 2020, and is projected to reach $230,935.7 million by 2031, registering a CAGR of 5.6% from 2022 to 2031.
The CAGR Microwavable Foods Market is 5.6% from 2022 to 2031.
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2020 is the base year calculated in the Microwavable Foods Market report.
The top companies in the Microwavable Foods Market are Ajinomoto Windsor, Inc., Campbell Soup Company., ConAgra Foods, Inc., General Mills Inc., Kellogg Company, McCain Foods, Nestle SA, Pinnacle Food Inc., The Kraft Heinz Company and Unilever Plc.
The microwavable foods market is segmented into product, packaging technology, and region.
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