Perishable Prepared Food Global Market Report 2024

The perishable prepared food market size has grown strongly in recent years. It will grow from $101.06 billion in 2023 to $109.92 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth observed in the historical period can be attributed to several key factors. This includes the ongoing urbanization trends, the rise of dual-income households leading to increased demand for convenience foods, the expansion of retail channels offering diverse food options, globalization influencing diverse cuisines and preferences, and the growing popularity of plant-based and alternative protein sources catering to evolving dietary choices. These combined elements played pivotal roles in driving growth within the perishable prepared food industry during that period.

The perishable prepared food market size is expected to see strongly grown in the next few years. It will grow to $150.28 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. Anticipated growth in the forecast period is expected to be influenced by several key factors. These include the increasing focus on health and wellness trends prompting demand for healthier perishable prepared food options, the continued rise of online food delivery services offering convenience and access to a wider range of food products, a growing consumer preference for premium and artisanal perishable food items, government initiatives and regulations shaping the industry standards, and the evolving consumer lifestyles impacting dietary choices and preferences.

The growth observed in the perishable prepared food market is attributed to several factors, including emerging market expansion, rising disposable income, and increased earning capacity. The surge in disposable income is anticipated to significantly drive the future growth of this market segment. Disposable income, representing the funds available after tax deductions for spending and saving, amplifies consumer purchasing power, subsequently altering eating habits and elevating the demand for perishable prepared foods. As per trading economies' data, India witnessed a substantial increase in Disposable Personal Income, reaching US $ 3,017.26 billion in 2020, highlighting a significant driver for the perishable prepared food market's growth.

The burgeoning expansion of the e-commerce industry is expected to act as a catalyst for the growth of the perishable prepared food market. E-commerce, facilitating the exchange of goods and services over electronic networks, particularly the Internet, serves as a pivotal platform for the distribution of perishable prepared foods. This digital platform offers consumers a convenient avenue to order and receive fresh meals, significantly expanding market reach and streamlining food delivery logistics. According to the International Trade Administration, consumer e-commerce accounted for 30% of the UK's overall retail sector in September 2022, marking a considerable increase from 20% in 2020, with an annual e-commerce revenue exceeding $120 billion, thereby propelling the growth of the perishable prepared food market. Technological innovations stand out as a prominent trend shaping the perishable prepared food market. Key market players are pioneering novel packaging technologies like Cascades Fresh to maintain their market presence. For instance, in 2021, Cascades, a Canadian perishable goods packaging company, introduced Cascades Fresh, an eco-friendly packaging and recycling solution designed explicitly for producers, packers, and retailers. This innovation ensures the extended storage of perishable prepared foods, aligning with evolving market demands for sustainability and hygiene.

Major companies operating in the perishable prepared food market are intensifying their focus on launching same-day food delivery services to gain a competitive advantage. Same-day food delivery services entail ordering and receiving meals within a few hours from restaurants or food providers. For instance, in March 2022, JustMyRoots, an India-based food delivery company, pioneered same-day intercity delivery of perishable food items, setting a precedent as the first brand in India to offer this service. Specializing in delivering food within 24 hours from cities nationwide, the company bridges people to their culinary heritage, sourcing iconic dishes from restaurants and heritage shops, catering to evolving consumer preferences for quick and convenient food access.

In December 2021, Mama Mancini’s, a US-based company that manufactures specialty pre-prepared, frozen, and refrigerated food products acquired T&L Creative Salads, Inc. (“T&L”) and Olive Branch, LLC for a deal amount of $ 14 million. With this acquisition, Mama Mancini’s expands its business all over the US and many parts of the world. Creative Salads, Inc is a US-based company that manufactures premier gourmet food manufacturers' perishable prepared food. Olive Branch, LLC manufactures gourmet foods and specializes in flavored Extra Virgin Olive Oil.

Major companies operating in the perishable prepared food market report are AdvancePierre Foods, Ready Pac, Reser`s Fine Foods, Taylor Fresh Foods, Bakkavör Group, Nestlé S.A., Conagra Brands Inc., Tyson Foods, Hormel Foods Corporation, Kraft Heinz, General Mills, Campbell Soup Company, JBS USA Holdings Inc., Smithfield Foods, Maple Leaf Foods, McCain Foods, Rich Products Corporation, Schwan's Company, Sandridge Food Corporation, Greencore Group, Grupo Bimbo, Flowers Foods, Aryzta AG, OSI Group, Pilgrim's Pride, Seaboard Corporation, Cargill Inc., Perdue Farms, the Kraft Heinz Company.

Asia-Pacific was the largest region in the perishable prepared food market in 2023.the regions covered in the perishable prepared food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa. The countries covered in the perishable prepared food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Within the category of perishable prepared food, key types include peeled or cut fruits and vegetables, processed food, prepared meals, and other perishable variants. Peeled or cut fruits and vegetables are those that have been processed for ease of consumption. These products are distributed both online and offline and find applications in various sectors such as confectionery and bakery, jams and preserves, fruit-based beverages, dairy products, and others.

The perishable prepared food market research report is one of a series of new reports provides perishable prepared food market statistics, including perishable prepared food industry global market size, regional shares, competitors with a perishable prepared food market share, detailed perishable prepared food market segments, market trends and opportunities, and any further data you may need to thrive in the perishable prepared food industry. This perishable prepared food market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The perishable prepared food market includes revenues earned by entities by protecting nutrients and getting rid of bad bacteria in salads, sandwiches, and prepared meals. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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