At 5.7% CAGR, Global Microwavable Food Market Size & Share to Cross USD 210 Million Mark by 2028 | Industry Trends, Demand, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, June 13, 2022 /PRNewswire/ -- As per Zion Market Research study, The global microwavable foods market was valued at $150 million in 2021 and is likely to attain a value of $210 million by the end of 2028. The market is likely to expand with a compound rate of 5.7% during the forecast period. The report is focused on the growth drivers, restraints, challenges, and opportunities in the global market. It also emphasizes the geographical and competitive market landscape in the global market.
Key Industry Insights & Finding of the Microwavable Food Market Reports:
- As per the analysis shared by our research analyst, the Microwavable Food Market is expected to grow annually at a CAGR of around 5.7 % (2022-2028).
- Through the primary research, it was established that the Microwavable Food Market was valued approximately USD 150 Million in 2021 and is projected to reach to roughly USD 210 Million by 2028.
- North America swipes the largest share in the global microwavable foods market due to the high demand for innovative food solutions and simpler preparation processes in the region.
- The rise in the trend of processed RTE food products will further contribute to the growth of the regional market in the forthcoming years.
- Europe is likely to showcase exponential growth in the consumption and production of microwavable food in the forthcoming years due to the growing working women population in the region.
Zion Market Research published the latest report titled as "Microwavable Foods Market By Product (Shelf Stable Microwavable Food, Chilled Food, And Frozen Food), By Packaging Technology (Patterned Susceptors Technology, New Tray-Lidding Methods, And New Cook Bag Technique), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, And Online Sales Channel), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.
Microwavable Food Market: Overview
Microwave food can be cooked with the help of a microwave, and it requires minimal preparation time. It includes frozen & chilled meals, shelf-stable soups, and others. These foods hold nutritional benefits as they do not need fat or oil for cooking.
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Industry Dynamics:
Microwavable Food Market: Growth Drivers
- Fast-paced lifestyle of people is a major growth factor in the global market.
The hectic and busy lifestyle of people all around the globe induces them to opt for convenient solutions like microwavable foods, which require less time to cook, which is one of the primary factors driving the growth of the global microwavable foods market. The growing popularity of fast food restaurant chains like quick-service restaurants (QSR) is another reason complementing the growth of the global market. Emerging economies like Brazil, India, and China are likely to increase the market volume to manifolds due to the growing population base along with a number of QSR Giants like Dunkin Donuts, Subway, Wendy's, Burger King, McDonald's, etc. The growing disposable income of people all across the globe, along with the rising living standard, is likely to propel the demand for microwavable foods. The high rate of urbanization is leading to the higher consumption rate of microwavable foods globally. Food producers are increasing the research and development activities for the progression of freezing technology. However, the growing set-up rate of multiple fast food outlets is likely to offer lucrative growth opportunities to the global market players in the forthcoming years. The high demand for tasteful food triggers the requirement for ready-to-eat food products. These microwavable food products facilitate delicious food in less time. Frozen microwave food is widely preferred by consumers all around the globe due to its nutritional benefits and delicious taste. However, with the growing health consciousness among consumers, they are looking for healthier meals that take less time to cook and are full of vitamins, minerals, and other essential nutrients. Therefore, the manufacturers are emphasizing freezing aids which help in retaining the essential nutrients in the products.
Microwavable Food Market: Restraints
- General perception of consumers toward microwavable food is likely to restrain market growth.
There is a common view of consumers towards the chilled, frozen microwavable food items that they lack nutritional value due to the long manufacturing and freezing process. Such food items are also viewed as an inferior alternative to fresh foods. Therefore, this perception is likely to restrain the growth of the global market.
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Microwavable Food Market: Opportunities
- Growing number of nuclear families is likely to open new avenues in the global market.
The increasing number of nuclear families all around the globe is likely to create lucrative growth opportunities in the global market in the forthcoming years. The growth of nuclear families will proportionally increase the demand for microwavable food in the market, which in turn will expand the consumer base for the global market. However, the growing working women population will further support the market scenario. Therefore, such market dynamics are likely to open new avenues in the global market.
Microwavable Food Market: Opportunities
- Lack of skilled professionals in freezing technology is a huge challenge in the global market.
Such soaring demand for microwavable foods is accentuating the requirement for skilled professionals, particularly in freezing technology. But the lack of specialists is a major challenge in the global market.
Global Microwavable Food Market: Segmentation
- The global microwavable foods market can be segmented into product, packaging technology, distribution channel, and region.
By product, the market can be segmented into frozen, chilled, and shelf-stable microwavable foods.
By packaging technology, the market can be segmented into new cook bag techniques, new tray lidding methods, and patterned susceptors technology.
By distribution channel, the market can be segmented into online stores, supermarkets, and others.
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List of Key Players of Microwavable Food Market:
- Pinnacle Foods Group LLC
- Bellisio Foods Inc.
- Beech-Nut Nutrition Corporation
- Campbell Soup Company
- Unilever Plc
- ConAgra Foods Inc.
- General Mills Inc.
- Ajinomoto Windsor Inc.
- Kellogg Company
- Nestle SA
- Pinnacle Food Inc.
- The Kraft Heinz Company
- McCain Foods.
Key questions answered in this report:
- What are the growth rate forecast and market size for Microwavable Food Market?
- What are the key driving factors propelling the Microwavable Food Market forward?
- What are the most important companies in the Microwavable Food Market Industry?
- What segments does the Microwavable Food Market cover?
- How can I receive a free copy of the Microwavable Food Market sample report and company profiles?
Report Scope:
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Recent Developments:
- Rich Products Corporation, in April 2020, introduced 'Time Outs', microwavable single-serve snacks. The frozen product portfolio includes snacks, appetizers, and meals prepared with plant-based meat and ingredients.
- Starkist, in April 2020, introduced microwavable tuna with grains and vegetables that taste delicious and is consumed at room temperature for lunch, dinner, or healthy snack.
Regional Dominance:
- North America to hold the largest share in the global market.
North America swipes the largest share in the global microwavable foods market due to the high demand for innovative food solutions and simpler preparation processes in the region. The rise in the trend of processed RTE food products will further contribute to the growth of the regional market in the forthcoming years. Additionally, due to the secured leadership of the region in the food and beverage sector, several startups and big organizations are investing in setting up restaurants in the region, which in turn will positively influence the growth of the regional market in the forthcoming years.
Europe is likely to showcase exponential growth in the consumption and production of microwavable food in the forthcoming years due to the growing working women population in the region. Furthermore, the rise in fast pace hectic lifestyle of people is likely to further propel the growth of the regional market.
Global Microwavable Food Market is segmented as follows:
Microwavable Food Market: By Product Outlook (2022-2028)
- Shelf Stable Microwavable Food
- Chilled Food
- Frozen Food
Microwavable Food Market: By Packaging Technology Outlook (2022-2028)
- Patterned Susceptors Technology
- New Tray-lidding Methods
- New Cook Bag Technique
Microwavable Food Market: By Distribution Channel Outlook (2022-2028)
- Hypermarkets/Supermarkets
- Convenience Stores
- Online Sales Channel
Microwavable Food Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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