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ready meals market

Ready Meals Market Share, Size, Trends, Industry Analysis Report, By Product (Chilled, Frozen, Shelf-stable, Canned); By Meal Type (Vegan, Vegetarian, Non-vegetarian); By Distribution Channel; By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jun 2022
  • Pages: 115
  • Format: PDF
  • Report ID: PM2464
  • Base Year: 2021
  • Historical Data: 2018-2020

Report Summary

The global ready meals market was valued at USD 143.94 billion in 2021 and is expected to grow at a CAGR of 5.0% during the forecast period. Change in lifestyle among individuals due to rapid urbanization coupled with the introduction of healthy and convenient ready foods is expected to increase the market throughout the forecast period.

Ready Meals Market size
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The outbreak of the Covid-19 has had a significant influence on the worldwide ready meals sector. Because of its longer shelf lifetime and ease of preparation, customers started purchasing and storing packaged foods, which in turn has increased knowledge regarding convenience food, contributing to industry development.

On the other hand, convenience meals are frequently connected with less healthful eating habits, which can lead to overweight and severe illnesses, including diabetes, heart illness, and cancer. This, in turn, is expected to hinder the growth of the industry throughout the forecast period.

Industry Dynamics

Growth Drivers
Ready-to-eat meals are food products that have been pre-cooked so that they may be enjoyed without further preparation. Consumers are getting more mindful of dietary products' quality and purity. As novel processed foods are offered to the marketplace, such as organic, ready-to-eat, and frozen with sophisticated technology, the demand for the industry is also likely to increase.

Ready-to-eat meals come in various tastes and appearances, appealing to a large client base. These foods are emerging as an increasingly important aspect of human existence across the world. The adoption of organic prepared foods, the entrance of new types of ready foods, technical improvements, and the construction of a powerful worldwide distribution infrastructure are all critical aspects anticipated to propel ready meals market growth over the forecast period.

Report Segmentation

The market is primarily segmented based on product, meal type, distribution channel, and region.

By Product

By Meal Type

By Distribution Channel

By Region

  • Chilled
  • Frozen
  • Shelf-stable
  • Canned
  • Vegan
  • Vegetarian
  • Non-vegetarian
  • Convenience Stores
  • Supermarkets & Hypermarkets
  • Online
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Product

The frozen segment holds a major share and is anticipated to dominate the market over the forecast period. The demand for prepared foods is expanding due to increased urbanization, creative packing, and growth in the desire for convenient meals. Further, the segment benefits from customers' growing need for convenience and comfort as a result of their hectic schedules.

The shelf-stable segment is expected to hold a considerable share throughout the forecast period as these meals do not require freezing or refrigeration, making them easier to store. Further, shelf-stable food meals are more affordable than other alternatives, contributing to the increasing demand.

Insight by Distribution Channel

The supermarkets & hypermarkets segment holds a significant share and is expected to dominate over the projected period due to the easy availability and accessibility of ready-to-eat meals. Furthermore, the increasing variety of product offerings by these channels is expected to propel segment growth. For instance, in January 2021, Jempson's, an independent grocer, launched a new line of ready meals using personnel from its defunct cafes and restaurants.

The online segment is expected to grow at the fastest pace throughout the forecast period owing to the rapid adoption of smartphones across multiple economies coupled with increasing discounts and variety offered by online merchants.

Geographic Overview

North America dominated the global market in 2021 and is expected to maintain its dominance throughout the projected period. Increasing trends of gluten-free products due to portability and convenience are expected to propel the demand in the region. Another element boosting the industry is changing food intake habits as a result of increased urbanization.

Furthermore, the presence of a fast-paced culture, particularly in metropolitan regions, contributes to a growth in consumer desire for prepacked dishes to save time. Additionally, In 2020, approximately 36% of individuals in the U.S. reported eating ready-to-eat meals, as per a study released in BioMed Central Ltd. Thus, increasing trends for pere packed food items are expected to propel the ready meals market growth during the forecast period.

Asia Pacific is anticipated to grow at a considerable pace throughout the projected period due to the increasing working population coupled with rapid urbanization in countries including China and India. Furthermore, rising disposable income and improving the standard of living are expected to create lucrative opportunities for industry growth in the region.

Competitive Insight

Industry players operating in the global ready meals market include Associated British Foods Plc, Chao Xiang Yuan Food Co. Ltd., Conagra Foods Inc., Dr. Oetker, Pepsico., General Mills, Graham Packaging Company, Green Mill Food, Greencore Group Plc, Grupo Bimbo, Kerry Group, Kraft Heinz Company, Kellogg Company, Maple Leaf Foods, McCain Foods Limited, Nestle, Premier Foods Plc, Tetra Pak International S.A., Tyson Foods, Inc, Unilever, and WestRock Company.

The industry is highly fragmented due to the presence of prominent players operating regionally and globally. These players are focusing on promotional strategies such as new product launches, product upgradation, partnerships & acquisitions & mergers & expansion in order to expand their global footprint.

For instance, in February 2021, TheVeganKind, the U.K.'s biggest vegan online store, recently teamed up with plant-based meat innovators THIS to introduce Love Plants, their first 100 % plant-based ready-to-eat meal range.

Ready Meals Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 143.94 Billion

Revenue forecast in 2030

USD 219.43 Billion

CAGR

5.0% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Billion and CAGR from 2022 to 2030

Segments covered

By Product, By Meal Type, By Distribution Channel, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key Companies

Associated British Foods Plc, Chao Xiang Yuan Food Co. Ltd., Conagra Foods Inc., Dr. Oetker, Pepsico., General Mills, Graham Packaging Company, Green Mill Food, Greencore Group Plc, Grupo Bimbo, Kerry Group, Kraft Heinz Company, Kellogg Company, Maple Leaf Foods, McCain Foods Limited, Nestle, Premier Foods Plc, Tetra Pak International S.A., Tyson Foods, Inc, Unilever, and WestRock Company.

Key Take-Away
Polaris Market Research
Ready Meals Market Market Size Report, 2022 - 2030