Convenience Food Market Valued at USD 528 Billion in 2023, Estimated to Cross USD 852.6 Billion by 2030

The Global Convenience Food Market size was valued at around USD 528 billion in 2023 and is expected to reach USD 852.6 billion by 2030. During the forecast period, i.e., 2024-30, the convenience market is projected to grow at a CAGR of around 7.45% globally, cites MarkNtel Advisors in the recent research report. The market is experiencing growth due to the impact of cultural globalization developments and a greater focus on health & wellbeing. Further, because of growing urbanization, disposable income, lifestyle changes, and so on., the demand for convenience food has increased. In addition, technological advancements have made it viable to enhance product quality while additionally extending shelf life through revolutionary food preservation techniques as well as packaging solutions. Hence, improvements in product quality affect the buying behavior of customers.

Additionally, convenience food manufacturers are meeting the dietary and nutritional preferences of health-conscious consumers to attract them. This broad array of choices can capture consumer attention, resulting in higher demand that could boost the market growth of convenience foods. Alternatively, enhancing meal variety and quality by drawing inspiration from popular cuisines may generate profitable prospects for expanding this market. Furthermore, the increasing focus of the population on a healthy diet has encouraged various food manufacturers, such as Nestle, Amy’s Kitchen, etc., to introduce organic, gluten-free, and sugar-free food products. Hence, the growing demand for these products is anticipated to strongly contribute to the growth of the Global Convenience Food Market in the years to come, further states the research report, “Global Convenience Food Market Analysis, 2024.”

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Convenience Food Market Segmentation Analysis

By Type

 - Ready-to-Eat Food

 - Chilled Food

 - Canned Food

 - Frozen Food

 - Others (Beverages, Ready-to-Cook Food, etc.)

The Frozen Food Segment Holds the Majority of the Market Share

Based on the type, the market is further bifurcated into Ready-to-Eat Food, Chilled Food, Canned Food, Frozen Food, and others (Beverages, Ready-to-Cook Food, etc.). Frozen food captures a considerable market share in the Global Convenience Food market. The segment boasts an array of offerings ranging from fruits and vegetables to entrees, pizzas, and desserts. Their appeal lies in their extended shelf life and minimal waste benefits for households as well as commercial entities like hotels or restaurants seeking easy-to-prepare ingredients that save time on prep work.

Further, with the rising number of health-conscious people, the demand for organic and sugar-free ice cream is gradually increasing. With this, the companies have increased their focus to tap the potential of this category and have initiated the launch of organic and sugar-free ice creams. Hence, these factors are anticipated to positively impact the growth of the frozen food segment in the forthcoming period.

By Product

 - Meat/Poultry Products

 - Cereal-based Products

 - Vegetable/Fruit-based Products

 - Others (Dairy-based, Fish and Seafood, etc.)

By Distribution Channel

 - Offline Retail

 -- Supermarkets/Hypermarkets

 -- Departmental Stores

 -- Specialty Stores

 -- Convenience Stores

 -- Others (Mom & Pop Shops, Discount Stores, etc.)

 - Online Retail

By Region

 - North America

 - South America

 - Europe

 - The Middle East & Africa

 - Asia-Pacific

Europe Leads the Global Convenience Food Industry

Europe holds a considerable market share in the Global Convenience Food Market. Germany, France, and the UK have a broad range of premium and healthy brands available, as well as high demand for them. This is in contrast to Eastern European nations, which have made progress due to an increase in disposable incomes, leading consumers towards more convenient options that better suit their busy lifestyles. Throughout the region, there's growing interest in health-conscious choices such as plant-based foods.

Further, the market growth across the region relies on the busy lifestyle of the populations, due to which they rely on frozen dried goods instead of traditional fresh meals, thus changing preferences accordingly. Additionally, there is an increase in the establishment of supermarkets, hypermarkets, and convenience stores across the region, which is acting as a catalyst for the growth of the Global Convenience Food Market.

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Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Ajinomoto Co., Inc., Amy’s Kitchen, Inc., Cargill, Incorporated, General Mills Inc., McCain Foods Limited, MTR Foods Pvt. Ltd. (Orkla ASA), Nestlé SA, Tyson Foods Inc., Associated British Foods Plc, Grupo Bimbo, JBS Foods, Europastry S.A., Bakkavor Group Plc, Mosaic Foods, Mondelz International, Inc., Kraft Heinz, and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the regions?
6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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Our fact-based reports allow the user to design their motives, funds, and strategies, with a higher focus on mitigating confusion and bringing forward a clear insight into the industry. It further allows the clients to identify the lucrative opportunities awaiting.

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