IMARC Group’s latest report, titled “Convenience Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global convenience food market size reached US$ 456.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 651.6 Billion by 2028, exhibiting a growth rate (CAGR) of 6.08% during 2023-2028.
Convenience Food Market Overview:
Convenience food refers to pre-packaged or prepared food items that are convenient and easy to use, requiring minimal time and effort for preparation. These foods are designed to cater to the fast-paced lifestyles of modern society, offering quick solutions for busy individuals. Convenience foods include ready-to-eat meals, frozen dinners, canned goods, and snacks. They are often processed and packaged to extend shelf life, allowing for easy storage and accessibility. While convenience foods provide time-saving benefits, they can vary widely in nutritional value, with some being heavily processed and containing additives. Balancing convenience with health considerations is essential for making informed dietary choices in today's dynamic and hectic world.
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Competitive Landscape with Key Players:
- Ajinomoto Co., Inc
- Amy’s Kitchen, Inc
- Cargill
- Incorporated
- Conagra Brands, Inc
- General Mills, Inc
- Mccain Foods India Private Limited (McCain Foods Limited)
- MTR Foods Pvt. Ltd. (Orkla ASA)
- Nestlé SA
- Tyson Foods Inc
Convenience Food Market Trends:
The global market is majorly driven by the accelerating pace of modern life and the increasing prevalence of dual-income households. Consumers, pressed for time, seek the convenience of ready-to-eat or easy-to-prepare options. Moreover, the global urbanization trend has led to changing dietary habits, with more people in urban centers opting for convenient, on-the-go food choices. The expansion of technology and digital platforms has further facilitated this trend, with food delivery services and online grocery options making it easier for consumers to access a wide array of convenience foods. Additionally, the COVID-19 pandemic has played a role in shaping the convenience food market. Lockdowns and restrictions increased reliance on packaged and frozen foods as consumers sought shelf-stable options during uncertain times. This shift in behavior is likely to have a lasting impact on purchasing patterns. Furthermore, the industry's responsiveness to changing health perceptions has driven innovation in the convenience food sector. Manufacturers increasingly focus on incorporating healthier ingredients, catering to the growing demand for nutritious and balanced convenience options.
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Key Market Segmentation:
Type Insights:
- Raw Food
- Canned Food
- Frozen Food
- Ready-To-Eat
- Ready-To-Cook
- Others
Product Insights:
- Meat/Poultry Products
- Cereal-based Products
- Vegetable-based Products
- Others
Distribution Channel Insights:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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