Microwavable Foods Market Size, Share, Analysis, Application, and Region - Global Forecast to 2031
Microwavable Foods Market
The global Microwavable Foods Market was accounted for $120.45 billion in 2020, and is expected to reach $230.93 billion by 2031, growing at a CAGR of 5.6%
PORTLAND, OREGON, UNITED STATES, December 11, 2023 /EINPresswire.com/ -- Allied Market Research recently published a report, titled, "Microwavable Foods Market by Product (Shelf Stable Microwavable Food, Chilled Food, and Frozen Food), Packaging Technology (Patterned Susceptors Technology, New Tray-lidding Methods, and New Cook Bag Technique), and Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Online Sales Channel, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2031"
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Covid-19 scenario:
Reduction in footfall in retail outlets and grocery stores and shortage of potential foods hindered the market growth during the pandemic.
Owing to the Covid-19 pandemic, several microwavable foods producing companies surged their production to meet the demand of customers.
Due to prolonged lockdown, the supply chain disrupted and prices of raw material increased.
Major market players
Ajinomoto Windsor, Inc.
ConAgra Foods, Inc.
Campbell Soup Company
Kellogg Company
General Mills Inc.
Nestle SA
McCain Foods
Pinnacle Food Inc.
Unilever Plc.
The Kraft Heinz Company
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The frozen food segment dominated the market
By product, the frozen food segment held the largest share in 2020, accounting for more than four-fifths of the market, as they offer better nutritional benefits and taste compared to fresh food. However, the chilled food segment is estimated to register the highest CAGR of 8.5% during the forecast period, due tochanges in lifestyles of the people and urbanization.
The online sales channel segment to portray the highest CAGR through 2030
By distribution channel, the online sales channel segment is projected to manifest the highest CAGR of 7.5% from 2022 to 2031, due to easy accessibility offered by online sales channel platforms. However, the hypermarkets/supermarkets segment held the largest share in 2020, accounting for more than two-fifths of the market, owing to availability of a broad range of food and beverages under a single roof.
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Europe, followed by North America, held the highest share
By region, the market across Europe, followed by North America, dominated in 2020, accounting for more than one-third of the market, owing to high consumption of microwavable foods. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 7.2% during the forecast period, owing to rise in the number of working women population.
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