The global demand for Convenience Food is anticipated to rise at a CAGR of 7.2%. The market revenue is likely to be valued at USD 591.5 million in 2022 and exhibit a revenue growth of USD 1,138.8 million by 2033.
The variety of convenience food options on the market could spark customer interest and increase demand, which is anticipated to fuel the convenience food market share. However, the demand for natural and fresh foods is expected to impede market expansion significantly.
On the other hand, enhancing the quality and diversity of convenience food products by drawing inspiration from popular cuisines would probably open up profitable chances for the market's expansion.
| Attribute | Details |
|---|---|
| Convenience Food Market Value (2023) | USD 591.5 million |
| Convenience Food Market Anticipated Value (2033) | USD 1,138.8 million |
| Convenience Food Projected Growth Rate (2032) | 7.2% |
As more people move into cities, consumer tastes are changing and evolving, fueling the expansion of the retail sector for convenience foods. Similarly, innovative goods made with natural components, organic foods, and packaging advancements are projected to be key trends driving market expansion.
One result of digitization's expansion is that individuals are adopting sedentary lifestyles. This is due to people's heavy reliance on their mobile gadgets. It is predicted that this factor is likely to increase demand for convenience foods.
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High disposable income and improving consumer lifestyle are further expected to surge the demand for convenience food, as ready-to-eat meals have a higher cost. The growing millennial population is adopting the trend of indulging in convenience food due to long working hours.
Likewise, the instant and uncomplicated preparation of convenience foods is likely to drive consumer demand. Critical times, such as a pandemic, are likely to drive convenience food demands, as grocery stores and supermarkets remain on lockdown.
The retail landscape's rising advancement stimulates the availability of a wide assortment of convenience foods.
The lack of suitable preparation, storing, and bundling facilities is one of the major issues that the convenience food retail sector overlooks, but it frequently poses risks to its expansion.
A significant obstacle to expanding the convenience food market size is anticipated to be the high expenses related to the ongoing upkeep and temperature monitoring necessary to store these goods.
There may be side effects on consuming the preservatives present in convenience foods to prolong their shelf life. This factor, and the strict regulations imposed on the marketing and selling of convenience foods, are expected to impede the market growth.
On the contrary, the demand for different types of cuisines in the form of ready-to-eat meals allows manufacturers to expand their product portfolio with innovations.
Certain companies are issuing pre-planned meals with recipes growing in popularity, especially due to influencer endorsements. This method can be adopted by other market players and is expected to drive convenience food sales.
Europe holds the largest share of the convenience foods market, with significant revenue of 40.5%.
Consumers in this area have busy lives and less time to prepare food, which is the main factor for the region's growth. Due to this lifestyle, there is an increase in the use of frozen, canned, and dried goods, which causes people in this region to change their preferences.
With revenue of 33.8%, North America is the second largest convenience food market.
This is owing to the presence of large market players in this region. Increasing demand for ready-to-eat food, such as frozen pizza and handheld breakfast, is estimated to accelerate the convenience food market growth. This is attributed to these products high quality and freshness, being sold at a lower cost.
Store-bought frozen or microwave convenience meals generally lack personalization and nutritional value. These food items, however, provide an easy solution to individuals who lack the skill or time to cook elaborate dishes.
According to consumers ' feedback, manufacturers and start-up companies are honing in on several factors, such as allergies and dietary restrictions, trendy snacks, food safety, recyclable packaging, etc.
Hometaste - This Malaysian start-up offers home-cooked convenience meals. The start-up connects with home chefs that cook extra portions of their food and provide it to consumers. In addition, all meals utilize natural ingredients, often bought locally on the cooking day. The trained chefs have all undergone typhoid injections to additionally ensure food hygiene.
Deliciously Clean Eats - This Australian start-up offers customized convenience meals. The start-up allows for a custom selection of food items, accounting for particular dietary restrictions and requirements. The start-up cooks these dietitian-approved meals using fresh ingredients. Deliciously Clean Eats also provides packaging, cutlery, and food, promoting ease of access.
Fresh Meal - A USA-based start-up develops convenience meals using local ingredients. The start-up offers a selection of healthy, balanced meals and its delivery service. The meals are fit for refrigeration and subsequent re-heating using a microwave. The start-up sources all ingredients locally and supports local businesses.
Mosaic - It is a USA-based start-up that provides microwave-ready convenience foods. The veggie bowls that the start-up offers use fresh ingredients suitable for vegans. The meals are hand-cooked and are microwave-ready in 5 minutes. The products adhere to clean-label standards and contain over 20 grams of plant protein. Thus, consumers with packed schedules avail of healthy alternatives to eating fast food.
Malferida - It is a Spanish start-up that offers organic beverages. Malferida is a cola drink that is organic, sugar-free, and utilizes natural caffeine. The drink is suitable for diabetics, vegans, and celiacs. It consists of stevia, a natural sweetener known for its synergy with the gastrointestinal tract. In addition, the drink comes in recyclable packaging and is environmentally friendly.
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Key companies focus on producing sustainable and durable food products due to the growing consumption of convenience food. Top global food and beverages industry manufacturers are dedicating a division towards producing these products.
Major players, including General Mills Inc., ConAgra Foods Inc., and Amy's Kitchen Inc., offer various products and play a significant role in export in several regions.
Some of the Recent Developments in the Convenience Food Market are:
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 7.2% from 2023 to 2033 |
| The base year for estimation | 2022 |
| Historical data | 2017 to 2022 |
| Forecast period | 2023 to 2033 |
| Quantitative units | Revenue in USD million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors and trends, Pricing Analysis, |
| Segments Covered | Type, Distribution Channels, Region |
| Regional scope |
North America; Western Europe; Eastern Europe; Middle East; Africa; ASIAN; South Asia; Rest of Asia; Australia; New Zealand |
| Country scope | USA; Canada; Mexico; Germany; United Kingdom; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; United Arab Emirates; Iran; South Africa |
| Key companies profiled |
Amy' s Kitchen Inc.; Cargill Incorporated; ConAgra Foods Inc.; General Mills Inc.; Tyson Foods Inc; Mondelez International Inc.; Kraft Foods Group Inc.; W.H. Group; MTR Foods Pvt. Ltd.; Bakkavor Group plc; Associated British Foods plc; McCain Foods Limited; Ajinomoto Foods N.A.; Vandemoortele N.V.; LantmännenUnibake; Nestlé S.A.; EUROPASTRY S.A.; Grupo Bimbo; JBS Foods; Omar International Pvt. Ltd. |
| Customization scope | Free report customization (equivalent to 8 analysts' working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The convenience food market reached USD 591.5 million in 2023.
Hometaste, Fresh Meal, and Mosaic lead the market.
Frozen foods dominate the market and will stay preferred through 2033.
Companies use recyclable packaging and ensure food safety.
India, Japan, and China dominate the market in Asia.
| Estimated Market Size (2024E) | USD 54.3 billion |
|---|---|
| Projected Market Value (2034F) | USD 76.5 billion |
| Value-based CAGR (2024 to 2034) | 3.5% |
| Estimated Industry Size (2024E) | USD 1,835.8 million |
|---|---|
| Projected Industry Value (2034F) | USD 3,679.4 million |
| Value-based CAGR (2024 to 2034) | 7.2% |
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