PUBLISHER: Renub Research | PRODUCT CODE: 1484131
PUBLISHER: Renub Research | PRODUCT CODE: 1484131
Convenience Food Market Report by Type (Ready-to-eat, Frozen Food), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, Others), Countries and Company Analysis 2024- 2032
Global Convenience Food Market was priced at US$ 511.57 Billion in 2023. Renub Research forecasts a 6.13% CAGR from 2024 to 2032. The market is predicted to be priced at US$ 873.87 Billion by 2032.
The creation of convenience foods was intended to simplify our lives. They allow us to grab pre-prepared items while on the road and reduce the time we spend preparing at home. Even though they are not typically considered "healthy," the wide variety of readily available convenient foods is changing that. Food labeled "tertiary processed food," or convenience food, has undergone further processing to render it more palatable. The meal could have been thoroughly cooked into a salad, sandwich, or ready-to-eat meal. As an alternative, it might be a food that is easy to eat outdoors, such as cheese, cold cuts, chocolate bars, or fruit.
Global Convenience Food Market Trends
- Swift urbanization coupled with increasing disposable income
The worldwide convenience food market is driven by increased disposable income and rapid urbanization. According to the World Bank, 4.4 billion people live in cities, or 56% of the world's population. By 2050, the population of metropolitan areas is anticipated to have doubled from its current level. Almost seven out of ten individuals will reside in the towns by this time. Since cities create more than 80% of the world's GDP, well-managed urbanization can promote sustainable growth by boosting productivity and creativity. This fuels the market for ready-to-eat substitutes. Clients with more disposable income can choose convenient, tasty options. The convenience food market grows as a result.
- Diversity and creativity
Convenience food sales are driven by innovation and variety, while consumer preferences shape packaging trends. 82% of respondents in the 2023 Buying Green Report said they would be willing to pay extra for sustainable packaging, an increase of 4 points from 2022 and 8 points from 2021. Younger consumers (18-24-year-olds) are even more receptive and leading at 90%. 71% of buyers actively select products based on the packaging's sustainability. Manufacturers are driven to innovate continuously as consumer preferences for convenience expand and demand for a wide range of solutions rises. For instance, pasta producers who previously exclusively offered dry goods are now beginning to offer fresh pasta. Various bowls, salad mixes, oven bowls, sandwiches, wraps, sushi, and ready meals are available daily. This trend is further fueled by globalization as people want a variety of cuisines in easily accessible formats.
- Expansion of online commerce
One major factor driving the global convenience food market is the exponential growth of e-commerce. According to a UNCTAD survey, most product categories have shown an increase in online purchases of between six and ten percentage points. There were 268 million American internet shoppers in 2022. Customers can now easily access various convenience foods thanks to the growth of online platforms and apps. This especially appeals to busy people looking for answers regarding enough meals. More than 2.85 billion individuals, or 350 million more than a year ago, would use online meal delivery services in 2023, according to research provided by TradingPlatforms. Comfort food manufacturers can reach a wider audience through e-trade than traditional retail. Technological advancements in transportation and logistics increase the advantages of online grocery shopping.
Ready-to-eat foods are crucial components of the market
Due to their various minor and enormous ambitions, humans require more time. Food prepared, cooked, and packaged ahead of time so consumers can enjoy it without requiring extensive cooking times or preparation is theoretically defined as ready-to-eat. Specially packaged foods have become more of a priority for businesses, catering to a wide range of age groups, from finicky children to parents who work from home and senior citizens. While considering consumer trends and desires, there is something for everyone. This is driving the convenience food sector worldwide.
Asia-Pacific convenience food market
Convenience food consumption and innovation dominate the market in the Asia-Pacific area. Fast-paced life and urbanization in crowded Asian cities increase the demand for quick meal solutions. The vital findings of a report by four United Nations agencies show that nearly 55% of the region's population is anticipated to live in urban areas by 2030. Professionals and college students who face time constraints are increasingly depending on convenience foods. There is a trend of fitness and convenience meeting, with consumers prioritizing nutritious but handy options. This will increase demand for easy, ready-to-heat food, including vegan or gluten-free choices. In February 2022, VegaBytz added a 100% vegan meat product in India. All meat, chicken, tuna-ready meals, and curry products through VegaBytz are vegan and crafted solely from plants.
The thriving e-commerce in Asia enables the direct delivery of convenience food. Regional influences define the Asia-Pacific market. East Asia (China, Japan, and South Korea) emphasizes freshness, with improvements in microwave-friendly food and various flavors, including kimchi and sushi. Southeast Asia (Indonesia, Thailand, and Vietnam) favors ambitious flavors, with single-serve packaging inspired by street foods like Pad Thai and Pho.
Global Convenience Food Company News
The critical global convenience food market companies are General Mills Inc., Conagra Brands, Nestle S.A., Hormel Foods, Unilever PLC, The Kraft Heinz Company, Nomad Foods Ltd, and B&G Foods, Inc.
- In March 2024 - BigBasket, the grocery e-tailer, collaborates with chef Sanjeev Kapoor to launch a new frozen food brand called Precia. Precia offers three product categories: frozen veggies, nibbles, and sweets.
- In October 2023 - Amy's Kitchen unveiled ""Family Size Entrees"" in response to shifting consumer preferences, especially among busy families, and in line with trends in the frozen food industry. This launch highlights the meals and focuses on packaging design and convenience. Given hectic schedules, families are searching for convenient, wholesome meal options, a need Amy's Kitchen meets with its range of frozen meals tailored for the entire family.
- In July 2023 - Conagra Brands Inc. unveiled a summer lineup of diverse frozen products, catering to various consumer tastes and lifestyles with multiple brands, entrees, flavors, and price points.
- In June 2023 - The Nestle and PAI Partners joint venture aims to revitalize and develop Nestle's European frozen pizza business, highlighting adaptability to evolving consumer preferences and market trends in the dynamic food industry.
- In April 2022 - Prasuma expanded its frozen food portfolio with the introduction of new products, which are now accessible in all 70 cities through partner retail outlets such as Meatigo.com, Walmart, Nature's Basket, and Swiggy Instamart.
Type - Market breakup in 2 viewpoints:
1. Ready-to-eat
2. Frozen food
Distribution Channel - Market breakup in 4 viewpoints:
1. Supermarkets & Hypermarkets
2. Convenience Stores
3. Online Retail
4. Others
Country - Market breakup of 25 Countries:
1. North America
- 1.1 United States
- 1.2 Canada
2. Europe
- 2.1 France
- 2.2 Germany
- 2.3 Italy
- 2.4 Spain
- 2.5 United Kingdom
- 2.6 Belgium
- 2.7 Netherland
- 2.8 Turkey
3. Asia Pacific
- 3.1 China
- 3.2 Japan
- 3.3 India
- 3.4 South Korea
- 3.5 Thailand
- 3.6 Malaysia
- 3.7 Indonesia
- 3.8 Australia
- 3.9 New Zealand
4. Latin America
- 4.1 Brazil
- 4.2 Mexico
- 4.3 Argentina
5. Middle East & Africa
- 5.1 Saudi Arabia
- 5.2 UAE
- 5.3 South Africa
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. General Mills Inc.
2. Conagra Brands
3. Nestle S.A.
4. Hormel Foods
5. Unilever PLC
6. The Kraft Heinz Company
7. Nomad Foods Ltd
8. B&G Foods, Inc.
Table of Contents
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
- 4.1 Growth Drivers
- 4.2 Challenges
5. Global Convenience Food Market
6. Global Convenience Food - Market Share Analysis
- 6.1 By Type
- 6.2 By Distribution Channel
- 6.3 By Countries
7. Product - Global Convenience Food Market
- 7.1 Ready-to-eat
- 7.2 Frozen food
8. Distribution Channel - Global Convenience Food Market
- 8.1 Supermarkets & Hypermarkets
- 8.2 Convenience Stores
- 8.3 Online Retail
- 8.4 Others
9. Countries - Global Convenience Food Market
- 9.1 North America
- 9.1.1 United States
- 9.1.2 Canada
- 9.2 Europe
- 9.2.1 France
- 9.2.2 Germany
- 9.2.3 Italy
- 9.2.4 Spain
- 9.2.5 United Kingdom
- 9.2.6 Belgium
- 9.2.7 Netherland
- 9.2.8 Turkey
- 9.3 Asia Pacific
- 9.3.1 China
- 9.3.2 Japan
- 9.3.3 India
- 9.3.4 South Korea
- 9.3.5 Thailand
- 9.3.6 Malaysia
- 9.3.7 Indonesia
- 9.3.8 Australia
- 9.3.9 New Zealand
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.2 Mexico
- 9.4.3 Argentina
- 9.5 Middle East & Africa
- 9.5.1 Saudi Arabia
- 9.5.2 UAE
- 9.5.3 South Africa
10. Porter's Five Forces Analysis - Global Convenience Food Market
- 10.1 Bargaining Power of Buyers
- 10.2 Bargaining Power of Suppliers
- 10.3 Degree of Rivalry
- 10.4 Threat of New Entrants
- 10.5 Threat of Substitutes
11. SWOT Analysis - Global Convenience Food Market
- 11.1 Strength
- 11.2 Weakness
- 11.3 Opportunity
- 11.4 Threat
12. Key Players
- 12.1 General Mills Inc.
- 12.1.1 Overview
- 12.1.2 Recent Development
- 12.1.3 Revenue Analysis
- 12.2 Conagra Brands
- 12.2.1 Overview
- 12.2.2 Recent Development
- 12.2.3 Revenue Analysis
- 12.3 Nestle S.A.
- 12.3.1 Overview
- 12.3.2 Recent Development
- 12.3.3 Revenue Analysis
- 12.4 Hormel Foods
- 12.4.1 Overview
- 12.4.2 Recent Development
- 12.4.3 Revenue Analysis
- 12.5 Unilever PLC
- 12.5.1 Overview
- 12.5.2 Recent Development
- 12.5.3 Revenue Analysis
- 12.6 The Kraft Heinz Company
- 12.6.1 Overview
- 12.6.2 Recent Development
- 12.6.3 Revenue Analysis
- 12.7 Nomad Foods Ltd
- 12.7.1 Overview
- 12.7.2 Recent Development
- 12.7.3 Revenue Analysis
- 12.8 B&G Foods, Inc.
- 12.8.1 Overview
- 12.8.2 Recent Development
- 12.8.3 Revenue Analysis
List of Figures
- Figure-01: Global - Convenience Food Market (Billion US$), 2019 - 2023
- Figure-02: Global - Forecast for Convenience Food Market (Billion US$), 2024 - 2032
- Figure-03: Product - Ready-to-eat Market (Million US$), 2019 - 2023
- Figure-04: Product - Forecast for Ready-to-eat Market (Million US$), 2024 - 2032
- Figure-05: Product - Frozen food Market (Million US$), 2019 - 2023
- Figure-06: Product - Forecast for Frozen food Market (Million US$), 2024 - 2032
- Figure-07: Distribution Channel - Supermarkets & Hypermarkets Market (Million US$), 2019 - 2023
- Figure-08: Distribution Channel - Forecast for Supermarkets & Hypermarkets Market (Million US$), 2024 - 2032
- Figure-09: Distribution Channel - Convenience Stores Market (Million US$), 2019 - 2023
- Figure-10: Distribution Channel - Forecast for Convenience Stores Market (Million US$), 2024 - 2032
- Figure-11: Distribution Channel - Online Retail Market (Million US$), 2019 - 2023
- Figure-12: Distribution Channel - Forecast for Online Retail Market (Million US$), 2024 - 2032
- Figure-13: Distribution Channel - Others Market (Million US$), 2019 - 2023
- Figure-14: Distribution Channel - Forecast for Others Market (Million US$), 2024 - 2032
- Figure-15: United States - Convenience Food Market (Million US$), 2019 - 2023
- Figure-16: United States - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-17: Canada - Convenience Food Market (Million US$), 2019 - 2023
- Figure-18: Canada - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-19: France - Convenience Food Market (Million US$), 2019 - 2023
- Figure-20: France - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-21: Germany - Convenience Food Market (Million US$), 2019 - 2023
- Figure-22: Germany - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-23: Italy - Convenience Food Market (Million US$), 2019 - 2023
- Figure-24: Italy - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-25: Spain - Convenience Food Market (Million US$), 2019 - 2023
- Figure-26: Spain - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-27: United Kingdom - Convenience Food Market (Million US$), 2019 - 2023
- Figure-28: United Kingdom - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-29: Belgium - Convenience Food Market (Million US$), 2019 - 2023
- Figure-30: Belgium - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-31: Netherland - Convenience Food Market (Million US$), 2019 - 2023
- Figure-32: Netherland - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-33: Turkey - Convenience Food Market (Million US$), 2019 - 2023
- Figure-34: Turkey - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-35: China - Convenience Food Market (Million US$), 2019 - 2023
- Figure-36: China - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-37: Japan - Convenience Food Market (Million US$), 2019 - 2023
- Figure-38: Japan - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-39: India - Convenience Food Market (Million US$), 2019 - 2023
- Figure-40: India - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-41: South Korea - Convenience Food Market (Million US$), 2019 - 2023
- Figure-42: South Korea - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-43: Thailand - Convenience Food Market (Million US$), 2019 - 2023
- Figure-44: Thailand - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-45: Malaysia - Convenience Food Market (Million US$), 2019 - 2023
- Figure-46: Malaysia - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-47: Indonesia - Convenience Food Market (Million US$), 2019 - 2023
- Figure-48: Indonesia - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-49: Australia - Convenience Food Market (Million US$), 2019 - 2023
- Figure-50: Australia - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-51: New Zealand - Convenience Food Market (Million US$), 2019 - 2023
- Figure-52: New Zealand - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-53: Brazil - Convenience Food Market (Million US$), 2019 - 2023
- Figure-54: Brazil - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-55: Mexico - Convenience Food Market (Million US$), 2019 - 2023
- Figure-56: Mexico - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-57: Argentina - Convenience Food Market (Million US$), 2019 - 2023
- Figure-58: Argentina - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-59: Saudi Arabia - Convenience Food Market (Million US$), 2019 - 2023
- Figure-60: Saudi Arabia - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-61: UAE - Convenience Food Market (Million US$), 2019 - 2023
- Figure-62: UAE - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-63: South Africa - Convenience Food Market (Million US$), 2019 - 2023
- Figure-64: South Africa - Forecast for Convenience Food Market (Million US$), 2024 - 2032
- Figure-65: General Mills Inc. - Global Revenue (Million US$), 2019 - 2023
- Figure-66: General Mills Inc. - Forecast for Global Revenue (Million US$), 2024 - 2032
- Figure-67: Conagra Brands - Global Revenue (Million US$), 2019 - 2023
- Figure-68: Conagra Brands - Forecast for Global Revenue (Million US$), 2024 - 2032
- Figure-69: Nestle S.A. - Global Revenue (Million US$), 2019 - 2023
- Figure-70: Nestle S.A. - Forecast for Global Revenue (Million US$), 2024 - 2032
- Figure-71: Hormel Foods - Global Revenue (Million US$), 2019 - 2023
- Figure-72: Hormel Foods - Forecast for Global Revenue (Million US$), 2024 - 2032
- Figure-73: Unilever PLC - Global Revenue (Million US$), 2019 - 2023
- Figure-74: Unilever PLC - Forecast for Global Revenue (Million US$), 2024 - 2032
- Figure-75: The Kraft Heinz Company - Global Revenue (Million US$), 2019 - 2023
- Figure-76: The Kraft Heinz Company - Forecast for Global Revenue (Million US$), 2024 - 2032
- Figure-77: Nomad Foods Ltd - Global Revenue (Million US$), 2019 - 2023
- Figure-78: Nomad Foods Ltd - Forecast for Global Revenue (Million US$), 2024 - 2032
- Figure-79: B&G Foods, Inc. - Global Revenue (Million US$), 2019 - 2023
- Figure-80: B&G Foods, Inc. - Forecast for Global Revenue (Million US$), 2024 - 2032
List of Tables
- Table-01: Global - Convenience Food Market Share by Type (Percent), 2019 - 2023
- Table-02: Global - Forecast for Convenience Food Market Share by Type (Percent), 2024 - 2032
- Table-03: Global - Convenience Food Market Share by Distribution Channel (Percent), 2019 - 2023
- Table-04: Global - Forecast for Convenience Food Market Share by Distribution Channel (Percent), 2024 - 2032
- Table-05: Global - Convenience Food Market Share by Countries (Percent), 2019 - 2023
- Table-06: Global - Forecast for Convenience Food Market Share by Countries (Percent), 2024 - 2032
