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.
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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