USD 106.81 billion
Microwavable Foods Market Size, Share, Growth Analysis, By Product(Ready Meals, Frozen Snacks, Soups, Pasta & Noodles), By Packaging(Pouches, Trays, Cups, Wraps), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2337 |
Region:
Global |
Published Date: March, 2024
Pages:
198
|Tables:
70
|Figures:
75
Microwavable Foods Market Insights
Global Microwavable Foods Market size was valued at USD 106.81 billion in 2022 and is poised to grow from USD 111.19 billion in 2023 to USD 153.34 billion by 2031, growing at a CAGR of 4.10% in the forecast period (2024-2031).
The microwavable foods market has witnessed significant growth as modern lifestyles demand convenient and quick meal solutions. These foods are designed to be easily prepared and heated in microwaves, catering to busy individuals seeking hassle-free meals. The market encompasses a wide array of products, including frozen dinners, instant snacks, ready-to-eat meals, and microwaveable popcorn.
Factors driving the growth of the microwavable foods market include changing consumer preferences for convenience, the rise of dual-income households, and urbanization. As more people seek time-efficient options, microwavable foods offer a viable solution. The expanding range of product offerings, including healthier and gourmet options, further widens the market's appeal.
Health-conscious consumers are demanding microwavable foods with better nutritional profiles, leading to a surge in organic, plant-based, and low-calorie options. Furthermore, the pandemic-induced stay-at-home lifestyle has increased the demand for microwavable comfort foods and snacks.
However, challenges such as preserving taste, texture, and nutrition during the microwave cooking process remain. Additionally, concerns about the quality of ingredients and their impact on health have led to a growing interest in clean label and transparent packaging.
The microwavable foods market is poised for continued expansion as manufacturers focus on innovation, addressing health concerns, and catering to diverse dietary preferences. The convenience-oriented trend and the constant need for on-the-go meal options ensure the microwavable foods market's relevance in modern consumption patterns.
US Microwavable Foods Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Ready Meals
Fastest Growth
Ready Meals
Growth Rate
4.10% CAGR
Global Microwavable foods market ($ Bn)
Country Share for North America Region (%)
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Microwavable Foods Market Segmental Analysis
The global microwavable foods market is segmented by Product, Packaging, Distribution Channel and Region. Based on Product the market is segmented as, Ready Meals, Frozen Snacks, Soups, Pasta & Noodles, Rice Dishes, Pizza, Breakfast Items, Others. Based on Packaging the market is Pouches, Trays, Cups, Wraps, Others. Based on Distribution Channel the market segmented as, Supermarkets & Hypermarkets, Convenience Stores, Online Retail, Specialty Stores, Others Regional the market is segmented as, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA)
Microwavable Foods Market Analysis By Product Type
In the microwavable foods market, “Ready Meals” hold a dominant position in the market. Ready meals offer convenience and a quick solution for consumers seeking hassle-free and time-saving options for their meals. These meals are pre-packaged, pre-cooked, and easy to heat in a microwave, making them a popular choice for busy individuals and families.
The “Frozen Snacks” segment is the fastest-growing in the microwavable foods market. As snacking habits evolve, frozen snacks such as appetizers, finger foods, and mini-meals are gaining popularity due to their convenience and variety. These snacks cater to on-the-go lifestyles and are increasingly preferred for their ease of preparation in microwaves. The growth of this segment can also be attributed to the rising trend of at-home snacking and the demand for versatile, flavorful options that can be quickly heated and enjoyed.
Microwavable Foods Market Analysis By Application
In the microwavable foods market, “Trays” currently dominate the market. Trays offer a convenient and secure packaging solution that is well-suited for a wide range of microwavable meals. Their sturdy and compact design makes them ideal for preserving the integrity of the food during storage, transportation, and heating. The use of trays also allows for clear compartmentalization of different food components, enhancing the overall presentation of the meal.
On the other hand, the “Cups” segment is the fastest-growing packaging type in the microwavable foods market. This growth can be attributed to the rising popularity of on-the-go and single-serve meals, where cups offer a portable and efficient packaging solution. Cups are especially favored for soups, noodles, and other liquid-based microwavable foods, providing convenience and ease of consumption. The increasing trend of busy lifestyles and the need for quick and easy meal options further boost the demand for microwavable foods in cups. As consumer preferences shift towards convenience and practicality, the cups segment is anticipated to exhibit robust growth in the microwavable foods market.
Global Microwavable foods market By Product Type
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Microwavable Foods Market Regional Insights
The largest region in the microwavable foods market is North America, driven by its well-established food and convenience culture. The region's fast-paced lifestyle and busy routines have led to a significant demand for quick and easy meal solutions. Moreover, the availability of a wide range of microwavable food options in supermarkets, convenience stores, and online platforms contributes to the market's growth. The United States, in particular, plays a pivotal role in shaping the North American microwavable foods market.
The second-largest region in the microwavable foods market is Europe. Similar to North America, Europe also witnesses a growing demand for convenient and time-saving meal solutions. The region's diverse culinary preferences have led to a wide variety of microwavable food offerings, ranging from traditional to global cuisines. The presence of well-established food manufacturers and brands, along with the increasing trend of single-person households, further drives the adoption of microwavable foods in Europe.
Global Microwavable foods market By Geography
- Largest
- Fastest
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Microwavable Foods Market Dynamics
Microwavable Foods Market Drivers
Convenience and Time-Efficiency:
- The fast-paced lifestyles of modern consumers drive the demand for microwavable foods, as they offer a quick and convenient meal solution that requires minimal preparation time.
Rise in Single-Person Households:
- The increasing number of single-person households, often with limited cooking facilities, boosts the demand for single-serve and ready-to-eat microwavable meals.
Microwavable Foods Market Restraints
Nutritional Concerns:
- Some microwavable foods may be perceived as less nutritious or processed, leading health-conscious consumers to opt for fresh and healthier meal options.
Environmental Impact:
- The use of disposable packaging for microwavable foods contributes to packaging waste, raising environmental concerns among environmentally conscious consumers.
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Microwavable Foods Market Competitive Landscape
The competitive landscape of the microwavable foods market is characterized by the presence of established players and a growing number of emerging brands. Leading companies such as Nestlé S.A., Conagra Brands, Inc., Kraft Heinz Company, and Campbell Soup Company hold significant market shares due to their extensive product portfolios and well-recognized brands. These companies invest in continuous innovation to introduce new flavors, healthier options, and packaging innovations that cater to changing consumer preferences. The market is witnessing the emergence of smaller and niche players that focus on specialized cuisines, organic offerings, and dietary preferences, appealing to specific consumer segments. These players often leverage online platforms and social media to connect directly with consumers, enhancing their visibility and market reach. Strategic partnerships with distribution channels, retail chains, and e-commerce platforms play a crucial role in expanding market presence.
Microwavable Foods Market Top Player’s Company Profile
- Nestlé SA
- Conagra Brands, Inc.
- The Kraft Heinz Company
- General Mills, Inc.
- Unilever PLC
- Campbell Soup Company
- McCain Foods Limited
- Tyson Foods, Inc.
- Amy's Kitchen, Inc.
- Hormel Foods Corporation
- Ajinomoto Co., Inc.
- BRF S.A.
- Premier Foods Group Limited
- Maruha Nichiro Corporation
- JBS S.A.
- Nomad Foods Limited
- Grupo Herdez, S.A.B. de C.V.
- Greencore Group PLC
- Toyo Suisan Kaisha, Ltd.
- Bellisio Foods, Inc.
Microwavable Foods Market Recent Developments
- In February 2023, Nestlé announced the launch of its new line of microwavable meals in the UK. The meals are made with natural ingredients and are designed to be quick and easy to prepare.
- In March 2023, Conagra Brands acquired Chef Solutions, a leading provider of frozen and microwavable foods. The acquisition will help Conagra expand its presence in the microwavable foods market.
- In April 2023, Amy's Kitchen launched a new line of microwavable meals that are certified vegan and gluten-free. The meals are designed to meet the growing demand for plant-based and gluten-free foods.
- In May 2023, PepsiCo launched a new line of microwavable popcorn cups. The cups are made with whole grain kernels and are available in a variety of flavors.
- In June 2023, Campbell Soup Company announced that it would be investing $100 million in its microwavable foods business. The investment will be used to develop new products and expand distribution.
Microwavable Foods Key Market Trends
- Healthier Options: Consumers are increasingly seeking healthier microwavable food choices, leading to the introduction of options with reduced sodium, preservatives, and artificial additives.
- Clean Label and Transparency: Consumers are looking for clean label products with transparent ingredient lists, prompting manufacturers to provide clear and concise information about their microwavable offerings.
Microwavable Foods Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global microwavable foods market analysis; the global microwavable foods market is witnessing substantial growth driven by various factors. Geographically, North America and Europe lead the market due to their fast-paced lifestyles and demand for convenient meal options. The market is segmented by product type, including ready meals, frozen snacks, soups, and more, catering to diverse consumer preferences. Drivers of the microwavable foods market include the rising trend of on-the-go eating, urbanization, and the surge in single-person households seeking quick and easy meal solutions. Additionally, product innovation, diverse flavor offerings, and packaging advancements are boosting market expansion. However, nutritional concerns and environmental impact of disposable packaging pose challenges. As consumers seek convenient and time-efficient meal options that align with their busy routines, the microwavable foods market is poised for continued growth, with manufacturers focusing on addressing health and environmental considerations.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 106.81 billion |
| Market size value in 2031 | USD 153.34 billion |
| Growth Rate | 4.10% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Microwavable Foods Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Microwavable Foods Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Microwavable Foods Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Microwavable Foods Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Microwavable Foods Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Microwavable Foods Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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