Microwavable Foods Market to reach $230.93 billion by 2031, growing at a CAGR of 5.6%

The global microwaveable foods industry was accounted for $120.45 billion in 2020, and is expected to reach $230.93 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

Rise in popularity of fast-food restaurants and large population base coupled with increase in number of quick-service restaurants drive the global microwaveable foods market. However, lack of awareness about microwavable foods hinders the market growth. On the contrary, rise in disposable income and surge in urbanization would open new opportunities in the future.

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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.

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.

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By region, the market across Europe, followed by North America, dominated in 2020, accounting for more than one-third of the market, owing to high consumption of microwavable foods. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 7.2% during the forecast period, owing to rise in the number of working women population.

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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Major market players

Ajinomoto Windsor, Inc.
ConAgra Foods, Inc.
Campbell Soup Company
Kellogg Company
General Mills Inc.
Nestle SA
McCain Foods
Pinnacle Food Inc.
Unilever Plc.
The Kraft Heinz Company

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