The Convenience Food segment covers any form of pre-packaged or prepared food that is intended to be simple to prepare or consume quickly, requiring little to no cooking or other preparation. Examples include ready-to-eat meals, frozen dinners, and soups. The focus of these meals is less on quality and nutrition and more on convenience and accessibility.
The segment consists of two different subsegments:
The Ready-to-Eat Meals segment covers products that require minimal preparation by the consumer, i.e., meals that only require heating up.
The Soups segment covers finished products such as powders for making soup (instant soups), and broth or liquid soups that are purchased in prepared form (tinned soups).
The market comprises revenue and average revenue per capita, volume and average volume per capita, price per unit (unit refers to kilogram), sales channels. The market encompasses retail sales through both online and offline sales channels to private end customers (B2C). The market only covers at-home consumption; out-of-home consumption is not included.
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The global Convenience Food segment has experienced significant growth in recent years, with the COVID-19 pandemic leading to increased consumer spending. This segment is expected to maintain the continued robust and resilient growth in retail sales over the next couple of years. When it comes to this segment’s drivers, economic growth and increased disposable income play a significant role in consumption as they enable consumers to purchase more convenience food products. Additionally, urbanization and lifestyle changes, such as long working hours, are also factors that drive demand.
A major trend in this segment is “clean label” products, which have become more popular as a way to avoid unwanted ingredients often found in convenience foods. Moreover, target group-oriented portion sizes, such as single-sized servings, have also become more widespread among consumers to avoid food waste. Meal kits have also become more common as they offer consumers the option for a healthier and greener lifestyle, encouraging at-home cooking and providing the corresponding meal-prep instructions.
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.