Convenience Food Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation

Convenience Food Market Overview:

Convenience Food usually consists of a full meal prepared for the consumers' consumption ease, but food products are also available in ready-to-eat packets. These require minimum processing from the consumers' end as they are pre-prepared by the manufacturers. Convenience food tends to fulfil the needs of people with a lack of cooking skills and people with long working hours as they are inclined towards already processed food.

 

 

To get more Insights: Request Free Sample Report

 

The storage of convenience food products is easier for the consumers as they do not have to buy the stored ingredients separately. It comes in packing and consumes less space. Besides, there are not many leftovers which reduces the waste material and makes it easy the cleaning afterwards. But to add shelf life to these products, added preservatives make them unhealthy to consume. Advances in innovative product and packaging development in the areas of natural ingredients, conveniences and organic foods are expected to provide potential growth opportunities for this sector.

 

Convenience Food Market Dynamics:

Growing urbanization is transforming consumers' demography, especially in the Asia-Pacific region, with increasing work hours causing fatigue among the consumers and hence a shift towards ready-to-eat food products.

 

With the demand for dinner-time solutions by consumers across the world, convenience food brands are coming up with different products every now and then with better quality to satisfy this demand. Hence, consumers are willing to spend a bit higher on ready-to-eat food products as their disposable incomes increase.

 

As Covid-19 Pandemic hit the world, governments worldwide imposed lockdowns. So, there was a change in consumer behavior as they shifted more towards home-cooked food and stored packaged products in larger quantities. The government allowed supermarket and registered market can run their businesses and shut down the restaurant chains and local food shops, due to which convenience food products became the everyday lifestyle of the consumer. Also, with the opening up of markets and removing the travel restrictions, the scope of the market is increasing. As while travelling, convenience food is best to carry and consume.

 

Another factor accommodating to the growth of this sector is the increasing number of retail food outlets on the driveways and commercial locations, making the availability of convenience food better and tempting the consumer to buy more. Grofers, which is one of India's leading startups, reported an increase of 170% in sales in 2021 when compared to its 2019 sales. This figure illustrates the growing demand for convenience food in the Asia-Pacific region.

 

On the other hand, the Convenience food market is also facing significant challenges like there is a lack of proper storage facilities in developing countries. For frozen food products, a lack of appropriate cold storage threatens their shelf life, increasing wastage. Governments across the world have rules and regulations, which makes it difficult for businesses to cope with the challenges.

 

Most convenience food products are known to have low nutritional value and contain high fats and carbs, which makes them unhealthy to be consumed. Also, these are loaded with preservatives and added flavors which can pose many diseases like hypertension, diabetes, heart diseases, etc. Added flavors with an excessive amount of sugar, salt and fats increase the cravings to consume, even more, making you addicted to its satisfying taste. As the consumer is becoming more and more health-conscious and made aware of the adverse effects of convenience food products, brands are focusing on R&D and introducing many varieties of healthy alternatives to satisfy the consumers' needs.

 

Convenience Food Market Segment Analysis:

By Type, ready-to-eat convenience food products have been leading the market ever since as they can be eaten in place of traditional food meals at any time. Brands are targeting youngsters and forthcoming generations for their ready-to-eat segments as youngsters are more attracted to these products and are willing to spend more. Frozen food products are consumed more by restaurants, caterers, and other foodservice providers. But frozen food products are not consumed daily in households.

 

By means of purchase, the market is divided into two segments namely, Online and offline. The Convenience food market is heavily dominated by offline purchase means. Offline stores include- hypermarkets/supermarkets, convenience stores, Bakery and confectionery, discounts stores, etc.

 

Convenience Food Market Regional Insights:

Countries in Asia-Pacific region like China and Japan have major convenience food market with increasing demand day-by-day. But region wise, North America is the largest market for convenience food across the world. The main factor behind this is the major players like Mondelez International, Tyson Foods Inc. are from this country. The demand of convenience food in countries from Asia-Pacific region are increasing due to rapid urbanizations and changing lifestyle among the consumers. Which is then followed by Europe.

 

 

The purpose of the report is to provide industry stakeholders with a comprehensive analysis of the Convenience Food market. The report includes the most dominant trends in the Convenience Food market and how these trends affect new business investment and market development during the forecast period. The report also helps to understand the dynamics of the Convenience Food market and the competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

Qualitative and quantitative data provided in the Convenience Food Market Report will drive market-influencing factors and industry and market growth, which market segments and regions are expected to grow at a faster rate. The forecast period is designed to help you understand the key areas of opportunity to do. The report also includes the competitive landscape of key industry players, as well as recent developments in the Convenience Food market. The report looks at factors such as company size, market share, market growth, sales, production, and profits of key players in the Convenience Food market.

 

The document affords Porter's Five Force Model, which facilitates in designing the enterprise techniques withinside the marketplace. The document facilitates in figuring out what number of competitors are existing, who they are, and the way their product exceptional is withinside the Global Convenience Food marketplace. The document additionally analyses if the Global Convenience Food marketplace is straightforward for a brand-new participant to benefit a foothold withinside the marketplace, do they input or go out the marketplace often if the marketplace is ruled via way of means of some Players, etc.

 

The document additionally consists of a PESTEL Analysis, which aids withinside the improvement of enterprise techniques. Political variables assist in identifying how an awful lot a central authority can have an impact on the Global Convenience Food marketplace. Economic variables useful resource withinside the evaluation of monetary overall performance drivers which have an effect at the Global Convenience Food marketplace. Understanding the effect of the encircling surroundings and the have an impact on of environmental issues at the Global Convenience Food marketplace is aided via way of means of felony factors.

 

Convenience Food Market Scope:

Convenience Food Market		Market Segmentation
Market Indicators	Details	by Type	Ready-to-eat Frozen food
Historical Data	2018-2022	by Means of Purchase	Online Offline
Forecast Period	2024-2030	by Regions	North America Europe Asia-Pacific Middle-East and Africa South America
Base Year	2023
CAGR	5.94%
Market Size in 2023	US $ 574.87 Bn
Market Size in 2030	US $ 860.98 Bn

 

Convenience Food Market Key Players:

• Amy's Kitchen Inc. (California, U.S.)
• Cargill Incorporated (Minnesota, U.S.)
• Nestle S.A. (Vevey, Switzerland)
• Kelloggs Company (Michigan, U.S.)
• Unilever (London, U.K.)
• ConAgra Foods Inc. (Illinois, U.S.)
• WH Group (Cayman Islands)
• General Mills Inc. (Minnesota, U.S.)
• Tyson Foods Inc. (Arkansas, U.S.)
• Mondelez International Inc. (Illinois, U.S.)
• Kraft Foods Group Inc. (Illinois, U.S.)