Microwavable Market

PORTLAND, OREGON, UNITED STATES, July 19, 2022 /EINPresswire.com/ -- Allied Market Research recently published a report, titled, "Microwavable Foods Market by Product (Shelf Stable Microwavable Food, Chilled Food, and Frozen Food), Packaging Technology (Patterned Susceptors Technology, New Tray-lidding Methods, and New Cook Bag Technique), and Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Online Sales Channel, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2031" As per the report, the global microwaveable foods industry was accounted for $120.45 billion in 2020, and is expected to reach $230.93 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

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Change in lifestyles impact consumer behavior and the hectic modern life changes European and North American consumers’ inclination toward microwavable food. Increased usage of household cooking technologies in developed countries further drives the market growth. Foreign direct investment (FDI) in emerging economies, such as China, India, and Brazil, has led to increased participation from foreign and private players, which is expected to boost the retail infrastructure, thereby driving the microwavable foods market. China and India have undergone infrastructural development with better and advanced connectivity; thus, retail shops have witnessed transition in terms of storage facility & inventory, which is anticipated to offer lucrative opportunity. With increased per capita income, change in consumer profile, and growth in number of working women, the developing markets are expected to emerge as major markets for microwavable food. Rapid upsurge in global population and surge in number of quick service restaurants (QSRs), such as McDonalds, Burger King, Wendy’s, Subway, and Dunkin’ Donuts, further contribute to market growth.

Major determinants of the market growth

Rise in popularity of fast-food restaurants and large population base coupled with increase in number of quick-service restaurants drive the global microwaveable foods market. However, lack of awareness about microwavable foods hinders the market growth. On the contrary, rise in disposable income and surge in urbanization would open new opportunities in the future.

The frozen food segment dominated the market

By product, the frozen food segment held the largest share in 2020, accounting for more than four-fifths of the market, as they offer better nutritional benefits and taste compared to fresh food. However, the chilled food segment is estimated to register the highest CAGR of 8.5% during the forecast period, due to changes in lifestyles of the people and urbanization.

The online sales channel segment to portray the highest CAGR through 2030

By distribution channel, the online sales channel segment is projected to manifest the highest CAGR of 7.5% from 2022 to 2031, due to easy accessibility offered by online sales channel platforms. However, the hypermarkets/supermarkets segment held the largest share in 2020, accounting for more than two-fifths of the market, owing to availability of a broad range of food and beverages under a single roof.

Europe, followed by North America, held the highest share

By region, the market across Europe, followed by North America, dominated in 2020, accounting for more than one-third of the market, owing to high consumption of microwavable foods. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 7.2% during the forecast period, owing to rise in the number of working women population.

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Key Take Away

Frozen Food segment dominates the global market and is expected to retain its dominance throughout the forecast period.

New Cook Bag Technique segment is expected to grow at a highest CAGR of 7.7% during the forecast period.

Online Sales Channel segment is expected to grow at a highest CAGR of 7.5% during the forecast period.

Europe dominates the market and is expected to grow with a CAGR of 4.0% during the forecast period

Major market players

Ajinomoto Windsor, Inc.
ConAgra Foods, Inc.
Campbell Soup Company
Kellogg Company
General Mills Inc.
Nestle SA
McCain Foods
Pinnacle Food Inc.
Unilever Plc.
The Kraft Heinz Company

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

David Correa
Allied Analytics LLP
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