Convenience Food Market is Expected to Reach $623.5 million by 2031 - Amy's Kitchen, Inc., Cargill, Incorporated, Conagra Brands, Inc

The global Convenience Food Market was valued at USD 623.5 million in 2022 and is expected to see strong growth, reaching USD million by 2030. The market is projected to grow at a CAGR of 7.5% during the forecast period from 2024 to 2031.

Shifting consumer preferences, particularly with increasing urbanization, have contributed to the expansion of the convenience food retail industry.
Innovative products featuring natural ingredients, convenience, and organic options, along with advancements in packaging technology, are expected to offer significant growth opportunities for the convenience food sector. Key factors driving market growth include rising demand for ready-to-eat snacks, increased demand from developing regions, growing disposable incomes, sedentary lifestyles, and the expanding working population.

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Key Developments:

• On June 29, 2022, Conagra Brands in North America introduced a wide range of new product innovations for the summer season. These new offerings can be found across various store aisles, featuring modern flavors, trendy ingredients, and convenient preparation methods.
• On April 5, 2022, Prasuma expanded its product range with new items in the frozen food category. These products are available in 70 cities through the brand's retail partners, including Meatigo.com, Walmart, Nature's Basket, and Swiggy Instamart.
• On November 13, 2020, Cham Foods, an Israel-based company, launched pre-cooked pulses and grains in response to the rising demand for convenience foods

Market Dynamics:

Changes in consumer lifestyles and rapid urbanization are driving the growth of the on-the-go convenience food market. With 57% of the global population living in urban areas in 2022, North America led with over 45% of its population residing in cities. Urbanization levels directly influence the demand for convenience foods, as more people adopt fast-paced lifestyles. Additional factors such as the growing millennial population, the rise in working women, hectic work schedules, and the preference for on-the-go consumption are contributing to the revenue growth of the global convenience food market.

The packaged and processed food industry is expected to experience substantial growth in the coming years, as these products offer quick and easy meal solutions. The quality and variety of convenience foods are also improving, further enhancing their appeal. The rapidly expanding urban population will play a key role in shaping the industry's future. Moreover, the growing number of convenience food outlets at driveways, fuel stations, and commercial areas has made these products more accessible to consumers. Coupled with increasing disposable incomes, the rising demand for nutritious, convenient snacks and fried foods is expected to further boost the convenience food market's expansion.

Market Segment Analysis

By Product Type: Meat/Poultry Products, Cereal Based Products, Vegetables Based Products, Others

By Packaging: Frozen Foods, Canned Foods, Chilled Foods, Ready-to-Eat Foods, Others

By Distribution Channel: Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Stores, Others

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Major Key players

• 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
• Kelloggs Compan

*Note:

Additionally, I wanted to highlight that the full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted.

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