Global Microwavable Foods Market is Expected to Grow at a CAGR of 4.8% During 2021-2026, Driven by Rising Demand for RTE Food Products

The market for microwavable foods is being driven by the rising demand for tasteful food items, which are resulting in the growing demand for RTE food products across the globe. The market is further aided by the growing need for delicious food in less time, due to the changing lifestyles and working schedules. Moreover, the frozen microwavable food is widely preferred across the globe for its enhanced nutritional benefits and taste, such as fresh foods. In addition, frozen microwavable foods are meeting the new age demands of dynamic consumers who demand healthier meals without compromising on the taste that too without any hassle. Additionally, the market is undergoing a continual R&D activities, which help improve the existing products and help provide a better quality product, further boosting the market growth of microwavable foods.

One of the key industry players in the market is Kellogg Company (NYSE: K). The company has witnessed household penetration and repeat sales rates for RTE cereal over the past several months of the year 2020, as a result of shifting patterns of consumption of consumers in relation to the coronavirus (COVID-19) pandemic. Consumers are rediscovering RTE cereal category and coming back to it now. The growing brand awareness as a result of dynamic marketing strategies is expected to influence the market positively.

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

• The microwavable foods industry, on the basis of product type, is divided into chilled food, frozen food, and shelf stable.
• Based on packaging type, the industry is segmented into trays, folding cartons, cups, tubs, and bowls, bags and pouches, sleeves, among others.
• On the basis of distribution channel, the industry is categorised into hypermarket and supermarket, convenience store, online, among others.
• Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of The Report:

• The global microwavable foods industry is driven by the inflating disposable income of the population across the globe.
• The market is further being driven by the growing urban population prompting the rise in demand for convenience foods.
• Further, certain factors like the increase in the nuclear activities, enhancing standard of living, rise in the women work force, and swift growth in the number of large retail chains are supporting the market growth of microwavable foods.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for microwavable foods for the periods (2016-2020) and (2021-2026).
• The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the product types, packaging types, distribution channels, and major regions of microwavable foods. 
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

McCain Foods, Nestlé SA, Kellogg Company, Ajinomoto Windsor, Inc., and General Mills Inc., among others, are the key players in the global microwavable foods market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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