According to the latest report by IMARC Group, 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. Convenience food refers to pre-packaged or processed food products that are designed to be easily and quickly prepared for consumption with minimal effort and time. These foods are intended to provide a convenient solution for individuals who have busy lifestyles, limited cooking skills, or a desire for instant gratification. Convenience foods encompass a wide range of options, including ready-to-eat meals, frozen dinners, canned soups, instant noodles, microwaveable snacks, and pre-cut vegetables. These foods often undergo various levels of processing, which can involve cooking, freezing, drying, and packaging to extend their shelf life and maintain their quality. While convenience foods offer the advantage of saving time and effort, they often come with trade-offs. They might contain higher levels of preservatives, additives, sodium, and sugar to enhance flavor and preservation.
Global Convenience Food Market Trends:
The global market is driven by the increasing demand for ready-to-cook (RTC), evolving consumer lifestyles, urbanization, and changing dietary preferences. Presently, fast-paced world, convenience has become a paramount consideration, and this trend is a key factor propelling the demand for convenience foods. These foods, which include pre-packaged meals, ready-to-eat snacks, and on-the-go beverages, offer time-saving solutions for busy individuals seeking quick and hassle-free meal options. Urbanization has significantly contributed to the expansion of the convenience food market. As more individuals migrate to urban areas in search of better economic opportunities, their daily routines become more hectic, leaving them with limited time for meal preparation. This has led to an increased reliance on convenient and easy-to-consume food products. Moreover, changing dietary habits and a growing focus on health and wellness are also influencing the market. Consumers are now seeking convenience foods that align with their nutritional preferences, such as organic, gluten-free, or low-calorie options. Manufacturers have responded to this demand by innovating and offering healthier versions of convenience foods, thereby augmenting the market growth. The rise of e-commerce and food delivery services has further accelerated the convenience food market. Looking forward, the market value is projected to reach US$ 651.6 Billion by 2028, expanding at a CAGR of 6.08% during 2023-2028.
Based on the type, the market has been segmented into raw food, canned food, frozen food, ready-to-eat, ready-to-cook, and others. Currently, frozen food represents the largest market segment.
On the basis of the product, the market has been divided into meat/poultry, cereal-based, vegetable-based, and other products. Among these, meat/ poultry products exhibit a clear dominance in the market.
Based on the distribution channel, the market has been bifurcated into supermarkets and hypermarkets, convenience stores, specialty stores, and others. Among these, supermarkets and hypermarkets account for the largest market share.
Region-wise, the market has been segmented into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa. Among these, Europe holds the leading position in the market.
The competitive landscape of the market has also been examined, with some of the key players being 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 and Tyson Foods Inc.
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Distribution Channel
||Raw Food, Canned Food, Frozen Food, Ready-To-Eat, Ready-To-Cook, Others
||Meat/Poultry Products, Cereal-based Products, Vegetable-based Products, Others
|Distribution Channels Covered
||Supermarkets and Hypermarkets, Convenience Stores, Specialty Stores, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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., etc.
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