Global Ready Meals Market

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 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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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).

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. '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.'

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.

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.

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.

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Global Ready Meals Market

Report ID: SQSG25Q2002

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