Convenience Food Market Report by Type (Ready-to-eat, Frozen Food), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, Others), Countries and Company Analysis 2024- 2032

Global Convenience Food Market Size

Convenience Food Market was valued at US$ 511.57 Billion in 2023. Renub Research forecasts a 6.13% CAGR from 2024 to 2032, and the market is anticipated to be valued at US$ 873.87 Billion by 2032.

Food that is made easily consumable through additional processing is called convenience food or tertiary processed food. This kind of food may be prepared entirely as a pre-cooked, ready-to-eat meal, such as a pre-made sandwich or salad. On the other hand, it could also be a food quickly eaten, like cold cuts, cheese, fruit, or a chocolate bar.

Convenience Food Consumption Survey

• As per NCBI, Snacks are a staple of the American diet, accounting for nearly 22% of total energy intake among adults. The report states over 90% of U.S. adults consume one or more daily snacks. The average frequency of snacking is 1.2 to 3.0 times per day in 2023.
• According to Canada’s Food Price Report in 2024, Food prices will likely rise by 2.5% to 4.5% (compared to 5% to 7% in 2023). The average family of four is expected to spend US$ 16,297.20 on food in 2024, an increase of up to US$ 701.79 from last year (compared to an increase of US$ 1,065 in 2023).
• According to Mintel, the number of UK consumers who ate in fast food outlets increased to 45% in June 2023. Convenience meals account for 15.3% of evening meals and 5.9% of lunch occasions.
• In France, more than half of the households regularly enjoy fast food.
• China's fast food consumption is remarkably high, with 97% of the population partaking and 41% eating fast food at least once a week.
• April 2024, FnB reveals a 28% increase in the consumption of indulgent snacks among Indians over the past year, with 39% expressing a preference for tasty and nutritious snacks.
• March 2022, one-fifth of revenue is generated in the Convenience food business landscape. This segment spans corporates and businesses that provide their employees with ready-meal food during working hours, as per Glasgow Consulting Group.

China Convenience Food Market

In recent decades in China, there have been several changes in food consumption patterns, including an increasing interest in Western-style convenience and snack foods. This trend could provide some great export opportunities for snack food producers. When targeting Chinese markets with these products, it's essential to recognize that Chinese tastes are different from ours in the West, and it may be necessary to adapt products to suit Chinese palates. 

As per the National Bureau of Statistics of China, the per-capita national average workweek at the end of August 2022 was 48 hours, up about 2 hours from 45.8 hours in 2017. Working consumers, especially in large cities, are likely to buy prepared foods to reduce their time on household chores. As the number of people per household declines, there are fewer opportunities to prepare meals for large groups of people as in the past, and meals are moving in the direction of “convenience, quickness, and no cleanup.” This trend is said to be even more pronounced among single-person households. The second most common reason for not wanting to cook meals is “lack of time,” followed by “preparation is a hassle, " according to a Chinese media platform report. Many of the prepared foods are single-serving portions or individually packaged, which serves the needs of these households well.

Global Convenience Food Company Analysis

The critical global convenience food market companies are General Mills Inc., Conagra Brands, Nestlé S.A., Hormel Foods, Unilever PLC, The Kraft Heinz Company, Nomad Foods Ltd, and B&G Foods, Inc.

Convenience Food Company News

• In February 2024 - Sukhi's Gourmet Indian Foods will launch three new refrigerated entrees: Tamarind Pulled Chicken, Chicken Chili, and Butter Chicken.
• In February 2024 - Catalina Crunch introduced a new flavor to their Dark Chocolate Cookie Bars line called Peanut Butter.
• In March 2024 - BigBasket, the grocery e-tailer, collaborates with chef Sanjeev Kapoor to launch a new frozen food brand called Precia. Precia offers three product categories: frozen veggies, nibbles, and sweets.
• In October 2023 - Amy’s Kitchen unveiled "Family Size Entrées" in response to shifting consumer preferences, especially among busy families, and in line with trends in the frozen food industry. This launch highlights the meals and focuses on packaging design and convenience. Given hectic schedules, families are searching for convenient, wholesome meal options, a need Amy's Kitchen meets with its range of frozen meals tailored for the entire family.
• In July 2023 - Conagra Brands Inc. unveiled a summer lineup of diverse frozen products, catering to various consumer tastes and lifestyles with multiple brands, entrees, flavors, and price points.
• In June 2023 - The Nestlé-PAI Partners joint venture plans to reinvigorate and develop Nestlé's frozen pizza business in Europe, emphasizing flexibility in response to evolving customer preferences and industry trends.
• In April 2022 - Prasuma expanded its frozen food portfolio by introducing new products, which are now accessible in all 70 cities through partner retail outlets such as Meatigo.com, Walmart, Nature’s Basket, and Swiggy Instamart.

Type – Market breakup in 2 viewpoints:

1.    Ready-to-eat
2.    Frozen food

Distribution Channel – Market breakup in 4 viewpoints:

1.    Supermarkets & Hypermarkets
2.    Convenience Stores
3.    Online Retail
4.    Others

Country – Market breakup of 25 Countries:

1.    North America

1.1    United States
1.2    Canada

2.    Europe

2.1    France
2.2    Germany
2.3    Italy
2.4    Spain
2.5    United Kingdom
2.6    Belgium
2.7    Netherland
2.8    Turkey

3.    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    South Korea
3.5    Thailand
3.6    Malaysia
3.7    Indonesia
3.8    Australia
3.9    New Zealand

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia
5.2    UAE
5.3    South Africa

All the Key players have been covered from 3 Viewpoints:

•    Overview
•    Recent Development
•    Revenue Analysis

Company Analysis:

1.    General Mills Inc.
2.    Conagra Brands
3.    Nestlé S.A.
4.    Hormel Foods
5.    Unilever PLC
6.    The Kraft Heinz Company
7.    Nomad Foods Ltd
8.    B&G Foods, Inc.

Report Details: