Microwavable foods industry size was valued at $120,456.0 million in 2020, and is projected to reach $230,935.7 million by 2031, registering a CAGR of 5.6% from 2022 to 2031.
Consumer demand for convenient microwavable food products that are healthy, ethical, comforting and fit fast-paced life is a major trend in the U.S. and European countries such as UK, Germany, and France. Increased usage of household cooking technologies in developed countries further drives the market growth. Moreover, rise in disposable incomes in emerging economies such as China, India, and Brazil has led to increased expenditure on time-saving and labor-saving microwavable food products. Consumers are not willing to spend much time on food preparation; thus, they prefer convenience over price. In addition, they seek for fast solutions such as shelf stable, chilled, and frozen microwavable foods, replacing traditional cooked meals. Redefinition of gender roles in households, with more women working outside, further supplements the demand for microwavable foods.
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The microwavable foods industry has witnessed a significant growth rate, owing to increased consumption of microwavable ready meals across the globe. Rapid urbanization and fast-paced lifestyle have shifted the preferences of consumers toward use of microwavable food products, which require less time for cooking than traditional home cooked meal. Moreover, advancement in freezing technology has led to the emergence of frozen microwavable foods, which contributes extensively toward the growth of market.
Growth in awareness of consumers in the developed countries such as the U.S. and European countries about the nutritional quality of frozen microwavable foods has led to their higher consumption in these regions. Thus, to better retain the freshness and quality of microwavable foods, various microwavable food manufacturers have invested large volumes in R&D to seek new and innovative freezing technologies.
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This includes pretreatment of the frozen product, freezing processes, cold chain logistics, as well as warehouse management. Major players, such as General Mills and Nestle, have enjoyed cost advantage amidst increased cost of raw materials on account of operational excellence. As cost of raw materials can increase, players are expected to invest in R&D to develop advanced freezing technologies to reduce energy consumption and overall production cost, thereby increasing profit margins.
For instance, the advancement of technology has led to the introduction of the quickest freezing technology such as impingement freezing, hydro-fluidization freezing, high-pressure assisted freezing, magnetic resonance-assisted freezing, and others. Freezing food with the help of liquid nitrogen even provides a major opportunity to the microwavable foods manufacturers, driving the market growth.
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Key Findings Of The Study In Microwavable Foods Market
- By product, the market is divided into shelf stable microwavable food, chilled food, and frozen food. Frozen food segment constitute a major microwavable foods market share; however, the shelf stable microwavable food segment is projected to experience growth at the highest CAGR during the forecast period.
- On the basis of packaging technology, it is categorized into patterned susceptors technology, new tray-lidding methods, and new cook bag technique. The development of a patterned susceptor technology has led to a major breakthrough in the packaging technology of microwavable foods. The use of susceptor in packaging microwavable food helps the food to reach high temperature, thereby increasing its crunchiness and further browning it. In 2020, patterned susceptor technology segment accounted for the major share in the market.
- By distribution channel, the hypermarket/supermarket segment led the market value in 2020. The availability of broad range of consumer goods under a single roof, provision of ample parking space, and convenient operation timings are the factors that boost the growth of the hypermarket/supermarket segment in the developed and the developing region.
- By region, Europe accounted for highest market share in 2020, and is expected to grow at a significant CAGR during the forecast period.
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.
