Convenience Food Records Premium Growth

Convenience

Consumers no longer take into account only the price factor when choosing convenience foods, as recent research show. In fact, an important part of shoppers and foodservice clients would rather pay more for a premium convenience product, with clear health benefits.

By Dan Orehov

The major attributes that consumers look for in convenience foods are ease of use, packaging, nutritional value, safety, variety and product appeal. According to new market research, the rapid growth of the foodservice industry in a large number of developing markets is expected to fuel the demand of packaged ready-to-eat snacks such as potato fries, bakery products and meat products. Researchers from Future Market Insights (FMI) say that one of the major drivers for convenience foods industry growth is widened distribution channels and tendency of consumers to buy off-the-shelf especially in emerging markets of BRICS and MENA.

Market Overview

The global convenience foods market is expected to grow at a healthy CAGR by 2020. Some of the emerging markets may even experience a double-digit growth rate through the forecast period in significant categories, according to FMI. The U.S. is the largest market for convenience foods in the world and the emerging markets of Asia-Pacific, Middle East and Latin America would fuel future growth. “The U.S. will remain a strategic market for convenience food processors in the forecast period due to declining trend towards away-from-home dining and at-home cooking. Th...