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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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.
|Scope of the Report
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Product
|Breakup by Type
|Breakup by Distribution Channel
|Breakup by Region
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