Microwavable Food Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product (Shelf Stabled, Microwavable Food, Chilled Food, Frozen Food), By Packaging Technology (Patterned Susceptors Technology, New Tray lidding Methods, New Cook bag Technique), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Sales Channel, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Jan 2023
- Report Code : KSI061614285
- Pages : 138
The microwavable food market was valued at US$129.484 billion in 2021.
Fast-paced lifestyles and hectic work schedules have drastically changed consumers’ preferences and forced people to adopt microwavable foods replacing traditional cooking methods. Microwave cooking is incredibly convenient since it is quick and easy, and it has grown significantly in popularity as an efficient, practical, and time-efficient cooking technique.
Microwavable dishes need a minimum amount of cooking preparation time and may be prepared in a standard microwave oven found in everyone’s kitchen. The need for quick meals increases along with the urban population. Additionally, the market prospects are being supported by expanding nuclear families, higher female labour force involvement, improving living standards, and a quick rise in the number of massive retail chains. Increasing R&D operations by various microwavable food makers for advancement in freezing technology, as well as the expanding establishment of multiple fast food outlets in developing countries, are anticipated to present a profitable opportunity for microwavable food market participants.
However, the lack of nutritional value in microwavable foods is impeding the growth of the global market during the forecast period.
Growing demand for convenient ready to eat food products to spur growth
One of the prime factors boosting the growth of the microwavable foods market is the growing demand for ready-to-eat convenient foods products. Change in lifestyles, hectic schedules and corporate work culture is forcing people to look for easy-to-prepare food products. This factor is leading to the increasing adoption of microwavable food items. Additionally, the growth of the global market is being supported by higher female labour force involvement, expanding nuclear families, a quick rise in the number of massive retail chains and improving living standards.
The increasing desire for tasty meals drives the need for ready-to-eat (RTE) food items. The microwavable foods market provides customers with great meals in very little time for consumption, therefore pushing worldwide market needs. The use of microwaves in food packaging also keeps growing quickly as a result of the ease that precooked meals give to a population.
Technological innovation regarding food products and packaging is predicted to spur growth during the forecast period. The market is witnessing a rise in R&D initiatives by several microwavable food firms for breakthroughs in freezing technology, as well as the expanding establishment of fast-food chains in emerging nations, which are likely to improve prospects for industry participants throughout the projection period.
Asia Pacific is anticipated to witness rapid growth during the forecast period
Asia Pacific region will witness a rapid growth rate in microwavable food. Rising disposable income, rapid urbanization and the demand for western-style diets are supporting the growth of the microwavable foods market in this region. Developing economies like India and China are experiencing a high demand for microwavable foods. Factors such as innovation in eating habits, traditional snacking behaviours, a simpler and faster preparation procedure, and an increase in the consumption of processed RTE food products are attributing to the growth of the market in this region. In addition, rising nuclear families, growth in the number of working women and an exponential increase in the number of supermarkets and hypermarkets is also augmenting the market growth. Moreover, the emergence of new players with new and innovative products is also driving the demand.
Market Key Developments
- In April 2020, Starkist introduced microwavable tuna with veggies and grains, which can be served at room temperature for lunch, supper, or a nutritious snack.
- In April 2020, Rich Products Corporation introduced Time Outs, microwavable single-serve snacks. Their frozen collection comprises plant-based meat and ingredient appetisers, snacks, and dinners.
- In October 2019, Brynwood Partners VII L.P. sold Joseph's Frozen Foods to LaSalle Capital. The firms will primarily focus on providing premium-quality frozen-filled pasta products, as well as a wide range of meal options, including the expansion of the company's product offerings into meal kits and frozen meals.
Microwavable Food Market Scope:
Report Metric | Details |
Market Size Value in 2021 |
US$129.484 billion |
Growth Rate | CAGR during the forecast period |
Base Year | 2021 |
Forecast Period | 2023–2028 |
Forecast Unit (Value) | USD Billion |
Segments Covered | Product, Packaging Technology, Distribution Channel, and Geography |
Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
Companies Covered | Ajinomoto Co., Inc., Campbell Soups Company, Conagra Brands, Inc., General Mills, Inc., Kellogg Company, Mccain Foods Limited, Nestle S.A., Pinnacle Foods Inc., The Kraft Heinz Company, Unilever PLC |
Customization Scope | Free report customization with purchase |
Segmentation:
- By Product
- Shelf Stabled Microwavable Food
- Chilled Food
- Frozen Food
- By Packaging Technology
- Patterned Susceptors Technology
- New Tray lidding Methods
- New Cook bag Technique
- By Distribution Channel
- Supermarkets/Hypermarkets
- Convenience Stores
- Online Sales Channel
- Others
- By Geography
- North America
- USA
- Canada
- Others
- South America
- Brazil
- Others
- Europe
- Germany
- UK
- France
- Others
- Middle East and Africa
- Israel
- Others
- Asia Pacific
- China
- Japan
- South Korea
- India
- Taiwan
- Thailand
- Indonesia
- Others
- North America
1. INTRODUCTION
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. MICROWAVABLE FOODS MARKET ANALYSIS, BY PRODUCT
5.1. Introduction
5.2. Shelf Stable Microwavable Food
5.3. Chilled Food
5.4. Frozen Food
6. MICROWAVABLE FOODS MARKET ANALYSIS, BY PACKING TECHNOLOGY
6.1. Introduction
6.2. Patterned Susceptors Technology
6.3. New Tray-lidding Methods
6.4. New Cook Bag Technique
7. MICROWAVABLE FOODS MARKET ANALYSIS, BY DISTRIBUTION CHANNEL
7.1. Introduction
7.2. Hypermarkets/Supermarkets
7.3. Convenience Stores
7.4. Online Sales Channel
7.5. Others
8. MICROWAVABLE FOODS MARKET, BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. USA
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. Germany
8.4.2. France
8.4.3. United Kingdom
8.4.4. Spain
8.4.5. Others
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.2. UAE
8.5.3. Others
8.6. Asia Pacific
8.6.1. China
8.6.2. Japan
8.6.3. South Korea
8.6.4. India
8.6.5. Taiwan
8.6.6. Thailand
8.6.7. Others
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Ajinomoto Co., Inc.
10.2. Campbell Soups Company
10.3. Conagra Brands, Inc.
10.4. General Mills, Inc.
10.5. Kellogg Company
10.6. Mccain Foods Limited
10.7. Nestle S.A.
10.8. Pinnacle Foods Inc.
10.9. The Kraft Heinz Company
10.10. Unilever PLC
Ajinomoto Co., Inc.
Campbell Soups Company
Conagra Brands, Inc.
General Mills, Inc.
Kellogg Company
Mccain Foods Limited
Nestle S.A.
Pinnacle Foods Inc.
Unilever PLC
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