The Global Market for Microwavable Foods is Projected to Reach US$136.6 Billion by 2022

Increasing Preference for Convenience Foods Amid Busy Lifestyles Drives the Microwavable Foods Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Microwavable Foods market. The global market for Microwavable Foods is projected to reach US$136.6 billion by 2022, driven by busy lifestyles, increasing number of workingwomen, changing food habits in developing markets and product and packaging innovations.  

Busy lifestyles and hectic work schedules are leaving little time for the preparation of elaborate meals. A growing number of consumers are therefore turning to ready-to-eat or ready-to-cook food products. While the trend has been in existence for several years, the introduction of microwave ovens has helped take the convenience trend to its limits, by reducing cooking and heating time to mere minutes. Microwavable packaged foods such as snacks and meals gained in popularity for their ability to expedite cooking time. Today, microwave ovens are a standard kitchen appliance in developed markets, while developing markets are witnessing a surge in ownership rates. As the number of women joining the workforce continues to rise, more women are likely to turn to microwavable foods as a method to save time and provide quick and simple meals for their families. Rising income levels, urbanization, changing consumer lifestyles, and spurt in nuclear families have emerged as major factors supporting growth in the market.

The evolving consumer palette is driving manufacturers to innovate new and unique microwavable food varieties in bold and exotic flavors. Food manufacturers are increasingly positioning precooked meals/entrees as being “homemade”, given the growing preference for traditional homemade food. Shrinking family sizes driven by the rise in the number of double income no kids (DINK) households, as well as an increase in the number of singles are leading to the popularity of single-serve microwavable food packs. With a growing number of children assembling their own meals, there is a strong demand for do-it-yourself microwavable meal kits. Frozen foods continue to enjoy significant demand owing to a host of advantages such as convenience, and perceptions of quality, freshness and taste among others. The trend has percolated into the frozen microwavable foods market as well, with consumers preferring frozen microwavable dinners and meals. Technological advancements in microwaveable packaging are enabling the launch of a wide range of organic and ethnic frozen foods. Concerns over the use of preservatives are driving demand for shelf-stable microwavable foods and preservative free frozen diets.

As stated by the new market research report on Microwavable Foods, the United States represents the largest market worldwide, supported by the established culture of snacking, easy meal preparation, and processed food consumption. Emerging markets specifically BRIC (Brazil, Russia, India, and China) are expected to fuel growth in the coming years. The Middle East, Latin America, and Asia-Pacific offer significant potential for growth led by factors such as rising disposable incomes, booming supermarkets and hypermarkets sector, rapid urbanization, and Westernization of food and cooking habits. Asia-Pacific ranks as the fastest growing market with a CAGR of 9.5% over the analysis period.

Major players covered in the report include Ajinomoto Windsor, Inc., Bellisio Foods, Inc., Campbell Soup Company, ConAgra Foods, Inc., General Mills, Inc., Gunnar Dafgård AB, Hormel Foods Corp., Kellogg Company, McCain Foods Limited, Nestle SA, Pinnacle Foods Inc., The Kraft Heinz Company and The Schwan Food Company among others.

The research report titled “Microwavable Foods: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for Microwavable Foods in terms of US$ for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe) Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil, Mexico and Rest of Latin America). Further, the report analyses the global and regional markets for Microwavable Foods by the following segments - Chilled Microwavable Foods, Frozen Microwavable Foods and Shelf Stable Microwavable Foods.

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