According to a new report published by Allied Market Research, titled, Microwavable Foods Market by Product and Packaging Technology: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global microwavable foods market was valued at $100,098 million in 2016, and is projected to reach $136,305 million by 2023, registering a CAGR of 4.4% from 2017 to 2023. In 2016, the frozen food segment accounted for approximately four-fifths share of the global market, in terms of value.
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Microwavable foods are convenience food that require minimal preparation time and are cooked using the conventional microwave oven. A microwave oven reduces the preparation time of food, thus enabling cooking to be simpler and less time consuming.
Increased participation of women in workforce and changes in family dynamics have increased the dependency on readymade microwavable foods. Other factors such as increased disposable income, rise in standard of living, and rapid increase in number of large retail chains supplement the growth of the market.
In 2016, the frozen food segment accounted for the highest market share in the global microwavable foods market, as they can be stored and used over a long period of time. Freezing helps retain the essential nutrients in the food products, which are essential to synthesize various vitamins and minerals in the body. In addition, to avoid food wastage and maintain competitiveness and profitability among food businesses, preservation of food by freezing is adopted by various food manufacturers, thus driving the market growth. On the other hand, shelf stable, chilled, and frozen microwavable foods have been perceived as less nutritious compared to fresh foods; this notion among consumers is projected to hamper the market growth.
Growth in R&D activities by various microwavable food manufacturers for advancement in freezing technology and increase in establishment of multiple fast food outlets in emerging economies are expected to provide lucrative opportunities for the market players.
Key Findings of the Microwavable Foods Market:
- Asia-Pacific is expected to grow at the highest CAGR of 6.4% from 2017 to 2023, followed by LAMEA, in terms of value.
- In 2016, the patterned susceptors technology segment accounted for approximately two-thirds share, in terms of value, and is expected to grow at the highest CAGR of 4.9%.
- In 2016, Europe generated the highest revenue, and is expected to grow at a CAGR of 3.7%.
- In 2016, U.S. generated the highest revenue, accounting for more than two-sevenths share in the global market.
In terms of value, Asia-Pacific and LAMEA collectively contributed more than one fifth share in the global market in 2016. Growth in population, rise in disposable income, and increase in number of retail chains in China, India, and Brazil are expected to drive the growth in these regions.
The key players operating in the global microwavable foods market are McCain Foods, The Kraft Heinz Company, Pinnacle Food Inc., Nestle SA, Kellogg Company, Ajinomoto Windsor, Inc., General Mills Inc., ConAgra Foods, Inc., Unilever Plc, and Campbell Soup Company.