Surge in the ageing population, and sedentary lifestyles has led to an upsurge in demand for pre-prepared food products. As these products have a relatively long shelf life, demand for convenience products is likely to rev up globally. According to a recently published report by Future Market Insights, the global convenience food market is expected to witness a healthy CAGR over the forecast period, 2014-2020.
Market Dynamics: Growing need for nutritional value, product appeal, packaging, variety, and ease of use continues to rev up demand for the convenient food products. Manufacturers increasingly prepare the convenient food products by adding several preservatives at specific temperature conditions. Convenience food is likely to witness increasing demand as these products saves energy and time while preparing food at hotels and home. Further, consumers are willing to pay premium price for quality convenience products that have healthy benefits. Innovative packaging options along with technology has led to increasing availability of choices including packaged foods, chilled products, and frozen products in the global market. Attributed to such factors, growth of the global convenience food market is expected to witness significant growth during the forecast period.
Demand for the convenience food products is likely to rev up in the developing countries due to increase in the women workforce. Moreover, growth of the global convenience food market is likely to be fuelled by increasing demand for the ready-to-eat snacks packages including meat products, bakery products, and potato fries. On the other hand, improper storage and logistics continues to pose significant threat to the chilled and frozen category of convenience food products in the developing and developed countries. In addition, tendency of consumers to products off-the-shelf through various distribution channels in the emerging market of MENA, and BRICS.
APAC, Latin America, and Middle East are projected to remain the developing markets globally in the upcoming years. U.S. is projected to represent a major market for convenience food due to increasing demand for at-home cooking, and away-from-home dining products. Increasing demand for ready-to-eat meals, and meal solutions, which can be prepared in two steps cooking is further expected to impact growth of the global convenience food market positively. For example, ConAgra Foods launched a range of quality meals that comprise 23 varieties along with P.F. Chang’s brands, and desserts in Bertolli in order to offer enhanced and convenient services of at-home dinning in December 2013. Moreover, demand for meals with hyper-local ingredients blended with various flavors including nettles, rose hips, truffles, mushrooms, seaweeds, and blackberries.
Leading market players operating in the global convenience food market include Cargill, Incorporated, Amy’s Kitchen, Inc., General Mills, Inc., ConAgra Foods, Inc., Mondelez International, Kraft Foods Group Inc., and Tyson Foods, Inc. Major market players are increasingly focusing on strategies such as in-store promotions, health claims in labels, portion controlled packaging, and mergers & acquisitions. Through acquisition, the market players are concentrating on acquiring several manufacturers that provide ingredients for these food products. Growing availability of the customized ingredient products for food preparation is likely to impact growth of the global convenience food market positively.
A sample of this report is available upon request @ https://www.futuremarketinsights.com/reports/sample/rep-gb-96