Despite being a multibillion-dollar industry, the rising awareness among consumers about the dangers associated with microwaving foods packed in plastic wraps or containers is anticipated to suppress the microwaveable foods market’s growth to an extent. Certain plasticizers such as BPA and phthalates are endocrine disrupters, which have an adverse impact on the human health since they mimic human hormones. To ensure safety of the population, the U.S. FDA closely monitors and regulates the plastic containers used for packaging in the food and beverages industry. It is mandatory for the manufacturers in the industry to conduct proper tests to ensure that the containers meet the stringent FDA standards.
For the purpose of the study, the global microwaveable foods market is segmented on the basis of geography and technology. The report presents a comprehensive overview of the market, covering aspects related to the prevalent dynamics and growth opportunities. It includes an in-depth analysis of the growth drivers and restraints impacting the market’s growth trajectory.
The report also conducts a holistic opportunity analysis of the global microwaveable foods market. The assessment includes value chain analysis, market sizing research, development trends assessment, and information on pricing strategy intended to assist enterprises in developing a more flexible approach, enabling them to stay ahead of the competition in the global microwaveable foods market.
Overview of Global Microwaveable Foods Market
Despite witnessing the economic slowdown across major regional markets, the global microwaveable foods market exhibited sustainable growth in the last decade. This growth trend is likely to continue through the report’s forecast period. High demand for convenience food worldwide is the key factor boosting the global market for microwaveable foods.
The rising population of working women, paradigm shift in lifestyle habits and shopping preferences, and easy availability of a wide range of microwaveable foods are the other primary factors fuelling demand from the global microwaveable foods market. Due to the prevalence of cut-throat competition, the prominent firms are focusing on broadening their product offerings to suit the dynamic consumer preferences.
Based on product type, the global microwaveable foods market can be segmented into shelf stable microwaveable food, chilled food, and frozen food. Of these, the segment of frozen microwaveable food is exhibiting robust growth and is poised to dominate the market in forthcoming years. Factors such as the launch of innovative technologies intended to make lives more convenient are fuelling the demand for frozen microwaveable foods.
Regionally, the global market for microwaveable foods market is segmented into Asia Pacific, Europe, North America, and Rest of the World. Of these, North America and Europe dominate the global microwaveable foods market. The U.S. has emerged as the most lucrative market for microwaveable foods in North America due to the development of innovative meal solutions and unwillingness among consumers to cook fresh meals on a daily basis.
The market is also anticipated to witness a rising demand for microwaveable foods from Central America, Asia Pacific, and South America.
Companies mentioned in the research report
Enterprises operating in the global microwaveable foods market compete in terms of innovation. Hence, the market provides viable opportunities for new players to attain a significant share in the market in the near future. Key players in the market include McCain Foods, H.J. Heinz, Pinnacle Food Group LLC, Gunnar Dafgård AB, Kellogg Company, Windsor Frozen Foods, General Mills Inc., Campbell Soup Company, and Birds Eye Foods Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.