Convenience Foods Market - Global market segments, market dynamics, market size, market trends, market Analysis, market opportunity, market share, and market forecast
The convenience foods market is driven by busy lifestyles
and ageing population. It includes a range of processed foods that has longer
shelf life and are easy to use. The major attributes that consumers look for in
convenience foods are ease of use, packaging, nutritional value, safety,
variety and product appeal. These are prepared by adding various preservatives
at specific conditions and few of them need an efficient supply chain and
storage to retain their properties. Convenience foods save time and energy for
preparing food at home or hotels. Technology and innovative packaging options
have widened the food choices that are available in the market in various
categories such as frozen, chilled, packaged foods, etc.
The market has been segmented by type as canned foods,
frozen foods, ready-to-eat snacks, meals, chilled foods and others. The market
can also be segmented on the basis of distribution channels into supermarkets
and hypermarkets, departmental stores, mom-and-pop shops, convenience stores
and others. Geographically, the market can be segmented into Asia-Pacific,
North America (the U.S., Canada and Mexico), Western Europe, Eastern Europe,
Middle East & North Africa and RoW (Rest of the World, including Latin America
and South Africa).
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With more women in the workforce, the demand for convenience
foods is rising, primarily in emerging economies. The rapid growth of the food
service industry in large number of developing markets is also expected to fuel
the demand of packaged ready-to-eat snacks such as potato fries, bakery
products and meat products. However, lack of proper storage and logistics is a
threat to the frozen and chilled category of convenience foods in developing
countries. There are stringent regulations on labelling and manufacturing of
convenience foods in both developed and developing nations. One of the major
drivers for convenience foods industry growth is widened distribution channels
and tendency of consumers to buy off-the-shelf especially in emerging markets
of BRICS and MENA.
The U.S. is the largest market for convenience foods in the
world and the emerging markets of Asia-Pacific, Middle East and Latin America
would fuel the future growth of the same. The U.S. will remain a strategic
market for convenience food processors in the forecast period due to declining
trend towards away-from-home dining and at-home cooking. There is a rising
demand for meal solutions/ready-to-eat meals that can be prepared in two-step
cooking. For instance, in December 2013, ConAgra Foods launched 23 new
varieties of quality meals and desserts in Bertolli and P.F. Chang’s brands to
enhance consumers’ at-home dining experience with convenience. In addition,
consumers are looking for meals with foraged, hyper-local ingredients with
different flavours and blends such as mushrooms, nettles, blackberries, rose
hips, seaweeds, truffles, etc.
The global convenience foods market is expected to grow at a
healthy CAGR from 2014–2020. Some of the emerging markets may even experience a
double-digit growth rate through the forecast period in significant categories.
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Large multinational corporations follow multiple strategies
to develop and penetrate the market for convenience foods in different regions.
However, providing products that match local consumer taste is of utmost importance.
Pricing is another important factor for convenience foods, however nowadays,
consumers are ready to pay a premium price if they get to buy quality
convenience foods with health benefits. Some of the common strategies that
companies have adopted in recent times are portion controlled packaging,
in-store promotions, mergers & acquisitions and health claims in labels.
There is a growing trend towards healthy convenience foods that are rich in
proteins, functional fibres, vitamins, probiotics and omega-3 fatty acid. For
this, many market leaders are integrating their operations by acquiring
ingredient manufacturers to increase their technical know-how. Availability of
customized food ingredients has become a boon for convenience food
manufacturers as they can provide large varieties in each category.
Some of the key companies manufacturing and distributing
convenience foods are Amy's Kitchen, Inc., Cargill, Incorporated, ConAgra
Foods, Inc., General Mills, Inc., Tyson Foods, Inc., Mondel?z International,
Inc. and Kraft Foods Group Inc.
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