Microwavable Foods Market by Growth, Emerging Trends and Forecast by 2022-2031

The global microwavable foods market size was valued at $120,456.0 million in 2020, and is projected to reach $230,935.7 million by 2031, registering a CAGR of 5.6% from 2022 to 2031.

The microwavable foods market offers lucrative opportunities for key manufacturers, owing to increase in trend of eating frozen food among consumers. Moreover, the surge in attractiveness among millennial regarding microwavable foods has fueled the growth of the market as they are keener toward eating healthy and nutritious food. The busy & hectic lifestyle of the consumers is a major factor that boosts the demand for the microwavable foods all over the globe. Furthermore, market players have adopted growth strategies such as acquisition, mergers, and product launch to remain competitive in the microwavable foods industry.

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Consumer demand for convenient microwavable food products that are healthy, ethical, comforting and fit fast-paced life is a major trend in the U.S. and European countries such as UK, Germany, and France. Increased usage of household cooking technologies in developed countries further drives the market growth. Moreover, rise in disposable incomes in emerging economies such as China, India, and Brazil has led to increased expenditure on time-saving and labor-saving microwavable food products. Consumers are not willing to spend much time on food preparation; thus, they prefer convenience over price.

In addition, they seek for fast solutions such as shelf stable, chilled, and frozen microwavable foods, replacing traditional cooked meals. Redefinition of gender roles in households, with more women working outside, further supplements the demand for microwavable foods.
The microwavable foods industry has witnessed a significant growth rate, owing to increased consumption of microwavable ready meals across the globe. Rapid urbanization and fast-paced lifestyle have shifted the preferences of consumers toward use of microwavable food products, which require less time for cooking than traditional home cooked meal. Moreover, advancement in freezing technology has led to the emergence of frozen microwavable foods, which contributes extensively toward the growth of market.

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Growth in awareness of consumers in the developed countries such as the U.S. and European countries about the nutritional quality of frozen microwavable foods has led to their higher consumption in these regions. Thus, to better retain the freshness and quality of microwavable foods, various microwavable food manufacturers have invested large volumes in R&D to seek new and innovative freezing technologies. This includes pretreatment of the frozen product, freezing processes, cold chain logistics, as well as warehouse management. Major players, such as General Mills and Nestle, have enjoyed cost advantage amidst increased cost of raw materials on account of operational excellence. As cost of raw materials can increase, players are expected to invest in R&D to develop advanced freezing technologies to reduce energy consumption and overall production cost, thereby increasing profit margins. For instance, the advancement of technology has led to the introduction of the quickest freezing technology such as impingement freezing, hydro-fluidization freezing, high-pressure assisted freezing, magnetic resonance-assisted freezing, and others. Freezing food with the help of liquid nitrogen even provides a major opportunity to the microwavable foods manufacturers, driving the market growth.

Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the intense market competition. Key players profiled in the report include Ajinomoto Windsor, Inc., Campbell Soup Company., ConAgra Foods, Inc., General Mills Inc., Kellogg Company, McCain Foods, Nestle SA, Pinnacle Food Inc., The Kraft Heinz Company and Unilever Plc.

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