The Global Market for Microwavable Foods is Projected to Exceed US$142 Billion by 2024

The Frozen Food Renaissance and the Ready Meals Revolution Drive Healthy Growth in Demand for Microwavable Foods, 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 exceed US$142 billion by 2024, driven by ever-changing culinary demands, the need to achieve cooking perfection in few hot minutes, and microwave food packaging advancements.  

Amidst the macro factors influencing the future of food in terms of expanding population, exponential increase in urban population, rising awareness of health and wellness and the resulting improvement in diets, the global food industry is poised to witness transformational changes in the coming decade that were hitherto not visible in the last 50 years. Against the backdrop of faster adoption of consumer technologies, unsurpassed levels of convenience for consumers, and growing focus on lessening food waste, demand for microwavable foods continue to grow. Other factors fueling growth in demand for microwavable foods include painless convenience, ease of preparation, limitless cooking options, and most importantly elevation of time constraints. 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, changing consumer lifestyles, and spurt in nuclear families have emerged as major factors supporting growth in the market.

Future growth in the market will be driven by the resurgence in popularity of frozen foods driven by steady offering of high-quality and healthy meals in place of the previous unhealthy, bland, and mass produced image of frozen foods. Current microwavable food options offer myriad benefits in terms of preparation, time, flexibility, handling, portion consistency, hygiene, waste reduction, and easy-to-make recipes. Frozen ready meals represent the largest segment with a majority share of the total market for frozen foods. Food manufacturers are increasingly positioning precooked and ready 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. 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 diets.

As stated by the new market research report on Microwavable Foods, the United States represents the largest market worldwide, closely followed by Europe. Established culture of snacking, easy meal preparation, and high processed food consumption represent key growth drivers in the developed markets. The Middle East, Latin America, and Asia-Pacific offer significant potential for growth led by factors such as rising disposable incomes, expanding retail infrastructure with mushrooming supermarkets and hypermarkets, rapid urbanization, and Westernization of food and cooking habits. Asia-Pacific ranks as the fastest growing market with a CAGR of 8.8% over the analysis period.

Key players in the market include Ajinomoto Foods North America, Inc., Bellisio Foods, Inc., BRF S.A., Campbell Soup Company, Conagra Brands, Inc., Cremonini S.p.A., Dawn Farm Foods Limited, General Mills, Inc., Gunnar Dafgård AB, Hormel Foods Corporation, Itoham Foods, Inc., Kellogg Company, Maple Leaf Foods Inc., McCain Foods Limited, Nestlé S.A., Pinnacle Foods, Inc., Birds Eye Group, Inc., San Miguel Food and Beverage, Inc., Schwan's Company, and the Kraft Heinz 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). Segments analyzed in the report include Chilled Microwavable Foods, Frozen Microwavable Foods, and Shelf Stable Microwavable Foods.


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