Convenience Food Market Size, Segment Analysis by Key Players, Growth Outlook, and Forecast 2023-2028

How Big is the Convenience Food Market ? :

IMARC Group's latest report, titled "Convenience Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", 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.

What is Convenience Food ? :

Convenience food refers to commercially prepared food products that are designed to be quick and easy to prepare and consume. These products are typically pre-packaged and require minimal effort for cooking or serving. These foods come in various forms, such as frozen meals, canned goods, pre-cut fruits and vegetables, instant noodles, ready-to-eat snacks, and pre-packaged sandwiches. They are usually processed and may contain preservatives, additives, and artificial ingredients to enhance flavor, texture, and shelf life. It provides a convenient solution for busy individuals, allowing them to save time and effort in meal preparation.

Additionally, it offers flexibility by catering to different dietary preferences and restrictions. Convenience foods have gained popularity due to the fast-paced nature of modern life, where individuals often have limited time or culinary skills to prepare meals from scratch.

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Who are the key Players Operating in the Industry ? :

• 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

What are the Growth Prospects and Trends in the Convenience Food Industry ? :

The rising demand for ready-to-cook (RTC) and ready-to-eat (RTE) food products is driving the global market. This can be attributed to is the busy lifestyle of consumers, changing eating habits, and increased disposable income levels of the masses. Additionally, rapid urbanization and the rising number of single-person households are contributing to the demand for smaller-sized and single-serve food products. Also, changes in demographics, such as rising working parents, and dual-income families, have supported to the growth of the convenience food market. Besides, the development of healthier and more nutritious convenience food options is catalyzing the market. Moreover, the presence of numerous fast-food chains, cafes, and quick-service restaurants (QSR) that offer a wide range of convenience food options is creating a positive market outlook. Furthermore, the growing awareness of health and organic food choices among consumers has led to an increased demand for healthy convenience food products.

Besides, the popularity of frozen food products, coupled with ongoing product innovations and advanced packaging solutions, such as easy-open and resealable packaging, are further fueling market growth. Moreover, the industry is witnessing an increase in mergers and acquisitions, aggressive marketing and promotional activities, and enhanced product availability through various online and offline distribution channels, all contributing to a favorable market outlook. Apart from this, the growth of international travel and tourism has led to an increased demand for convenience foods as travelers often seek quick and familiar meal options, especially in airports, train stations, and tourist destinations. The market is further driven by the significant growth in the aging population since ready-to-eat or easy-to-prepare convenience foods provide a practical solution for seniors who desire convenience without compromising on nutrition or taste.

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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

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