Asia-Pacific Ready Meals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Ready Meals Market is projected to grow at a CAGR of 8.79% during the forecast period 2020-2025.

Key Highlights

• The market for ready meals is developing rapidly due to factors, such as the prevalence of a fast-paced lifestyle, especially in urban areas, which is leading to increased demand for precooked foods, among consumers, to save time.
• The changing food consumption patterns, due to increasing urbanization, is another factor driving the ready meals market, in the region.
• From a manufacturer's point of view, advances in food technology and development in terms of food preparation and processing have enabled the expansion of the market.

Key Market Trends

Growing Demand for Frozen Meals in the Region

The growth of the frozen meals market is primarily driven by the growth of the market in developing countries such as India. The increasing urbanization is the major factor for the growth in the region. The increase in demand for convenience food along with, the incorporation of healthy ingredients in the ready meals, the innovative packaging, and the proper regulations are also factors affecting the growth of the market. Moreover, processed food is considered as the most popular junk food. In addition, improvements in the nutritional value of frozen food, interesting ingredient profiles are fuelling the market.

India forms Lucrative Market for Ready Meals

The regional market is mainly driven by the increasing demand from emerging nations, including India. Continuous product innovations and attractive packaging of the products are driving the sales of ready meals in the country. Although according to the sample registration system (SRS) baseline survey 2014, 70% of the consumers are non-vegetarian nonetheless vegan diet is getting widespread in the country due to religiosity and changing lifestyles. The demand for vegetarian ready meals is high thus giving an opportunity to the local players of the market to produce innovated products for vegan consumers`

Competitive Landscape

The ready foods market is a highly competitive market with the top players holding the major market share. There are various small and regional players that also exist in the market. The players are diversifying their product portfolio to include more ready meals into their product range. McCain Foods Ltd, CSC Brand LP, MTR Foods Pvt Ltd, Sanquan Company, etc are the major players in the market studied.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support