Ready Meals Market
Report ID: SQSG25Q2002
Ready Meals Market Size, Share, Growth Analysis, By Product type(Frozen, Chilled, Canned, Shelf-stable Segment), By Distribution channel(Supermarkets & Hypermarkets, Convenience Stores, Online, others), By Region - Industry Forecast 2024-2031
Report ID:
SQSG25Q2002 |
Region:
Global |
Published Date: April, 2024
Pages:
261
|Tables:
65
|Figures:
75
Ready Meals Market Insights
Global Ready Meals Market size was valued at USD 143.86 billion in 2019 and is poised to grow from USD 149.9 billion in 2023 to USD 225.28 billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).
Ready meals are typically cooked meals that require little to no additional cooking or processing before consumption. The convenience of prepared meals influences demand because it saves time, requires fewer cooking efforts, and is easy to handle and store. Consumer food preferences are shifting toward ready-to-eat food products as a result of the hectic work schedules of college students and the busy lifestyles of working people. People's preferences for packaged meals are constantly changing as they seek higher-quality ingredients, greater variety, and faster delivery. Customers are willing to pay a premium for ready-to-eat takeaways and same-day delivery as a result of this. According to the Ready Meals 2020 Snapshot Survey conducted by Eating Better, 88% of adults in the U.K. eat ready breakfasts and dinners or ready-to-cook foods on a weekly basis, and two out of every five people eat packaged meals.
During the Covid-19 pandemic the people were preferring ready meal as there were restriction for movement and it was easily available at affordable price and convenient to store for longer duration. Also, the fear of spreading the corona virus in open spaces made people to purchase ready meals instead of fresh food.
US Ready Meals Market is poised to grow at a sustainable CAGR for the next forecast year.
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Ready Meals Market Segmental Analysis
The ready meal market has segmented on the basis of product type, distribution channel, and region. On the basis of product type, Ready Meals Market has been classified into frozen, chilled, canned and shelf-stable. On the basis of distribution channel, Ready Meals Market has been classified as supermarkets & hypermarkets, convenience stores, online, and others. Based on region, Ready Meals Market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Ready Meals Market Analysis by Product Type
The frozen segment dominated the market in 2021 and is expected to continue to do so throughout the forecast period. The convenience of frozen foods is the primary driver of segment growth. According to the British Frozen Food Federation (BFFF) in November 2020, frozen foods outperformed fresh produce and every other food category in terms of value and volume percentage growth throughout 2020. Product introductions in the segment are also driving segment growth. For example, in March 2022, FatBroccoli launched frozen packaged meals in the UAE using 100% natural ingredients produced locally.
From 2022 to 2028, the shelf-stable segment is expected to grow the fastest. Shelf-stable meals do not need to be refrigerated and can be eaten at room temperature. As they are inexpensive, they are frequently referred to as emergency meals when regular food cannot be provided. Product introductions in this segment are expected to drive market growth. For example, NÜTY, an India-based pre-packaged meal startup, launched shelf-stable ready dishes in January 2020 using a non-thermal cold pasteurization technique via its proprietary cooking process aided by High-Pressure Processing technology. This allows the company to offer packaged food with a longer shelf life.
Ready Meals Market Analysis by Distribution Channel
Supermarkets and hypermarkets contributed the most to the global market in 2021. Ready meals are becoming more popular in developed countries such as the United Kingdom and the United States, with most supermarkets, hypermarkets, and convenience stores stocking a variety of convenient ready-to-eat foods. In January 2021, for example, independent supermarket Jempson's launched a range of prepared meals in its local kitchen, including lasagna, toad in the hole, fish pie, and honey & mustard chicken.
The online distribution channel is expected to grow at the fastest rate over the forecast period. Pre-packaged meal brands have seen an increase in overall demand via online platforms. Online delivery is being offered by major supermarkets and hypermarkets such as Walmart, Target, and Aldi, which is driving segment growth. Many supermarkets have launched their own packaged meal brands or collaborated with cloud kitchens to do so. For example, in January 2022, Kroger Co. collaborated with the online grocery platform Instacart to launch a new line of pre-packaged dishes. Customers will be able to order roasted chicken, sushi, wraps, salads, coleslaw, and mashed potatoes in 30 minutes from Kroger Co.
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Ready Meals Market Regional Insights
North America held the largest share of the global market in 2021, accounting for 41.4%, with the United States being the largest consumer of pre-packaged meals. Consumers' changing food preferences, as a result of increased health awareness and food safety concerns, are driving product demand in the region. Furthermore, vegan, gluten-free, and organic pre-packaged foods derive a large portion of their value from consumer trust and the perception that the products are healthy. Because of their convenience, portability, and availability of new offerings, ready-to-eat dishes are becoming increasingly popular.
Asia Pacific is expected to be the fastest-growing regional market due to region's growing target population. Furthermore, rising consumer disposable income and increased awareness of ready meal products are driving market growth. Furthermore, rising living standards and rapid industrialization in emerging economies such as India will boost demand for pre-packaged meals. Europe is also expected to grow significantly in the coming years as a result of the introduction of new products.
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Ready Meals Market Dynamics
Ready Meals Market Driver
- In recent years, ready-to-eat food has evolved into one of the most diverse segments of the global ready meal market. Growing demand for organic frozen packaged meals is being driven by an increase in convenience patterns and an increase in demand for organic meals. Another stop for on-the-go consumers is the organic frozen food and beverage sector, which offers everything from frozen sweets to appetizers and meals. Consumers prefer organic frozen ready meals because they are free of microbiological and fungal contamination. Furthermore, the nutritional and health benefits provided by organic frozen ready meals have increased market demand. So, in order to appeal to a larger consumer base seeking health and flavor, frozen packaged food manufacturers are combining nutritious benefits with flavor-leading ingredients.
Ready Meals Market Restraint
- Trans fats are found in packaged or frozen foods and have been linked to heart disease and clogged arteries. This lipid raises LDL cholesterol while decreasing HDL cholesterol (HDL). All of this contributes to heart disease. These foods are also high in sodium, which can raise blood cholesterol levels. Furthermore, frozen foods are extremely high in fat. These foods have nearly double the fat-to-carbohydrate-to-protein ratio, which explains why they are high in calories, limiting frozen food demand among health-conscious consumers.
- Furthermore, frozen meals have a high salt content, which may cause blood pressure to rise. Excess salt consumption also increases the risk of several medical conditions, including stroke and heart disease.
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Ready Meals Market Competitive Landscape
Global ready meal market is highly competitive and fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Moreover to enhance the demand for ready meals across geographies, the top competitors companies are also focusing on mergers and acquisitions. The top companies have presence in North America, Asia Pacific, and Europe. They are focusing on various sector like manufacturing facilities, along with strong distribution networks across these regions.
Top Players in the Global Ready Meals Market
- Nestle
- ConAgra Foods Inc.
- Kraft Foods Group Inc.
- Unilever PLC
- Campbell Soup Company
- Hormel Foods Corporation
- The Hain Celestial Group, Inc.
- The Schwan Food Company
- The Kellogg Company
- General Mills Inc.
- McCain Foods Limited
- Ajinomoto Co. Inc.
- Bakkavor Group plc
- Nomad Foods Europe Limited
- Tyson Foods, Inc.
- JBS S.A.
- Kerry Group
- Amy's Kitchen Inc.
- The 2 Sisters Food Group
- Dr. Oetker KG.
Ready Meals Market Recent Developments
- In January 2020, the Tulita Ahara Pvt. Ltd. under its venture NuTy, produced ready meals and curries with high shelf life i.e.60 days. The company has produced this product for the consumers which is affordable and nutritious meal.
- In July 2021, Riviana Foods Inc., a business unit of Madrid, Spain-based Ebro Foods, produced Success Garden & Grains Blends, which is the first boil-in-bag product to combine rice with simple ingredients. This product was available in different varieties like White rice, black beans, corn and bell peppers, and white rice, peas, carrot and red bell peppers
- In August, 2021, Nestlé-owned brand produced their first fully vegan meal line. Moreover, with this it’s new Purely Plant menu, the chef-prepared meal delivery service has provided six options showcase the nutritional advantages and delicious possibilities of plant-based foods.
Ready Meals Key Market Trends
- Consumers have begun to place a higher value on foods that provide functional benefits in addition to taste, increasing demand for healthy, natural, and safe ready meals. These organic food alternatives are having a positive impact on market growth. Health awareness and food safety concerns are causing more consumers to carefully select their ready meals in order to avoid negative health effects. Furthermore, organic ready meals derive a large portion of their value from consumer trust and the perception that the products are healthy.
- Ready meals are becoming increasingly popular in the packaged food market due to their convenience and portability. Furthermore, organic ready meals are gaining popularity because they are verified natural products that can replace a full meal.
Ready Meals Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our ready meal market analysis, in terms of product type, the frozen segment has held larger market share owing to convenience and affordable healthy food. By distribution channel, the online retailing gained the larger market share due to internet penetration and high usage of smartphones. The packaging attracts and influenced the people so it can be projected as the largest growing segment in the ready meals market during the forecast period. Moreover, the large shelf life can create the positive impact on ready meal market in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 143.86 billion |
| Market size value in 2031 | USD 225.28 billion |
| Growth Rate | 5.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Ready Meals Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Ready Meals Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Ready Meals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ready Meals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ready Meals Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ready Meals Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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