Convenience Food Market on the Rise: A Look at Global Trends
The convenience food market is experiencing rapid growth, with a value of US$ 511.57 billion in 2023 expected to reach US$ 873.87 billion by 2032, indicating a 6.13% CAGR. This market encompasses foods made easily consumable through processing, such as pre-cooked meals or quick snacks like cold cuts or chocolate bars.
Changing Consumption Patterns
- In the U.S., snacks constitute 22% of total energy intake, with over 90% of adults consuming daily snacks.
- Canada’s food prices are expected to rise by 2.5% to 4.5%, impacting the average family’s food spending.
- In the UK, fast food consumption has increased, with convenience meals accounting for a significant portion of evening and lunch occasions.
- In China, changes in food consumption patterns include an increasing interest in Western-style convenience foods.
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Company Innovations
- Sukhi’s Gourmet Indian Foods and Catalina Crunch have introduced new products to their lines, catering to consumer preferences.
- BigBasket collaborated with chef Sanjeev Kapoor to launch a new frozen food brand called Precia, offering frozen veggies, nibbles, and sweets.
- Amy’s Kitchen introduced “Family Size Entrées” to meet the demand for convenient, wholesome meals for busy families.
- Conagra Brands Inc. unveiled a summer lineup of diverse frozen products, catering to various consumer tastes and lifestyles.
- Nestlé-PAI Partners joint venture plans to reinvigorate Nestlé’s frozen pizza business in Europe.
- Prasuma expanded its frozen food portfolio, making new products accessible in over 70 cities.
Market Breakdown
- Types: Ready-to-eat and frozen food
- Distribution Channels: Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others
- Countries: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Players
- General Mills Inc., Conagra Brands, Nestlé S.A., Hormel Foods, Unilever PLC, The Kraft Heinz Company, Nomad Foods Ltd, and B&G Foods, Inc. are key players driving innovation and growth in the convenience food market.
As consumer lifestyles become busier, the demand for convenient and quick meal solutions is expected to continue driving the growth of the convenience food market globally.
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