Convenience Food Market Set for Rapid Growth, Estimated to Reach USD 852.6 billion by 2030 at 7.45% CAGR: MarkNtel Advis

Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Convenience Food Market, The Global Convenience Food Market size was valued at around USD 528 billion in 2023 and is expected to reach around USD 852.6 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 7.45% during the forecast period, i.e. 2024-2030. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Convenience Food Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook & Forecasts:

Forecast Period: 2024-2030
Market Size in 2023: USD 528 billion
CAGR (2024-2030): 7.45%

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Global Convenience Food Market Segmentation Breakdown:

The Convenience Food Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:

By Type
- Ready-to-Eat Food- Market Size & Forecast 2019-2030, (USD Million)
- Chilled Food- Market Size & Forecast 2019-2030, (USD Million)
- Canned Food- Market Size & Forecast 2019-2030, (USD Million)
- Frozen Food- Market Size & Forecast 2019-2030, (USD Million)
- Others (Beverages, Ready-to-Cook Food, etc.)- Market Size & Forecast 2019-2030, (USD Million)

The frozen food segment accounts for the majority of the market share in the Global Convenience Food Market, offering a variety of products like fruits and veggies, pizzas, and desserts.

By Product
- Meat/Poultry Products- Market Size & Forecast 2019-2030, (USD Million)
- Cereal-based Products- Market Size & Forecast 2019-2030, (USD Million)
- Vegetable/Fruit-based Products- Market Size & Forecast 2019-2030, (USD Million)
- Others (Dairy-based, Fish and Seafood, etc.)- Market Size & Forecast 2019-2030, (USD Million)

The meat and poultry products segment holds a significant market share in the Global Convenience Food Market. The convenience food segment of this category offers a variety of options to satisfy consumer desires for carnivorous cuisine.

By Distribution Channel
- Offline Retail- Market Size & Forecast 2019-2030, (USD Million)
  - Supermarkets/Hypermarkets- Market Size & Forecast 2019-2030, (USD Million)
  - Departmental Stores- Market Size & Forecast 2019-2030, (USD Million)
  - Specialty Stores- Market Size & Forecast 2019-2030, (USD Million)
  - Convenience Stores- Market Size & Forecast 2019-2030, (USD Million)
  - Others (Mom & Pop Shops, Discount Stores, etc.)- Market Size & Forecast 2019-2030, (USD Million)
- Online Retail- Market Size & Forecast 2019-2030, (USD Million)

Geographical Growth Insights:

By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific

Europe leads the Global Convenience Food Market capturing a significant market share. The convenience food market in Europe is characterized by diversity in consumer preferences, which vary across countries.

MarkNtel Advisors Highlights Key Market Drivers for Convenience Food Market:

Rapidly Changing Consumer Lifestyles Driving Inclination Toward Frozen Food & Beverages – There has been a rapid growth in the demand for frozen food and beverages, which is significantly fueling the expansion of the convenience food industry. This synergy has been attributed to numerous key factors. The frozen food and beverage sector is experiencing higher demand due to changing buyers' preferences & lifestyles. They provide the dual benefits of ease of instruction and prolonged shelf existence, catering to the demands of time-strapped consumers. Additionally, frozen foods align seamlessly with these trends, providing convenient, ready-to-eat, or easy-to-prepare meal options. They offer a practical solution for individuals and families seeking quick, hassle-free dining choices in the packaged food segment, which has further boosted their demand.

Further, several health-conscious consumers are also contributing to this market growth, seeking out packaged options that provide nutritional value rather than fast food choices. This increasing preference for frozen & packaged foods and beverages is driving substantial growth in the market, encouraging companies to innovate and expand their product offerings to meet diverse consumer needs. For instance,

In 2024, Nestle announced its plans to launch a new frozen food range, i.e., Vital Pursuit, which would be designed specifically for consumers relying on GLP-1 medications like Wegovy, Ozempic, etc.

Furthermore, the packaged food industry's robust distribution networks and marketing strategies make it easier for frozen food products to reach a broader consumer base. These efforts have been driving the market growth of frozen convenience food items, which is anticipated to improve in the upcoming years as well.

A Comprehensive Analysis of Leading Companies in Global Convenience Food Market

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
Mondelēz International
Kraft Heinz
Others

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Convenience Food Market Recent Development:

2024: Nestlélaunches a separate brand, i.e., Vital Pursuit, for GLP-1 weight loss medication users and consumers who are focused on weight management in the US. The brand will provide various frozen products, such as protein pasta, bowls with whole grains, sandwich melts, and pizza.
2023: Amy’s Kitchenannounced the introduction of ‘Family Size Entrées’ in California. This new product launch aligns with the current frozen food industry trends and caters to busy families' evolving preferences. It is a strategic move that not only focuses on the meal but also takes into consideration packaging design and convenience, offering consumers a holistic approach.

What are the growth Challenge driving the Global Convenience Food Market?

Modern Microwaveable Packaging Technology to Revolutionize the Convenience Food Sector – Cutting-edge microwaveable packaging technology has the potential to revolutionize the modern convenience food sector. With busier consumer lifestyles, there's a growing demand for quick and nutritious meal options that can be prepared easily. This advanced packaging technology offers an attractive market opportunity by significantly improving ready-to-eat meals' quality, safety, and convenience. Microwaveable packaging ensures even heating of meals while preserving their texture and flavor to increase shelf life. Hence, several companies have launched their products across countries like the USA, the UK, Germany, Japan, and Australia, among others. For instance,

In 2023, Kraft Heinz launched grilled cheese sandwiches under their Lunchable brand, which come in microwavable packaging.

The demand for these products, which come in microwavable packaging, is projected to amplify in the coming years, primarily due to the ease provided by them for meal preparation. Hence, for consumers with busy lifestyles, these products would become a preference for their meal options. Additionally, manufacturers are now coming up with smart packaging features incorporating heat indicators to section out different components for consumers who seek personalized gourmet meal options. These innovations create brand differentiation across fiercely competitive markets and offer a lucrative opportunity for market growth in the coming years.

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