Global Convenience Food Market to Grow at a CAGR of 6.1% During 2024-2032, Driven by the Busy Lifestyles of Working Individuals

Consumers’ busy lifestyles, a growing culture of dine-out, and increasing disposable incomes are positively influencing the convenience food market growth. The Asia Pacific holds a significant share of the market due to the presence of densely populated countries like China and India and its demographic dividend.

The growing female labour force participation in economies like Japan and South Korea is boosting the reliance on ready-to-eat meals. According to the IMF, the female labour force participation rate in Japan rose to 74 per cent in 2022. Traditional Asian foods like dumplings, ramen, and Korean kimchi are gaining popularity worldwide as convenience food options.

Additionally, the demand for vegan and healthy convenience foods is growing in North America and Europe amid the increasing focus on sustainability and health. Plant-based milk substitutes are gaining significant momentum in European countries such as the United Kingdom.

Recent developments in plant-based product ranges by companies like Kraft Heinz (NASDAQ: KHC) and Nestle drive the market growth. For instance, in August 2023, Nestle S.A. (SWX: NESN) expanded its product portfolio by launching its first plant-based storable minced meat that could be easily paired with on-the-go meals like tacos, noodles, and others.

As these products are not frozen, they can be stored at room temperature without refrigeration, which could be beneficial for many consumers across geographies. It also launched Maggie Vegetable Noodles, which include lentils, rice, and vegetable seasoning to offer a quick, nutritious, and delicious meal, in Chile. In China, the company has come up with shelf-stable, ready-to-heat plant-based meal kits that feature local Chinese recipes such as Mala Xiang Guo and Curry Chicken.

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Market Analysis by Product, Type, Distribution Channel, and Region:

• The market, on the basis of product, can be divided into meat, fish and poultry products, cereal based products, and vegetable based products, among others.

• Based on type, the market can be divided into raw food, canned food, frozen food, ready to cook, and ready to eat, among others.

• The various distribution channels for convenience food include supermarkets and hypermarkets, convenience stores, and speciality stores, among others.

• The major regional markets for convenience food include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Consumers’ busy work schedules often lead to time restrictions, boosting the demand for convenience foods.

• Rising disposable income in countries like China and India in the Asia Pacific in and other developing countries like Brazil, South Africa, the Czech Republic, and others is surging consumer spending on convenience food products.

• The growing popularity of vegan or plant-based diets propels manufacturers to expand their plant-based range.

• The increasing demand for clean-label and additive or preservative-free products and food with simple and wholesome ingredients propels the convenience food market expansion.

Key Offerings of the Report:

• The EMR report gives an overview of the global convenience food market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the products, types, distribution channels, and major regions of convenience food.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global convenience food market are Nestlé SA, Associated British Foods plc, The Kraft Heinz Company, McCain Foods Ltd, WH Group Limited., MTR Foods Pvt Ltd., Ajinomoto Co., Inc., Conagra Brands, Inc., Lantmännen ek för, Grupo Bimbo, and JBS, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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