Microwavable Food Market - Forecast(2024 - 2030)

Microwavable Food Market Overview

Microwavable Food Market Size is estimated to reach $312.7 billion by 2027. Furthermore, it is poised to grow at a CAGR of 5.2% over the forecast period of 2022-2027. Microwavable foods require little prep time and may be prepared in a standard microwave oven. It contains food like hazelnut cake, hot dogs, nachos, baked potatoes, poached eggs and others. Microwave ovens cook food by emitting energy waves that are comparable to radio waves but shorter. These waves are selective, affecting only water and other molecules with one end positively charged and the other negatively charged electrically. Microwaves induce these molecules to vibrate, generating thermal (heat) energy quickly. Shelf-stable microwavable foods are stored at room temperature or "on the shelf" and have been pre-treated with heat or dried to kill food-borne bacteria. Refrigeration temperatures below 0 -5°C are used to store microwaveable chilled foods. Chilled foods are microbiologically safe and of good quality, but they have a short shelf life. Microwavable frozen food is frequently selected since it has a long shelf life and can be prepared quickly. It contains shelf-stable, chilled, and frozen meals (beef, pig, poultry, seafood, vegetarian meals, frozen & chilled pizza, and soups), as well as shelf-stable, chilled, and frozen soups. Because no extra fat is used in the preparation of these foods, they are regarded to be nutritious. The microwavable meals market is being driven by an increase in demand for convenience. Other reasons such as the rise in nuclear families, the number of women working outside the home, the increase in disposable income, the rise in the standard of living, and the quick expansion of huge retail chains all contribute to the market's growth. The global microwavable foods industry is growing as fast-food restaurants, also known as quick-service restaurants (QSRs), become more popular. In April 2020, Starkist launched microwavable tuna with vegetables and grains that taste great and be enjoyed heated at room temperature for lunch, dinner, or healthy snacks. Such increasing R&D activities by several microwavable food producers for progression in freezing technology and rising set up of multiple fast-food outlets in growing economies are likely to offer the lucrative prospect for players in the Microwavable Food Market are the fundamental reasons driving the Microwavable Food Market sector during the forecast period 2022-2027.

Microwavable Food Market Report Coverage

• Geographically, North America held a dominant market share in the year 2021 owing to the rise in the demand for potatoes and poached eggs, innovative food intake solutions, traditional culture of snacking, simpler preparation process, and uptake of processed RTE food.

• The demand for ready-to-eat (RTE) food products is expanding in response to the increased need for tasty food. The microwavable meals market provides consumers with great cuisine in a short amount of time and fuels the Global Microwavable Food Market during the forecast period of 2022-2027. However, the increasing health awareness among consumers is restraining the Microwavable Food Market growth.

• A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Microwavable Food Market Report.

Microwavable Food Market Segmentation Analysis- By Product Type

Microwavable Food Market based on product type can be further segmented into Shelf Stable Microwavable Food, Chilled Food, and Frozen Food. The Frozen Food segment held a dominant market share in the year 2021. These foods have superior nutritional value and a taste that is comparable to that of fresh food. Consumers are always on the lookout for a healthy meal that is both easier to prepare and tastes better, which frozen microwavable foods provide. Freezing helps food products like hazelnut cake and hot dogs maintain critical elements that are needed to synthesize various vitamins and minerals in the body. Furthermore, companies' research and operational excellence have resulted in continual product improvement, fueling market demand.

However, the Shelf Stable Microwavable Food segment is expected to grow with a CAGR of 5.7% over the forecast period 2022-2027. The need for shelf-stable microwavable food, frozen food, and chilled food is increasing as the number of working women and nuclear families grow. Also, compared to frozen and refrigerated foods, shelf-stable foods have a number of advantages. They may be transported and stored without spoiling anywhere, including at home, work, hotels, and other locations. Furthermore, because the products are at room temperature, they take less time to heat in the microwave than frozen food. Microwaves that use hot air circulation to cook, bake, and heat food are known as convection microwaves.

Microwavable Food Market Segmentation Analysis- By Packaging Technology

Microwavable Food Market based on packaging technology can be further segmented into Patterned Susceptors Technology, New Tray-lidding Methods, and New Cook Bag Technique. The Patterned Susceptors Technology segment held a dominant market share in the year 2021. While Patterned Susceptors are used in the packaging of microwavable food, the food reaches a higher temperature, boosting crunchiness and browning. Furthermore, with this technology, it is feasible to supply surface heat where it is required, direct microwave energy to areas that require more heating than others, and give more uniform heating across the entire food package. It also offers various advantages, such as the use of Safety Susceptors with a fuse-like pattern that shuts down susceptor areas if the current in the area is too high. This keeps the package from overheating.

However, New Cook Bag Technique is estimated to be the fastest-growing, with a CAGR of 6.9% over the forecast period of 2022-2027. Since it can be used to cook, roast, and bake meals in a microwave or a traditional oven. Ordinary plastic bags are impermeable and solid by nature, making them unsuitable for transporting frozen food, while other alternatives are porous, making them unsuitable for boiling water. Raw uncooked food may be readily roasted and cooked with the use of new cook bags, which eliminates the need for base cleaning and provides a convenient means of cooking food, especially for time-pressed consumers. In January 2021, Giant food launched a new private label cook-in-bag product line. Such benefits can boost this segment over the forecast period.

Microwavable Food Market Segmentation Analysis- By Geography

The Microwavable Food Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 34% in the year 2021. The large share is due to well-established retail food chain infrastructure, rising disposable income, and an increasing number of people inclining toward baked potatoes and poached eggs. Microwavable food demand is fuelled by the fast expansion of large retail chains, such as hypermarkets and supermarkets. Furthermore, ongoing innovation and improvement in the packaging of microwavable food items attract customers, resulting in market growth.

However, Asia-Pacific is estimated to be the fastest-growing, with a CAGR of 6.1% over the forecast period of 2022-2027. Microwavable food items like hazelnut cake, hot dogs, and nachos are increasing its demand in developing countries like India and China. According to a study published in 2019, the prevalence of fast-food intake, four to seven days per week was lowest in the Americas and highest in Southeast Asia. Consumers' eating habits in these regions have changed as their disposable income and quality of life have increased, thereby expanding the market growth during the forecast period.

Increasing Demand for Easy-To-Prepare and Processed Foods Aid in Market Growth.

The Microwavable Foods Market is being propelled by changing lifestyles, rising health concerns, and people's demanding schedules all around the world. Working women and nuclear families are becoming more common, which has increased the dependence on quick-to-prepare and packaged foods. Between 1990 and 2019, women's employment increased by almost 82% in underdeveloped countries like Africa. Furthermore, the convenience of preparing foods, as well as the fast-paced world, are contributing to the rise of the Microwavable Foods Market.

Technology Innovation in Microwave Packaging Is Propelling the Market Growth

Despite the increased convenience of precooked meals offered to a population that spends less and less time preparing meals, the usage of microwave susceptors in food packaging continues to grow at a rapid rate. Uflex announced various new packaging products as well as the inauguration of a 10.4mt wide BOPP film line in Hungary with a 42,000tpa production capacity at the end of the April-June 2021 quarter. During the projected period, the Microwavable Foods Market will be driven by technological advancements and expanding innovations in microwave packaging, such as Patterned Susceptors technology.

Microwavable Food Market Challenges

Health Awareness Among Consumers is Posing Challenges to the Market Growth.

Since it involves heating, consumers have a prevalent assumption that frozen, chilled, and shelf-stable microwavable food lack nutritional value. These foods are also seen as a poor substitute for fresh food. According to research, the consumption of Ready to Eat food is increasing, with revenue rising from $396,511 million in 2018 to 471,789 million in 2021 and at the side in 2016, more than 1.9 billion adults were overweight, and over 650 million were obese around the world, a trend that is continuing. Customers believe that food prepared several months or even years in advance of consumption is unhealthy. This is the most significant factor limiting the growth of the Microwavable Food Market throughout the forecast period.

Global Microwavable Food Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Microwavable Food Market. The top 10- Microwavable Food Market companies are-

1. McCain Foods
2. The Kraft Heinz Company
3. Pinnacle Food Inc.
4. 4Mars Food
5. Kellogg Company
6. Ajinomoto Windsor, Inc.
7. General Mills Inc.
8. ConAgra Foods, Inc.
9. Unilever Plc
10. Campbell Soup Company

Microwavable Food Market Recent Developments

• In April 2022, Kraft announced new microwavable gluten-free mac and cheese cups. The product would ready-to-go, thereby allowing people to work their breakfasts whilst completing daily chores. Kraft’s microwaveable Gluten-Free Mac & Cheese is made with brown rice and corn noodles, and without artificial flavors, preservatives, or dyes. Target and Walmart are the chose retail outlets, with the cost hovering around $6.49.

• In December 2021, McCain Foods announced a partnership with Strong Roots – a leading plant-based frozen food company investing $55 million in Strong Roots to take a minority stake in the business. The partnership enables both the companies to continue meeting rising consumer demand for healthy & natural microwavable food across the globe.

• In December 2020, Mars Food has entered into a partnership with global packaging company Amcor, to enhance microwavable food packaging. The breakthrough packaging technology will make the pouches for Mars Food’s household brands such as Ben’s Original® recyclable where infrastructure exists. The project has been aimed to bring to market the industry’s first food-safe, mono-material microwavable packaging technologies.

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