The global ready meals market was valued at $138.1 billion in 2021 and is expected to reach $408.0 billion by 2031, registering a CAGR of 11.9% during the forecast period. Ready meals are considered as a cost-effective alternative meals and their preparation requires less time, as they are precooked. These meals are available throughout the year and are safe to consume. Though processed food cause loss of nutrition, various methods utilized to prepare ready meals ensure that the loss of nutrients is minimal in most cases.
Increase in convenience offered in terms of time saving and little efforts required for the preparation of these meals drives the growth of the ready meals market. Moreover, preference for these meals by the working population and students has increased, owing to the fact that it requires only heating before consumption, which reduces the overall effort of cooking. In addition, these meals serve as low-cost alternatives to junk food, which is anticipated to boost their demand in the near future. However, increase in health awareness and negative perceptions pertaining to health effects of these products among the consumers restrain the market growth.
Nevertheless, the industry faces multiple challenges, which includes counterfeiting. Adulteration of ready meals containing fake ingredient results in big loss to key players, as there are large number of counterfeited food products available in the market. Furthermore, counterfeiting of established brands often tarnishes the brand image and brand loyalty and such malpractices challenge the market expansion for leading players operating in the market.
Organic is one of the trending market that is common in almost every food and beverage product. As consumers are becoming health-conscious and are aware of unhealthy production and cultivation of food crops and their effects over the body, the demand for organic products also rises in the market. For instance, benefits associated with organic products include no usage of harmful chemicals, fertilizers, GMO ingredients, pesticides, radiation, or genetic engineering. Therefore, the growth in demand for organic coupled with the awareness trend regarding health benefits of ready meals are expected to boost the demand for ready meals in the global market during the forecast period. Furthermore, availability of such products is becoming much easier through the use of online stores and delivery services, which further aids in the ready meals market growth.
Segment Review
The ready meals market is segmented on the basis of type, distribution channel, and region. On the basis of type, the market is divided into canned/preserved ready meals, chilled pizza, chilled ready meals, dried ready meals, frozen pizza, frozen ready meals, and prepared salads. On the basis of end user, the market is divided into residential and food services. On the basis of distribution channel, it is classified into store-based retailing and online retailing. The store-based retailing segment is broadly classified into supermarkets/hypermarkets, discounters, convenience stores, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Type
The Frozen Pizza segment dominates the Global Ready Meals Market and is expected to retain its dominance throughout the forecast period.
On the basis of type, the frozen pizza segment holds the maximum market share owing to high consumer demand and low prices in the market. However, the prepared salads segment is expected to be the fastest growing segment during the forecast period.
By End User
The Residential segment dominates the global ready meals market and is expected to retain its dominance throughout the forecast period.
On the basis of end user, the residential segment dominated the global market in 2020, however, the food services segment is expected to be the fastest growing segment during the ready meals market forecast period.
By Distribution Channel
The Stored based retailing segment dominates the global ready meals market and is expected to retain its dominance throughout the forecast period.
On the basis of distribution channel, the online retailing segment is the fastest growing segment owing to rise in internet penetration and smart phones among the consumers. However, the stored-based retailing segment is expected to remain the largest dominating segment of the market owing to ease of accessibility and availability of the ready meals products.
By Region
The Europe region dominates the global ready meals market and is expected to retain its dominance throughout the forecast period.
GProminent players have adopted product launch as their key strategy to gain significant Ready Meals Market share in the market. Key players profiled in the report include Bakkavor Foods Ltd., ConAgra, Greencore Group Plc., JH Heinz Company Ltd., Nestle SA, Fleury Michon, Unilever Group, Northern Food Ltd., Kerry Foods Ltd., and Premier Foods Group Ltd.
Other players not profiled in the report include Oetker-Gruppe, Frosta AG, Campbell Soup Co, Bofrost Dienstleistungs GmbH & Co KG, Iglo Bird's Eye Frozen Foods, Freiberger Lebensmittel GmbH & Co KG, Hilcona AG, Gartenfrisch Jung GmbH, Bonduelle Groupe SA, and General Mills Inc.
COVID-19 Impact Analysis
- The COVID-19 pandemic had a positive impact on the global ready meals market A.
- The COVID-19 pandemic had a significant impact on the convenience and frozen food products owing to the growth in adoption of convenience products due to strict regulations and restrictions.
- In the initial quarter of 2020 the supply chain was disturbed and the availability of ready meals Market products went down.
- Manufacturers are comprehending strategies to revive from the current situation by means of reshaping their strategies as well as product innovation.
Key Benefits of Ready Meal Market:
- The report provides a quantitative analysis of the ready meals market trends, estimations, and dynamics of the ready meals market size from 2020 to 2030 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing ready meals market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the ready meals market .
- The ready meals market player positioning analysis facilitates benchmarking and provides a clear understanding of the present position of the market players in the ready meals industry.
Ready Meals Market Report Highlights
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Analyst Review
The food service industry has grown significantly in the past two decades. The balance of work, family, and social life is becoming difficult for the working population, which results in consumers shifting towards prepared food rather than spending time in preparing it themselves in order to spend more time with the friends and family, which is the major growth factor of the food service market. Also, globally, the size of food service industry increased by $2.6 trillion in 2019, and it is still growing rapidly owing to factors such as increase in women employment rate, urbanization, rise in disposable income, and the surge in trend of casual dining.
The ready meals market witnessed significant growth, owing to change in lifestyles & food habits, variations in demographics, upsurge in organized retail, rise in disposable income, and increase in urbanization. Consumers are inclined towards packaged food due to concern about food safety and ease of handling. Surge in demand for convenience food, ongoing impact of high inflation and premiumization of products have been pivotal to boost sales in the ready meals market. Intense competition in the ready meals market demands for frequent product launches and high degree of product innovation from brand manufacturers to offset the intense competition.
Europe is anticipated to account for a significant share in the global ready meals market during the forecast period. Hectic lifestyle in Germany fuels the demand for convenient solutions in all life areas, including dietary habits of Germans, which in turn is anticipated to boost the ready meals market in the near future. Manufacturers focus on increased usage of grains and vegetables in their product formulations to cater to the rise in demands for Italian consumers of higher nutrition value.
The global ready meals market was valued at IS expected to reach $408.0 billion by 2031
11.9% is the CAGR of Ready Meals Market
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2020 is the base year calculated in the Ready Meals Market report
Top companies the Ready Meals Market include Bakkavor Foods Ltd., ConAgra, Greencore Group Plc., JH Heinz Company Ltd., Nestle SA
The ready meals market is segmented on the basis of type, end user, distribution channel, and region
The key trends of ready meals market includes growth of convenience food and organic food products.
Europe region holds the maximum market share of the Ready Meals Market
The COVID-19 pandemic had a significant impact on the convenience and frozen food products owing to the growth in adoption of convenience products due to strict regulations and restrictions and rise in work from home opportunities which led the customer to opt convenience food more.
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