Microwavable Foods Market size
is 114.52 billion in 2019, growing at a CAGR of 4.6% during the forecast period 2020-2025. Rising disposable income, urbanization and the demand for western style diets are supporting the growth in Microwavable Foods Market during the forecast period 2020-2025. In addition, cooking with microwave oven is highly convenient, as it is simple and fast. Increasing population and the fast moving lifestyle of individuals have forced them to adapt to microwavable foods replacing traditional cooking methods. Furthermore, microwave cooking has gained considerable importance as an energy-saving, convenient, and time-saving cooking method. Moreover, the World Health Organization stated that when used according to manufactures instruction, microwave ovens are safe and convenient for heating and cooking a variety of foods.
By Product- Segment Analysis
By Types of Product, the Microwavable Foods Market is segmented into Shelf Stable Microwavable Food, Frozen Food, and Chilled Food. Among these, the Shelf-Stable microwavable food held the largest market share in 2019. An increasing number of working women and a rise in nuclear families are fueling the demand for shelf-stable microwavable food, frozen food, and chilled food. Also, shelf-stable food has several advantages to frozen and chilled foods. They are transported anywhere without spoilage and stored at home, workplace, hotel, and others. Moreover, as the products are at room temperature they require less microwave heating time than the frozen food. Newer technology involves microwaves using hot air circulation to cook, bake, and heat food known as convection microwave.
By Packaging Technology- Segment Analysis
The Patterned Susceptors technology held the largest marking share in 2019 owing to advanced packaging technology leading to browning and crispness of food items. Moreover, with the help of this technology, it is possible to provide surface heat where needed, guide microwave energy to areas that need more heating than the other areas, or provide more uniform heating across the whole food package. Furthermore, it has several advantages such as the usage of Safety Susceptors employing a fuse type pattern that shuts down the areas of susceptor if the current in the area is too much. This prevents overheating of the package. Another, function of patterned suspectors is the possibility to induce “Grill Stripes” onto the food, mimicking the usage of a grill to heat and crisp the foodstuff. Furthermore, the usage of microwave suspectors in food packaging continues to grow owing to the increasing convenience of pre-cooked meals offers to a civilization that spends less and less time on the preparation of meals.
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Geography- Segment Analysis
Europe accounts for 37% of the Microwavable Foods Market share in 2019. Technological advancement along with the growing innovation leading to better packaging technology of microwave food items attracts consumers and drives the microwavable foods market. Furthermore, the growth is driven by the rising demand for convenience food products that save customers time and effort. Owing to these benefits of the microwavable foods market, there is an upsurge in the demands of these products and the market is estimated to witness significant growth during the forecast period 2020-2025.
Drivers –Microwavable Foods Market
- Increasing Demand for easy-to-prepare and processed foods
Changing lifestyles along with the growing health concern and hectic schedules of people around the world is propelling the Microwavable Foods Market during the forecast period 2020-2025.Increasing prevalence of working women and nuclear families have increased the dependence on easy to prepare and processed foods. Furthermore, owing to the ease of availability to prepare foods along with the fast-pace world is contributing to growth of Microwavable Foods Market.
- Technology innovation in microwave packaging
Technological advancement along with the growing innovations in microwave packaging such as Patterned Susceptors technology is driving the Microwavable Foods Market during the forecast period 2020-2025. The use of microwave suspectors in food packaging continues to develop at a considerable pace owing to the growing convenience of precooked meals provided to a population that spends less and less time in preparing meals.
Challenges – Microwavable Foods Market
- Lack of Nutritional Value in Microwavable Food
Some of the factors that may impede the growth of Microwavable Foods Market are the lack of nutritional food in microwavable food as it involves heating. Foods in a microwave work by making the molecules bump into each other and cause heat. Therefore, the usage of heating in microwavable food is a major factor restraining its market growth during the forecast period 2020-2025.
- Microwavable Foods Market Industry Outlook
Microwavable Foods Market top 10 companies are Ajinomoto Co, Inc, Campbell Soup Company, Conagra Brands, Inc, General Mills, Inc, Kellogg Company, Mccain Food Limited, Nestle S A, Pinnacle Food Inc, The Kraft Heinz Company, Unilever Plc and others.
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- 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 snack
- In April 2020, Rich Products Corporation launched microwavable single-serve snacks called Time Outs. Their frozen line includes appetizers, snacks and meals made with plant-based meat and ingredients.
- The growing number of working women and the rise in nuclear families is increasing the demand for shelf-stable microwavable food, frozen food, and chilled food.
- By technology, the Patterned Susceptors held the dominant share in 2019 owing to advanced packaging technology leading to browning and crispness of food items
- By product, the frozen microwavable food is the fastest growing with a CAGR of 3.8% during the forecast period 2020-2025.
- In 2019, Europe dominated the Microwavable Foods Market owing to its technological developments and growing innovations attracting large consumers.
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