Rockville, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, in its recently published research report, mentioned that the population of working-class people is growing significantly, which is further stimulating the demand for microwavable foods globally. The global microwavable foods market is estimated to reach a value of US$ 228 billion by the end of 2033, increasing at a CAGR of 4.4% during the forecast period from 2023 to 2033.
Microwavable foods need lesser time for preparation and can be cooked by using a standard conventional microwave oven. The increasing population in urban areas has been driving up the demand for convenience foods in recent years. Furthermore, growing nuclear families and increasing standards of living are also projected to contribute to higher demand for microwavable foods.
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A significant increase in the number of working women is fueling the demand for easy-to-prepare foods due to their busy schedules. In addition, a rapid increase in the number of large retail chains around the world is also expected to generate lucrative opportunities for players in the market. Several market players are spending a noteworthy amount on R&D activities for advancements in freezing technology.
The growing setup of numerous fast-food outlets in emerging economies is anticipated to provide lucrative prospects for players. In recent years, demand for tasteful food has been propelling the sales of ready-to-eat food products. Manufacturers of microwavable foods are offering delicious dishes to consumers with minimum preparation and cooking time.
People nowadays are on the continual lookout for healthier meal options that are easy to cook and taste better. Freezing aids in retaining the essential nutrients in food products, which are crucial to synthesize numerous vitamins and minerals in the human body.
However, many people have some common perceptions of shelf-stable, chilled, and frozen microwavable food lacking nutritional content as it involves heating. There are also many consumers who consider that frozen or ready-to-eat food is not appropriate for health, which is one factor that can restrain market growth to some extent.
Key Takeaways from Market Study
- Sales of microwavable foods in Germany are anticipated to progress at a CAGR of 3% from 2023 to 2033.
- Global demand for microwavable foods is projected to increase at a CAGR of 4.4% over the next ten years.
- The value of the global market stands at US$ 148 billion in 2023.
- The global microwavable foods market is expected to reach a value of US$ 228 billion by the end of 2033.
- Demand for microwavable foods in Canada is estimated to advance at a CAGR of 3.4% during the forecast period from 2023 to 2033.
- Frozen microwavable foods are predicted to hold a leading share of the market over the coming years.
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Key Companies Profiled
- Ajinomoto Foods North America, Inc.
- The Kraft Heinz Company
- Schwan’s Company
- Bellisio Foods, Inc.
- Nestle S.A.
- McCain Foods Limited
- Hormel Foods Corporation
- Maple Leaf Foods Inc
Competitive Landscape
Key manufacturers of microwavable foods are taking various initiatives such as agreements and others to generate lucrative opportunities for themselves over the coming years.
For instance,
- Nomad Foods, in 2021, announced an agreement with Fortenova Grupa d.d. This agreement aims to acquire Fortenova’s Microwavable Food Business Group (FFBG) to expand the portfolio of Nomad Foods. FFBG provides a wide variety of microwavable meals and a strong distribution channel in Eastern Europe.
Segmentation of Microwavable Foods Market Research
- By Product :
- Frozen
- Chilled
- Shelf-Stable
- By Packaging Technology :
- Patterned Susceptors Technology
- New Tray-Lidding Methods
- New Cook Bag Techniques
- By Distribution Channel :
- Hypermarkets/Supermarkets
- Convenience Stores
- Online Sales Channels
- Others
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents unbiased insights on the global microwavable foods market for the forecast period from 2023 to 2033.
The study divulges essential insights into the market on the basis of product (frozen, chilled, shelf-stable), packaging technology (patterned susceptors technology, new tray-lidding methods, new cook bag techniques), and distribution channel (hypermarkets/supermarkets, convenience stores, online sales channels, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the MEA).
Check out more related studies published by Fact.MR Research:
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Protein Packed Foods Market: Consumers are increasingly seeking protein packed foods to increase the nutrition in their diets. The effects of various studies support protein’s role in attacking obesity through aiding weight management.
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