Global Convenience Food Market - 2023-2030

Global Convenience Food Market - 2023-2030

The global convenience food market reached US$ 623.5 million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is expected to exhibit a CAGR of 7.5% during the forecast period (2023-2030).

The availability of a wide range of convenience food options could pique consumer interest and boost demand, which is expected to support the convenience food market share. Improving the standard and variety of convenience food items by taking cues from well-liked cuisines would create lucrative opportunities for market growth.

Market Dynamics

The increasing demand for natural and fresh food products

The International Food Information Council (IFIC) and the US Food and Drug Administration (FDA) have made claims about the nutritional value of frozen food that is altering consumer perception, such as ‘frozen produce can be just as good as the fresh stuff in terms of nutrition’. Food items kept at different temperatures can lose nutrients, while nutrients like vitamin C and folate can change as a result of temperature variations. Frozen foods do not lose such crucial nutrients because they are kept at a constant low temperature during storage.

In comparison to 2022, a slower rate of increase in food prices is predicted for 2023, though it will remain higher than average. For instance, according to USDA, with a prediction range of 5.5 to 9.6%, all fresh food prices are expected to rise by 7.5% in 2023. With a prediction range of 5.3 to 10.5 percent, it is expected that the cost of fresh food products will rise by 7.8 % in 2023.

Digitalization of the retail sector drives the market expansion

Online grocery shopping and the launch of new apps that make it easy for customers to choose their preferred products are two of the most recent trends driving the market growth. Due to the convenience and variety of online shopping, consumers prefer it. Nearly 31% of the population, according to Eurostat, purchased food and groceries through online retail channels in 2022. Retail grocery shopping is emerging as one of the platforms for companies to showcase and sell their food products due to the increasing Internet and smartphone usage.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on the convenience food industry, as people have been forced to change their eating habits due to lockdowns, restrictions, and the closure of restaurants. One of the most significant impacts has been an increase in demand for convenience foods, as people have had to cook more meals at home and look for quick and easy meal solutions. This has led to a surge in sales of frozen foods, canned foods, and packaged foods like instant noodles, pasta, and soup. A survey conducted by the International Food Information Council found that 60% of respondents reported cooking at home more often due to the pandemic, and 85% said they were more focused on their health and nutrition. Sales of frozen foods in the United States increased by 21% in 2020, according to the American Frozen Food Institute. According to the American Association of Food, sales of canned foods in the United States increased by 8.9% in 2020, with soup sales increasing by 15.3%.

Segment Analysis

The global convenience food market is segmented based on product type, packaging, distribution channel and region.

The frozen foods segment accounted for the highest share of the global convenience foods market

As awareness of the improved quality standards established for frozen food products grows, frozen foods are anticipated to make up a sizeable portion of the convenience food market share with a CAGR of 8.6%. Numerous frozen food items are very nutritious and healthy, and after defrosting them, their freshness is immediately released. Frozen foods are becoming more and more popular among expanding populations as well as businesses like restaurants and hotels, among others, due to how hassle-free, simple, and quick they are. This is because many dishes that use frozen food items require significantly less time to prepare because the ingredients have already been peeled, chopped, and cut. The appeal and sales are being further boosted by the growing use of ovens and air fryers that can instantly cook frozen foods.

Geographical Analysis

Europe holds the major share of the global convenience food market

Due to changing economic and social trends, the convenience food market in Europe is predicted to experience significant growth. The UK market for convenience foods is anticipated to benefit from shifting eating patterns and eating habits. The convenience food market in France is anticipated to grow as a result of the simple accessibility of a wide variety of frozen food products in the neighborhood supermarkets and shops, among other places. Growing expenditure on food products as a result of an increase in the number of two-income households is a factor that is further anticipated to fuel market expansion in the Europe region. The popularity and sales of convenient foods are rising across Europe as a result of increased advertising.

Competitive Landscape

The major global players in the market include Amy’s Kitchen, Inc., Cargill, Incorporated, Conagra Brands, Inc., General Mills, Inc., Tyson Foods, Inc., Mondelz International, Inc., Kraft Foods Group Inc., WH Group, Unilever, and Kelloggs Company.

Why Purchase the Report?
• To visualize the global convenience food market segmentation based on product type, packaging, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of convenience food market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global convenience food market report would provide approximately 50 tables, 53 figures and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies