Convenience Food Market Demand, Drivers and Opportunities 2024-2030

Global Convenience Food Market Overview and Insights:

Convenience Food Market research is an ongoing process. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.

What is the Future Market Size of the Convenience Food Industry and its Yearly Growth Rate?

The Global Convenience Food Market size was valued at around USD 528 billion in 2023 and is expected to reach around USD 852.6 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 7.45% during the forecast period, i.e. 2024-2030. The market has been developing fairly due to shifts in lifestyles, stressful schedules, expedited urbanization, an on-the-move mentality, and expanded ranges of disposable earnings. In addition, the convenience food industry has been boosted via technological improvements in food preservation and packaging. These advancements enhance the product quality and shelf life of convenience foods, making them more appealing to customers. Hence, as the lifestyle of consumers changes in developing regions, there is anticipated to be significant growth in the demand for packaged and processed food in the coming years.

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Who are the Main Competitors Driving the Global Convenience Food Market Forward?

The prominent players essentially operating in the Convenience Food Market are as follows:

Ajinomoto Co., Inc.
Amy's Kitchen, Inc.
Cargill, Incorporated
General Mills, Inc.
McCain Foods Limited
MTR Foods Pvt. Ltd. (Orkla ASA)
Nestlé SA
Tyson Foods Inc.
Associated British Foods plc
Grupo Bimbo
JBS Foods
Europastry S.A.
Bakkavor Group plc
Mosaic Foods
Mondelēz International
Kraft Heinz
Others

What are the key Drivers Defining the Global Convenience Food Market Size?

Rapidly Changing Consumer Lifestyles Driving Inclination Toward Frozen Food Beverages – There has been a rapid growth in the demand for frozen food and beverages, which is significantly fueling the expansion of the convenience food industry. This synergy has been attributed to numerous key factors. The frozen food and beverage sector is experiencing higher demand due to changing buyers' preferences lifestyles. They provide the dual benefits of ease of instruction and prolonged shelf existence, catering to the demands of time-strapped consumers. Additionally, frozen foods align seamlessly with these trends, providing convenient, ready-to-eat, or easy-to-prepare meal options. They offer a practical solution for individuals and families seeking quick, hassle-free dining choices in the packaged food segment, which has further boosted their demand.

Further, several health-conscious consumers are also contributing to this market growth, seeking out packaged options that provide nutritional value rather than fast food choices. This increasing preference for frozen packaged foods and beverages is driving substantial growth in the market, encouraging companies to innovate and expand their product offerings to meet diverse consumer needs. For instance,

In 2024, Nestle announced its plans to launch a new frozen food range, i.e., Vital Pursuit, which would be designed specifically for consumers relying on GLP-1 medications like Wegovy, Ozempic, etc.

Furthermore, the packaged food industry's robust distribution networks and marketing strategies make it easier for frozen food products to reach a broader consumer base. These efforts have been driving the market growth of frozen convenience food items, which is anticipated to improve in the upcoming years as well.

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What is the Segmentation of the Global Convenience Food Market?

The Convenience Food market covered in this report is segmented –

By Type
- Ready-to-Eat Food- Market Size Forecast 2019-2030, (USD Million)
- Chilled Food- Market Size Forecast 2019-2030, (USD Million)
- Canned Food- Market Size Forecast 2019-2030, (USD Million)
- Frozen Food- Market Size Forecast 2019-2030, (USD Million)
- Others (Beverages, Ready-to-Cook Food, etc.)- Market Size Forecast 2019-2030, (USD Million)

The frozen food segment accounts for the majority of the market share in the Global Convenience Food Market, offering a variety of products like fruits and veggies, pizzas, and desserts.

By Product
- Meat/Poultry Products- Market Size Forecast 2019-2030, (USD Million)
- Cereal-based Products- Market Size Forecast 2019-2030, (USD Million)
- Vegetable/Fruit-based Products- Market Size Forecast 2019-2030, (USD Million)
- Others (Dairy-based, Fish and Seafood, etc.)- Market Size Forecast 2019-2030, (USD Million)
By Distribution Channel
- Offline Retail- Market Size Forecast 2019-2030, (USD Million)
  - Supermarkets/Hypermarkets- Market Size Forecast 2019-2030, (USD Million)
  - Departmental Stores- Market Size Forecast 2019-2030, (USD Million)
  - Specialty Stores- Market Size Forecast 2019-2030, (USD Million)
  - Convenience Stores- Market Size Forecast 2019-2030, (USD Million)
  - Others (Mom Pop Shops, Discount Stores, etc.)- Market Size Forecast 2019-2030, (USD Million)
- Online Retail- Market Size Forecast 2019-2030, (USD Million)
By Region
- North America
- South America
- Europe
- The Middle East Africa
- Asia-Pacific

Key Questions Answered in the Research Report

What is the predicted Convenience Food market size and growth rate for the years 2024-30?
What challenges are restricting the growth of the Convenience Food market?
Which segment accounted for the largest market share in the Convenience Food market?
Which prominent companies are leading growth in the Convenience Food market?
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How long does it take for customers to receive the reports provided by Markntel Advisors?
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