Overview of the Global Convenience Food Industry:
The Global Convenience Food market is projected to experience substantial growth between 2024 and 2030, driven by digital transformation, innovation in service delivery, and expanding global demand. With a forecasted CAGR of 7.45% the market is expected to reach USD 528 Billion in 2023.
This report offers an in-depth analysis of the key drivers, challenges, competitive landscape, and future outlook — helping businesses, investors, and stakeholders make informed decisions.
Market Size & Forecast (2024–2030)
- Base Year: 2023
- Forecast Period: 2024–2030
- Market Size (2023): USD 528 Billion
- Estimated CAGR (2024–2030): 7.45%
- Forecasted Market Value (2030): USD 852.6 Billion
Key Market Driver (What’s Driving Convenience Food Sector Growth?)
Rapidly Changing Consumer Lifestyles Driving Inclination Toward Frozen Food & Beverages – There has been a rapid growth in the demand for frozen food and beverages, which is significantly fueling the expansion of the convenience food industry. This synergy has been attributed to numerous key factors. The frozen food and beverage sector is experiencing higher demand due to changing buyers' preferences & lifestyles. They provide the dual benefits of ease of instruction and prolonged shelf existence, catering to the demands of time-strapped consumers. Additionally, frozen foods align seamlessly with these trends, providing convenient, ready-to-eat, or easy-to-prepare meal options. They offer a practical solution for individuals and families seeking quick, hassle-free dining choices in the packaged food segment, which has further boosted their demand.
Further, several health-conscious consumers are also contributing to this market growth, seeking out packaged options that provide nutritional value rather than fast food choices. This increasing preference for frozen & packaged foods and beverages is driving substantial growth in the market, encouraging companies to innovate and expand their product offerings to meet diverse consumer needs.
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Global Convenience Food Industry Recent Development:
- 2024: Nestlé launches a separate brand, i.e., Vital Pursuit, for GLP-1 weight loss medication users and consumers who are focused on weight management in the US. The brand will provide various frozen products, such as protein pasta, bowls with whole grains, sandwich melts, and pizza.
- 2023: Amy’s Kitchen announced the introduction of ‘Family Size Entrées’ in California. This new product launch aligns with the current frozen food industry trends and caters to busy families' evolving preferences. It is a strategic move that not only focuses on the meal but also takes into consideration packaging design and convenience, offering consumers a holistic approach.
Top Companies in the Convenience Food Market
Here’s a snapshot of key players leading innovation and market share:
- Ajinomoto Co., Inc.
- Amy's Kitchen, Inc.
- Cargill, Incorporated
- General Mills, Inc.
- McCain Foods Limited
- MTR Foods Pvt. Ltd. (Orkla ASA)
- Nestlé SA
- Tyson Foods Inc.
- Associated British Foods plc
- Grupo Bimbo
- JBS Foods
- Europastry S.A.
- Bakkavor Group plc
- Mosaic Foods
- Mondelēz International
- Kraft Heinz
- Others
Includes SWOT analysis, revenue trends, partnerships, and product launches.
Factor Hinder Convenience Food Industry Growth
Requirement to Store Convenience Food at a Constant Temperature Impeding Market Expansion – The necessity to store convenience foods at a consistent temperature presents significant market challenges that have been hampering product demand and revenue growth. Many of these products are perishable and require refrigeration or freezing for safety, necessitating a uniform temperature along the entire supply chain, from production to storage. Meeting this requirement demands substantial investments in specialized infrastructure and equipment, which elevates operational costs for the companies.
In addition to this, several countries across the globe also lack cold supply chain infrastructure, which has been affecting the distribution of convenience food items that require low storage. Hence, despite having a prominent demand in the market, companies have been unable to supply these food items, creating a supply-demand gap. Consequently, these challenges have been hindering the broader adoption of convenience foods, thereby slowing down market expansion and limiting overall revenue growth.
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Convenience Food Market Segmentation Analysis
-By Type
- Ready-to-Eat Food
- Chilled Food
- Canned Food
- Frozen Food
- Others (Beverages, Ready-to-Cook Food, etc.)
The frozen food segment accounts for the majority of the market share in the Global Convenience Food Market, offering a variety of products like fruits and veggies, pizzas, and desserts.
-By Product
- Meat/Poultry Products
- Cereal-based Products
- Vegetable/Fruit-based Products
- Others (Dairy-based, Fish and Seafood, etc.)
The meat and poultry products segment holds a significant market share in the Global Convenience Food Market.
-By Distribution Channel
- Offline Retail- Market Size & Forecast 2019-2030, (USD Million)
- Online Retail- Market Size & Forecast 2019-2030, (USD Million)
Geographical Analysis
-By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Europe leads the Global Convenience Food Market capturing a significant market share. The convenience food market in Europe is characterized by diversity in consumer preferences, which vary across countries.
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Methodology Behind the Report
This research combines qualitative and quantitative methods, including:
- Expert interviews
- Proprietary forecasting models
- Financial and trade databases
- Government and institutional data
Forecasts are validated using top-down and bottom-up approaches to ensure accuracy and reliability.
Frequently Asked Questions About the Convenience Food Market
- What is the growth rate of the Convenience Food market from 2024–2030?
- Which segment are expected to dominate market?
- Who are the top companies and what strategies being they using?
- What are the key risks and challenges in this industry?
- How can businesses prepare for future trends?
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