Market Research Report
Global Convenience Food Market - 2020-2027
|Published by||DataM Intelligence||Product code||955723|
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|Global Convenience Food Market - 2020-2027|
|Published: Pre-Order||Content info:||
Convenience food is usually a full meal which is prepared commercially for ease of consumption. Due to lack of cooking ability and long working hours, people are drawn towards processed foods. Changing customer trends have also led to the growth of the convenience food retail industry as people migrate to urban areas. Innovative products in natural ingredients, convenience, and organic foods and advances in packaging development areas are expected to provide the sector with a potential growth opportunity. The global Convenience Food market valued USD XX billion in 2019 and is estimated to reach USD XX billion by 2027, at a CAGR of XX%
The rapid urbanization, improving consumer lifestyle, high disposable income, are increasing demand for on the go convenience foods. In addition, factors such as, growing millennial population, increasing population of working women, busy work schedules, and on-the-go consumption habits are expected to fuel revenue growth of the global convenience food products. Also, consumer preferences for nutritious and convenient food and increase in disposable income coupled with the rising demand for snacks and fried food products are expected to further boost the demand for convenience food market. However, health concerns associated with pre-processed dairy products, degraded taste and shift towards healthier lifestyle is hindering the market growth.
The global convenience food market is segmented by packaging into frozen, canned, chilled, ready-to-eat foods. Ready-to- eat foods is by far the largest segment holding about XX% of the global market. Ready-to-eat foods are known to be the best alternative to traditional foods that can be eaten at any time (such as breakfast, lunch, or dinner). Young consumers spend the bulk of their earnings on convenient ready-to - eat food. Young consumers are the best targets for giants that manufacture ready-to - eat food. The level of convenience of those products helps to increase overall consumer demand worldwide
By geography, North America is the largest market for convenience food market with a share of nearly XX% in global sales value in 2019. The primary factor behind this region's dominance is attributed to the wide concentration of convenience food manufacturers in North America including Nomad Foods Ltd., Mondelez International and Tyson Foods, Inc. among others.
The global convenience food market is consolidated with top 5 companies accounting for over 50% of global sales. Tyson Foods Inc, Mondelez International Inc, General Mills, Kraft Food Group Inc, WH Group, are dominating the global Convenience Food market. These companies have used various strategies such as expansions, new product launches, agreements, partnerships, joint ventures, acquisitions, and others to increase their footprints in this market. For instance, Nomad Foods acquired Aunt Bessie Limited (U.K.) from William Jackson & Son Limited (U.K.). This acquisition helped the company further develop its portfolio in the UK with strong brand positioning and market leadership in frozen roast potatoes and frozen Yorkshire puddings.