The ‘Global Convenience Food Market Trends, Size, Share, Report and Forecast 2024-2032’ by Expert Market Research gives an extensive outlook of the global convenience food market, assessing the market on the basis of its segments like product, type, distribution channel, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Convenience Food Market Price, Trends, Growth, Analysis, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2032)
• Historical Market Size (2023): USD 485.12 billion
• Forecast CAGR (2024-2032): 6.1%
• Forecast Market Size (2032): USD 828.86 billion
The convenience food market growth is being driven by the increasingly busy lifestyle led by people worldwide and a surging demand for convenient and easy to prepare foods. With rising disposable incomes, more consumers are willing to spend more to purchase food products that are ready-to-cook (RTC) or ready-to-eat (RTE). To meet the growing demand, key players are investing in the development of a wide range of RTC and RTE food options, to give consumers greater variety.
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The extended shelf life of various convenience foods, particularly frozen food and canned food is further aiding the convenience food market expansion. Consumers can purchase convenience foods in bulk and prepare and eat as needed, thereby reducing the need for multiple shopping trips and saving time. Many consumers buy large volumes of convenience foods during sales or discounts for added cost savings as the extended shelf reduces the risk of food spoilage.
An increasing focus on health and adequate diet is anticipated to provide lucrative opportunities to the convenience food market in the coming years. As more consumers become aware about the importance of healthy foods and balanced diets, they are boosting the demand for healthy convenience foods. New methods of processing and packaging are aiding in the preparation of convenience foods that have improved nutritional profiles and flavours.
Convenience Food Industry Definition and Major Segments
Convenience foods refer to the various types of food products that can be prepared easily, quickly, and with minimal effort, thereby offering greater convenience to consumers. These foods typically have a longer shelf life and are available in ready to cook as well as ready to eat formats, depending upon the specific product.
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Based on product, the market is divided into:
• Meat, Fish and Poultry Products
• Cereal Based Products
• Vegetable Based Products
• Others
On the basis of type, the market is classified into:
• Raw Food
• Canned Food
• Frozen Food
• Ready to Cook
• Ready to Eat
• Others
Based on distribution channel, the market is segmented into:
• Supermarkets and Hypermarkets
• Convenience Stores
• Speciality Stores
• Others
By region, the market is categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Convenience Food Market Trends
Rising urbanisation and increasing awareness regarding the various types of convenience foods available are among the key trends impacting the convenience food market. As consumers become aware of the ease and time-savings offered by convenience foods, the market demand is likely to surge in the coming years. Diversification of convenience food offerings, expanding into different cuisines and dietary preferences, are further augmenting the customer base, aiding the market development.
Proliferation of distribution channels, both offline and online, are additional trends in the global market for convenience foods. Various supermarkets and hypermarkets, convenience stores, and speciality stores are increasing their stocks of convenience foods, to meet the growing demands of consumers and to offer new product types. Meanwhile in the coming years, online distribution channels for convenience foods are likely to witness steady growth, as more consumers switch to online grocery shopping for discounts and home delivery flexibility.
Regionally, Europe is projected to witness significant growth in the global convenience food market, fuelled by changing eating habits and busy lifestyles. As more consumers turn to foods that are ready-to-eat and ready-to-cook, the demand for convenience foods such as frozen foods and canned foods is likely to rise. Presence of key players in countries such as the United Kingdom and Switzerland is further aiding the development of the market for convenience foods in Europe.
Key Market Players
The major players in the global convenience food market report are:
- Nestlé SA
- Associated British Foods plc
- The Kraft Heinz Company
- McCain Foods Ltd
- WH Group Limited.
- MTR Foods Pvt Ltd.
- Ajinomoto Co., Inc.
- Conagra Brands, Inc.
- Lantmännen ek för
- Grupo Bimbo
- JBS
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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