The global Microwavable Foods Market 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.
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.
Covid-19 scenario:
- 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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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
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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 tochanges 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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