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.
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.
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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.
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.
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.
Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the intense market competition. Key players profiled in the report include Ajinomoto Windsor, Inc., Campbell Soup Company., ConAgra Foods, Inc., General Mills Inc., Kellogg Company, McCain Foods, Nestle SA, Pinnacle Food Inc., The Kraft Heinz Company and Unilever Plc.
Reduction in footfall in retail outlets and grocery stores and shortage of potential foods hindered the market growth during the pandemic. Owing to the Covid-19 pandemic, several microwavable foods producing companies surged their production to meet the demand of customers. Due to prolonged lockdown, the supply chain disrupted and prices of raw material increased.
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