Convenience Food Retail Market Overview
The global convenience food retail market is estimated to surpass $1,128.6 billion by 2025, growing at a CAGR of 4.49% during the forecast period 2018–2025. The market is driven by the increase in working population and busy lifestyle of people across various regions. The ongoing trend towards the expansion of retail chains across the globe, particularly in Europe and Asia-Pacific, is also contributing to the overall industry growth.
Convenience Food Retail Market Outlook
Convenience food is typically a complete meal that is commercially prepared for ease of consumption. People are attracted towards convenience foods owing to the lack of cooking skills and long working hours. Changing consumer demographics, as people move to urban areas, have also contributed to the growth of the convenience food retail market. The global packaged and processed food industry is estimated to witness significant growth in the next few years owing to the changing consumer lifestyle and rising demands from developing regions.
According to IndustryARC findings, Asia-Pacific dominated the convenience food retail market in 2017. The growing demand for healthy and ready-to-eat foods across the globe has also increased the penetration of convenience foods in emerging economies of Latin America, and the Middle East.
Convenience Food Retail Market Growth Drivers
The driving factors such as increased female participation in the workforce, more use of household technologies, and rising consumer income is boosting the growth of the convenience food retail market. The global packaged and processed food industry is estimated to witness significant growth in the next few years as these foods are easy and quick to make. The quality and variety of convenience foods is also getting better. The rapidly growing urban population is set to impact the industry significantly. The increase in the number of convenience food sales outlets on driveways, fuel stations, and commercial locations is fuelling the growth of the convenience food retail market as it has facilitated the availability of convenience foods to the target consumers.
Convenience Food Retail Market Challenges
One of the major challenges faced by the market is the lack of proper storage, processing, and precise packaging, which is a threat to frozen and chilled foods. The rising number of stringent regulations is also a constraint to the convenience food retail market. The regulations are getting stricter and companies are finding difficult to cope with the changing scenario. As people are becoming more aware of the side effects of preservatives, they are becoming more conservative in consuming these convenience food products. This might eventually lead to the decline of the convenience food retail market.
Convenience Food Retail Market Research Scope
The base year of the study is 2016, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the products in convenience food retail market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of convenience food products in the convenience food retail market, and their specific distribution channels.
Convenience Food Retail Market Report: Industry Coverage
Types of Foods in Convenience Food Retail Market: Frozen, Canned/Bagged, Ready to Eat, Cook – Chill Foods, Dehydrated, and Others.
Product Types in Convenience Food Retail Market: Bakery & Confectionery, Meat Products, Fast Food, Premade Salads, Wraps and Sandwiches, Meals, Sushi, Fish and Seafood, and Others.
Distribution Channels in Convenience Food Retail Market: Bakery & Confectionery, Hypermarkets, Supermarkets, Discount Stores, Convenience Stores, Gas Stations, and Others.
Convenience food retail market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, and Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, and Costa Rica
- Europe: The U.K., Germany, Italy, France, Poland, Sweden, Norway, Czech Republic, Denmark, Slovakia, and Others.
- APAC: China, Japan, India, Australia and New Zealand, and Others.
- RoW: The Middle East, South America, and Africa.
Convenience Food Retail Market Key Players Perspective
Some of the key players mentioned in this report are Nestle S.A., Pepsico Inc., Mondelez International Inc, Tyson Foods Inc, General Mills, Kraft Food Group Inc, WH Group, Unilever, Kelloggs Company, and JBS SA.
Convenience Food Retail Market Trends
- Nestle India launched Kit Kat Dessert Delight, a unique premium innovation, in September 2017. The company also introduced the new Maggi Nutrilicious Noodles range in August 2017.
- Modelez International launched a new line of snack products under the brand name GOOD THINS in March 2016. It is aimed to respond to the consumer demand for more wholesome savory snack options.