Market Snapshot:
Food which is prepared with the help of microwave oven is known as microwavable food. It requires minimal preparation time. These foods are more nutritional, as cooking does not involve added fats. It includes various varieties of foods that can be listed as shelf stable, chilled, frozen meals and soups. As convenient preparation and comparatively healthy , microwavable food is gaining attraction in the market. Increasing number of working women driving the overall growth of the market. Additionally, improve in standard of living in emerging economies and increasing disposal income, rising nuclear family are the factors for boosting the growth of the market. Moreover, hidden hazardous present in the microwaveable food and negative perception about microwavable food is creating negative impact on the market which is directly limiting the growth of the market.The research analyst at AMA estimates Microwavable Food market to grow at a compounded annual growth rate of 4.72%, currently pegged at USD104.87 Billion.
Segment Analysis
AMA Research have segmented the market of Global Microwavable Food market by Type, Application and Region. On the basis of Type, Frozen Microwavable Food are dominating the market in the year 2020
On the basis of geography, the market of Microwavable Food has been segmented into Americas (North America, South America), North America (United States, Canada, Mexico), Asia Pacific (China, Japan, India, South Korea, Taiwan, Rest of Asia-Pacific), Europe (Germany, France, Italy, UK, Netherlands, Rest of Europe), MEA (Middle East, Africa). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Trend
Increased popularity of microwavable packaged snacks and meals and Innovations in microwave packaging
Market Drivers
Growing number of working women, Increased disposable income and Growing value of convenience and ease of preparation
Opportunities
Adoption of Online Food Delivery and Continuous Development in freezing technologies
Restraints
- Rising health concern among the population owing to the less nutritional shelf-stable, frozen, and chilled foods
- Strict government regulations
In addition to the aforementioned factor, Growing number of working women
is expected to propel the growth of the market over the forecast period.
Competitive Landscape
Maintaining product uniqueness, proper promotion & advertising, making agreements with logistics links, making alliances with key market players are the strategies followed by the players to increase their business
The key Vendors profiled in the study are Campbell Soup Company (U.S.), General Mills Inc. (U.S.), Conagra Brands, Inc. (U.S.), Charoen Pokphand Foods PCL (Thailand), The Kraft Heinz Company (U.S.), Nestle (Switzerland), McCain Foods (Canada) and Ajinomoto Foods North America (U.S.). A lot of United States players are profiled in the research study indicating a strong market dependence.