Microwavable Foods Market Size, Strategy: Charting a 6% CAGR Path to USD 286.5 Billion by 2032
Expanding retail digitalization and quickly rising processed food trade will open up new prospects for the microwavable foods market during the forecast period. The growing trend of processed RTE food products will add to the regional market’s growth in the next years. North America emerged as the largest global microwavable foods market, with a 58% market revenue share in 2022.
Newark, Oct. 09, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 160.0 billion microwavable foods market will reach USD 286.5 billion by 2032. Microwavable dishes are simple to prepare and may be cooked in a microwave oven. Microwavable foods are nutritious since they include no added fat, have a long shelf life, and can be cooked quickly. Heat or drying is used to destroy food-borne microbes and extend the shelf life of frozen goods. Furthermore, microwavable chilled food is stored at 0 to -5°C.
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North America to account for the largest market size during the forecast period.
North America is expected to have the essential microwavable foods market share. The market for microvabable food in North America is growing owing to well-established retail food chain infrastructure, rising disposable income, and an increasing number of individuals working and living in metropolitan areas.
The chilled food segment dominated the market with the most significant revenue of USD 62.4 billion.
The chilled food segment dominated the market with the most significant revenue of USD 62.4 billion. Traditionally, chilled food was simple meat, poultry, fish, and dairy items, but recent trends have shifted to a wider range of more sophisticated foodstuffs. The range of components has grown in tandem with producing more inventive goods.
The patterned susceptors technology segment dominated the market with the most significant revenue of USD 72 billion.
The patterned susceptors technology segment dominated the market with the most significant revenue of USD 72 billion. Patterned susceptors can be used to achieve various thermal distributions. Quilt Wave, a novel technology developed by Graphic Packaging International, Inc. (Golden, CO, USA), “quilts” when subjected to microwave radiation, expanding into air-filled susceptor cells that encourage greater surface contact.
Report Scope and Segmentation –
|2032 Value Projection||USD 286.5 Billion|
|Market Size in 2022||USD 160.0 Billion|
|No. of Pages||239|
|Report Coverage||Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends|
|Segments Covered||Product, Packaging Technology|
|Regions Covered||The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.|
|Microwavable foods Market Growth Drivers||Rising Customer Desire|
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Drivers: Increasing Hectic Life
People worldwide choose convenient solutions such as microwavable foods, which require less time to prepare, which is one of the key factors driving the global microwavable foods market’s rise. Another factor contributing to the expansion of the global market is the growing popularity of fast-food chains such as quick-service restaurants (QSR). Because of their rising population bases, emerging nations such as Brazil, India, and China, and several QSR Giants such as Dunkin Donuts, Subway, Wendy’s, Burger King, and McDonald’s are expected to increase market volume significantly.
Restraint: Lack of Nutrition
Consumers commonly believe that chilled, frozen, microwavable food items need more nutritional value due to the lengthy production and freezing processes. These foods are also seen as a poor substitute for fresh cuisine. As a result, this view is expected to stifle global market growth.
Opportunity: Rising of Nuclear Families
The growing number of nuclear families worldwide is expected to generate profitable growth prospects in the global industry in the future years. The increase in nuclear families will enhance the demand for microwavable meals, which will extend the consumer base for the global market. However, the expanding number of working women will bolster the market scenario. As a result, such market dynamics are likely to open up new opportunities in the global market.
Challenge: Lack of Specialists
The increased demand for microwavable goods emphasises the need for qualified people, notably in freezing technologies. However, a significant challenge in the global industry is the need for more specialists.
Some of the major players operating in the microwavable foods market are:
● Pinnacle Foods Group LLC
● Bellisio Foods Inc.
● Beech-Nut Nutrition Corporation
● Campbell Soup Company
● Unilever Plc
● ConAgra Foods, Inc.
● General Mills Inc.
● Ajinomoto Windsor, Inc.
● Kellogg Company
● Nestle SA
● Pinnacle Food Inc.
● The Kraft Heinz Company
● McCain Foods
Key Segments cover in the market:
● Shelf Stable Microwavable Food
● Chilled Food
● Microwavable Food
By Packaging Technology:
● Patterned Susceptors Technology
● New Tray-lidding Methods
● New Cook Bag Technique
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About the report:
The global microwavable foods market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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