Analysis of COVID-19 Crisis-driven Growth Opportunities in Microwaveable Foods Market Evaluation: Enormous Growth in the Food Sector to Escalate Industry Demand by 2024
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.
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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.
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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.
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