The ‘Global Microwavable Foods Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global microwavable foods market size, assessing the market on the basis of its segments like product types, packaging types, distribution channels, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis 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.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 4.8%
The changing lifestyles of working adults, increasing inclination towards easy to cook food products with superior taste, and rapid urbanisation have been the major driving factors of the market. Microwavable foods are convenient which means they can be consumed at home or office or hotels. This factor is expected to increase the penetration of the product among potential consumers, thereby, bolstering the microwavable foods market.
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The increasing nutritional awareness among the consumers is likely to fuel the demand for microwavable foods owing to the fact that microwaving preserves the mineral content of the food products which are usually lost during boiling or heating. Phosphorus and potassium are crucial ingredients which are retained during microwaving.
Over the forecast period, the increasing affordability of consumer electronics among the residents is anticipated to propel the adoption of microwaves across the developing economies. Hence, microwavable foods are likely to witness expanding opportunities in the coming years.
In terms of region, the Asia Pacific accounts for a significant share in the microwavable foods market. Increasing nutritional requirements along with less time availability among the working-class population is a major driving factor of the market. In addition, the growing popularity of microwavable regional foods including samosas and ready to eat noodles, among others, are propelling the demand for microwavable foods.
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Microwavable Foods Industry Definition and Major Segments
Microwavable foods refer to the type of foods which can be heated or prepared in a microwave oven. Cheese, butter, pasta, omelette, meatball, corn, and soya chunks, among others, are some of the common examples of microwavable foods. Moreover, microwavable foods are quick, convenient, cost-effective, reheat-able, and nutritious, leading to the popularity of the microwavable foods market.
Based on product type, the market can be segmented into:
- Chilled Food
- Frozen Food
- Shelf Stable
The market can be broadly categorised based on packaging type into:
- Trays
- Cups, Tubs, and Bowls
- Folding Cartons
- Bags and Pouches
- Sleeves
- Others
By distribution channel, the market has been segmented into:
- Hypermarkets and Supermarkets
- Online
- Convenience Stores
- Others
On the basis of region, the market can be categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Microwavable Foods Market Trends
The key trends in the global microwavable foods market include the growing expansion of the e-commerce industry which is propelling the sale of innovative clean-labelled microwavable food products. Food delivery platforms accessible through smartphones are further propelling the sale of frozen microwavable food with higher shelf life.
In addition to this, e-commerce giants such as Amazon provide microwavable containers, vacuum rolls, and glass storage containers, among others. These products further enhance the convenience of microwavable food consumers by improving the packaging during microwaving.
Meanwhile, the rapid development of supermarkets/hypermarkets and grocery stores across the emerging economies is further propelling the sale of microwavable packaged food products specifically for those that don’t prefer cooking. Moreover, the growing popularity of innovative microwavable foods such as microwave mug cake, tuna, and leeky salmon, etc., is likely to provide impetus to the global microwavable foods market.
Growing research and development activities by major food manufacturing companies aimed towards producing chilled and frozen microwavable foods with greater shelf life and high nutritional value are anticipated to lead to progressive product innovations. These innovations are likely to lead to increased awareness amongst the population and greater accessibility to varied microwavable products, including meat and vegan options.
Key Market Players
The major players in the microwavable foods market report are:
- McCain Foods
- Nestlé SA
- Kellogg Company
- Ajinomoto Windsor, Inc.
- General Mills Inc.
- 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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