Microwavable foods necessitate less preparation time and could be cooked utilizing a conventional microwave oven. The growing urban population is prompting a growing demand for convenience food. Moreover, increasing nuclear families, the growth of women in the working force, an increase in the standard of living, as well as a fast increase in the number of large retail chains further fuels the global market.
Increasing R&D activities by several microwavable food producers for progression in freezing technology and rising set up of multiple fast food outlets in growing economies are likely to offer the lucrative prospect for players in the microwavable food market.
Microwavable Food Market – Key Trends
The growing demand for tasteful food prompts the demand for the ready to eat (RTE) food products. The microwavable foods market offers consumers with delicious food at very little time for consumption, which is further propelling requirements for the global market.
Frozen microwavable food is extensively preferred across nations as it offers better nutritional gains and taste, like fresh foods. Consumers are on a continual lookout for a healthier meal which is simpler to cook and tastes better is carried out by frozen microwavable foods. Freezing aids retaining the essential food nutrients in the products, which are vital to synthesizing various minerals and vitamins in the body. Additionally, research & operational excellence of manufacturers have directed towards incessant development of existing products, therefore complementing the market demand.
Microwavable Food Market – Growth Restraints
Across nations, there is a common perception among consumers for frozen, chilled, and shelf-stable microwavable food lacking nutritional values since it involves heating. These foods are also perceived as an inferior alternative to fresh food. Customers consider that food prepared some months before or more before its consumption is not appropriate for health. This is the major factor restraining the microwavable food market during the forecast period.
COVID-19 Impact on Microwavable Food Market
Several studies indicate that there is a low risk of spread from packaging or food products due to poor survivability of COVID-19 viruses on surfaces. Manufacturers have geared towards professional, hygienic food processing and packaging, to minimize the risk of the spread. Manufacturers are additionally focusing on reducing the production costs to maintain competitive costs, and manage sturdy revenue cycles. However, the decreasing effect of the COVID-19 pandemic in the region is shortly estimated to provide a ray of hope for manufacturers in the region.
Microwavable Food Market – Region-wise Analysis
North America secures its leadership primarily because of innovative food intake solutions, traditional culture of snacking, simpler preparation process, and uptake of processed RTE food.
Europe has shown impressive growth in the production and consumption of microwavable food due to individuals' hectic lifestyle and the rise in the number of working women. Germany is the major contributor in the region and is further followed by the UK, Russia, and France in terms of value.
Asian region will be recording rapid growth due to the shifting standard of living prompting a shift in preferences for food consumption of consumers.
Microwavable Food Market – Competitive Analysis
Prominent companies operating in the global microwavable food market include Campbell Soup Company, Ajinomoto Co, Inc, General Mills, Inc, Conagra Brands, Inc, Kellogg Company, Nestle S A, Mccain Food Limited, Pinnacle Food Inc, Unilever Plc and The Kraft Heinz Company. Companies are engaged in enhancing their business impressions by forming mergers and acquisitions, product innovation, and new launches. For instance,
B& G Foods Inc. took over Farmwise LLC, a manufacturer of frozen veggie rings, veggie tots, and veggie fries. The acquisition will help B&G Foods introduce plant-based products that Farmwise has formulated into new, innovative product offerings for their Green Giant brand.
LaSalle Capital took over Joseph’s Frozen Foods from Brynwood Partners VII L.P. The companies will be mainly focused on offering premium-quality, frozen stuffed pasta products, as well as offer an extensive scope of meal solutions comprising the growth of the company’s product contributions into meal kits and frozen meals.
Starkist launched microwavable tuna with grains and vegetables that can be heated at room temperature for healthy snacks, dinner, or lunch.
Rich Products Corporation introduced microwavable single-serve snacks known as Time Outs. Its frozen line comprises meals, snacks, and appetizers made with plant-based ingredients and meat.
Global Microwavable Food Market: Market Segmentation
Based on product type, the global microwavable food market has been segmented as –
Based on packaging type, the global Microwavable Food market has been segmented as –
Based on packaging technology, the global Microwavable Food market has been segmented as –
Global Microwavable Food Market: Key Players (this is an indicative list – full list of key players available upon request)
The report on Microwavable Food Market covers exhaustive analysis on:
Regional analysis for Microwavable Food Market includes
Report on Microwavable Food Market highlights:
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.