Over the past few years, the lifestyle of people globally evolved dramatically. Due to hectic work schedules, people are looking for products that save time and effort. Consumers prefer ready-to-eat, microwavable, and ready-to-prepare food products as they are highly suitable for on-the-go consumption and require minimal preparation time. These factors are significantly boosting the demand for convenience food among consumers. Moreover, the increasing women’s population, high per capita income, and rising middle-class population are key factors driving the growth of convenience food consumption globally.
The number of single or two-person households is growing in various developed nations such as the US, Canada and some European countries such as the UK and Germany. According to The United States Census Bureau, there were 37.9 million single-person households in the US in 2022, accounting for 29% of all households. Due to the growing number of nuclear families, the demand for ready-to-eat, portion-controlled food increased. The market for frozen food products is also growing as they have extended shelf-life, are suitable for single-person consumption, and can be prepared quickly, according to the ‘Power of Frozen’ report published by the American Frozen Food Institute and Food Industry Association, frozen food sales in the US increased by 21% in 2022. Frozen breakfast products such as pancakes, waffles, and breakfast cereals are gaining massive traction among consumers owing to the convenience of these products related to preparation and consumption. Thus, the rising demand for convenience food and frozen food products is driving the growth of the frozen waffles market.