Convenience Food - Worldwide

  • Worldwide
  • Revenue in the Convenience Food market amounts to US$606.50bn in 2023. The market is expected to grow annually by 6.76% (CAGR 2023-2028).
  • In global comparison, most revenue is generated in China (US$138bn in 2023).
  • In relation to total population figures, per person revenues of US$78.95 are generated in 2023.
  • In the Convenience Food market, volume is expected to amount to 111.90bn kg by 2028. The Convenience Food market is expected to show a volume growth of 4.8% in 2024.
  • The average volume per person in the Convenience Food market is expected to amount to 12.1kg in 2023.

Key regions: Canada, Russia, United Kingdom, Philippines, United States

 
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Analyst Opinion

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.

Methodology

Data coverage:

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).

Modeling approach:

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.

Forecasts:

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.

Additional notes:

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.

Overview

  • Revenue
  • Analyst Opinion
  • Sales Channels
  • Volume
  • Price
  • Global Comparison
  • Methodology
  • Key Market Indicators
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