Global Microwavable foods market is estimated to be valued over US$ 111 billion in 2019. Boost in ready-to-eat foods has created favorable ecosystem for microwavable foods.
Sales has increased worldwide in last five years owing to changing macroeconomic scenario. The most notable change is increased installation of microwave oven especially in developing regions. In developed regions, over 73% of households are installed with microwave oven. However, the share is relatively lower with just over 37% in developing regions. The share in developing regions is increasing and as a result, consumption of microwavable foods will continue registering impressive growth during the forecast period.
Product packaging is the most important aspect of the market. There has been few negative sentiments related to health concerns. As such, product recall at times could be seen in the market. This has severely impacted the market. Companies are strategically emphasizing on packaging innovation. The move does not only involves due to health concerns, but also to woo consumers. The trend will likely to drive the market with strong packaging module in supply chain.
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Bekryl’s market research report, Global Microwavable Foods Market Size Analysis and Industry Opportunity, finds Western Europe and Asia Pacific to collectively account for 58% of global share in 2018. Significant rise in sales of end-use industries has created favorable market scope in Asia Pacific. For instance, China accounts for nearly 28% of global vehicle production followed by Japan with 10%. The automotive production is expected to further rise in the region with increased demand and higher per capita disposable income. This is expected to create favorable business environment for mastermatch market players. It is expected that Asia Pacific will take over Western Europe Microwavable Foods market sales by second half of 2019.
Some key trends from the global Microwavable Foods Market:
Trend#1: Hypermarket/Supermarket is the Preferred Point of Sales for Microwavable Foods
Manufacturers market their products through a range of channels involving hypermarkets/supermarkets, convenience stores, general stores, company outlets, and online sales channel. Among these, online sales channel is registering impressive growth due to higher inclination of consumer towards ease of shopping. In fact, sales through online channel is registering double digit growth.
Hypermarkets and supermarket dominate the sales in developed economies. In North America, sales of microwavable foods through hypermarket accounted for over 73%. However, the share declines to single digit in developing regions. In developing regions, general stores accounts for 66% share. However, share of general stores is declining with change in marketing structure and higher shopping preference through malls and hypermarkets.
Trend#2: North America to Dominate Global Microwavable Food Sales
Globally, North America dominated the microwavable foods market. In 2018, the region accounted for over 41% share. Higher installation of microwave ovens along with established culture of ready to eat snacking is boosting the net sales in the region. Over 85% of households are equipped with microwave oven in the region – which is surprisingly higher compared to rest of world. This has helped the allied industry to flourish in the region.
Trend#3: Microwave Popcorn Market is Valued over US$ 1 Billion in 2018
Microwave popcorn market is valued over USD 1 billion. However, majority of sales is concentrated to North America. Conagra Brands, Inc. is one of the key player engaged in microwave popcorn segment.
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Some key global Microwavable Foods market players are
Some key Microwavable Foods market players are:
- Bellisio Foods, Inc.
- Kellogg Company
- BRF S.A.
- Maple Leaf Foods Inc.
- Borges International
- Ajinomoto Foods, Inc.
- Cremonini S.p.A.
- Kraft Heinz Company
- Dawn Farm Foods Limited
- General Mills, Inc.
- Conagra Brands, Inc.
- Hormel Foods Corporation
- Itoham Foods, Inc.
- Gunnar Dafgård AB
- Campbell Soup Company
- Nestlé S.A.
- McCain Foods Limited
- Birds Eye Group, Inc.
- San Miguel Food and Beverage, Inc.
- Pinnacle Foods, Inc.
- Schwan’s Company
By Distribution Pattern:
- On Trade
- Convenience Stores
- General Stores
Other Similar Report:
Popcorn Market: https://bekryl.com/industry-trends/popcorn-market-size-analysis
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