Microwavable Foods Market Size, Share, Growth, and Industry Analysis, By Type (Shelf Stable Microwavable Food, Chilled Food, Frozen Food), By Application (Retail, Online Sale) and Regional Insights and Forecast to 2031

Updated On: 06 May 2024

MICROWAVABLE FOODS MARKET REPORT OVERVIEW

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The global microwavable foods market size was USD 87920 million in 2019 and will touch USD 116060 million by 2026, exhibiting a CAGR of 4.0% during the forecast period.

Microwavable foods require little preparation and can be prepared in a regular microwave oven. Microwavable foods have nutritional benefits because they contain no added fat, have a long shelf life and can be prepared in less time. Frozen foods are pre-treated with heat or dried to kill food microorganisms, thus extending their shelf life. In addition, chilled foods used in the microwave oven are kept at a cooling temperature of 0 to -5 °C.

The busy lifestyles of individuals have forced them to look for convenient solutions like microwavable foods to replace traditional cooked foods. Microwavable foods require little preparation time and can be prepared in a regular microwave oven. This includes shelf-stable, chilled and frozen foods (beef, pork, poultry, seafood, vegetarian, frozen and cold pizzas) and soups. These foods are considered nutritious because there is no added fat in their preparation. Growing demand for convenience foods is the driving factor for the microwavable food market. Other factors such as the growth of nuclear families, increase in the number of women working outside the home, rise in disposable income, standard of living and rapid growth in the number of large retail chains continue to fuel the market.

COVID-19 Impact: Market Growth Increased by Pandemic due to Increased Online Sales

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

COVID-19 is an infectious disease that originated in the city of Wuhan, Hubei Province, China, in late December 2020.Declining visits to retail and grocery stores and preparing for possible food shortages are prompting consumers to purchase microwavable foods, such as frozen foods. Pandemic Demand for online sales of microwavable foods has increased significantly due to the global total shutdown. Due to the COVID-19 crisis, many micro food companies have increased their production to meet customer demand. Thus, the micro food market has been positively impacted by COVID-19, as the production and sales of companies increased in 2020 due to the COVID-19 pandemic worldwide.

LATEST TRENDS

"Increasing Number Of Nuclear Families Is Likely To Open New Avenues In The Global Market"

The growing number of nuclear families around the world is likely to create profitable growth opportunities in the global market in the coming years. The growth of nuclear families consequently increases the demand for micro food in the market, which in turn expands the consumer base of the global market. However, the growing population of working women continues to support the market scenario. Therefore, such market dynamics are likely to open new avenues in the global market.

MICROWAVABLE FOODS MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Shelf Stable Microwavable Food, Chilled Food, Frozen Food.

The microwave-frozen segment dominated the micro food market. These foods offer better nutritional values ​​and taste like fresh foods. Consumers are constantly looking for healthier, easier-to-prepare, and tastier meals that are fulfilled by frozen, microwave-safe meals.

Freezing helps preserve important nutrients in foods that are necessary to synthesize various vitamins and minerals in the body.

Food that is frozen and eaten later when needed is called frozen food. In the freezer, you can freeze raw vegetables and fruits, herbs, milk, dairy products, fish, meat and even cooked food.

Chilled food is food held at or below 0-5 °C (32-23 °F).

• By Application

Based on application the global market can be categorized into Retail, Online Sale.

When something is sold at retail, it is sold to the public in stores, online, etc. rather than to stores, other businesses, etc.

Growing consumer preference for online shopping and demand for user-friendly interfaces and additional discounts have boosted the demand for this segment.

DRIVING FACTORS

"Expansions Of Convenience Stores And The Growth Of The Working Class Will Foster Market Growth"

Food chain companies and sales of microwavable foods continue to grow significantly. An increase in the share of turnover is expected soon, as local stores expand their selection of prepared meals that can be used in the microwave oven, and online sales open untapped marketing opportunities.

"Growing Urbanization And The Growing Trend Of Convenience Foods Worldwide Propel Market Growth"

Because they require less time and effort to prepare than cooking from scratch, growing consumer preference for convenience foods indirectly benefits the growing demand for microwavable foods. Consumers and hectic lifestyles have increased the demand for processed foods. As a result, the demand for microwaveable products is increasing. Increase in disposable income will significantly influence the microwavable foods market growth as it increases the purchasing power of consumers.

RESTRAINING FACTORS

"Overall Consumer Perception Of Microwave Safe Food Is Likely To Restrain The Growth Of The Market"

Consumers share a common perception of refrigerated, frozen microwave-safe foods as lacking in nutritional value due to the lengthy manufacturing and freezing process. Such foods are also considered inferior alternatives to fresh foods. Therefore, such a perception is likely to hinder the growth of the global market.

MICROWAVABLE FOODS MARKET REGIONAL INSIGHTS

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"North America Dominating the Market due to High Demand For Innovative Food Solutions And Simpler Production Processes"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America accounts for the largest microwavable foods market share of global micronutrients because the region has a high demand for innovative food solutions and simpler production processes. The growing trend of processed RTE food will contribute to the market growth of the region in the coming years. In addition, due to the region's solid leadership position in the food and beverage sector, several start-ups and large organizations are investing to set up restaurants in the region, which in turn will positively affect the region's market growth in the coming years.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The microwavable foods market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• McCain Foods (U.K.)
• Kraft Heinz (U.S.)
• Pinnacle Food (U.S.)
• Nestle (Switzerland)
• Kellogg (U.S.)
• Ajinomoto Windsor (Japan)
• General Mills (U.S.)
• ConAgra Foods (U.S.)
• Unilever (U.K.)
• Campbell Soup (U.S.)
• Beech-Nut Nutrition (U.K.)
• Bellisio Foods (U.S.)

INDUSTRIAL DEVELOPMENT

April 2020: Starkist has introduced microwavable tuna with grains and vegetables that taste great and are enjoyed at room temperature for lunch, dinner or as a healthy snack.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.