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 defined as precooked meals that are prepared with minimum efforts. The ready meal market is characterized by the presence of large players with frequent innovations and product launch as their major strategy.
Increase in demand for packaged food predominantly drives the growth of the global ready meal market. Globally, the demand for packaged food is anticipated to increase at a moderate rate due to change in lifestyle and consumer preferences for ready-to-eat food products. In addition, rise in disposable income of people is expected to boost the demand for ready meals during the forecast period.
One of the major drawback of ready meals is that it does not taste similar or as good as the freshly cooked product does which let the consumer to choose the freshly cooked or baked meals instead of the frozen or ready meal. The product differentiation of ready meals is also limited in comparison to the general products available in the market. Another downside of refrigerated or frozen products is that they often comprise of unhealthy preservatives to have an even longer duration, which may affect the consumer’s health. Moreover, a complete cooling chain is essential for storing and consuming frozen food in a safe manner. However, in few cases, the cooling chain is expected to break due to power cut or other issues, which leads to the development of plenty of bacteria, specifically into food products that require high temperature control. This is further expected to turn the product unhealthy to consume and may lead to serious health problems.
Expansion of sales channel is the major factor that is expected to contribute to the growth of the ready meals market in the near future. Online retail platform is the fasted growing segment. Presently, many retail players are managing their own web-based retail stores where customers can learn more about the organization and its products. The availability of multiple options of product and their price comparison on online platforms also results in the increase in the number of online shopping consumers. This is beneficial to key players as it eliminates the need for any physical outlets or stores and also helps customers to read reviews provided by other users, and compare various stores, products, and the price by different sellers for the particular ready meals purchased. Furthermore, as per the data of World Bank, the North American region was the market leader with approximately 88.4% of the population are internet users, followed by Europe and Central Asia, accounting for around 83.9% of the population as internet users in 2019.
Some of the popular online retailers in the ready meals market are Amazon.com and Flipkart.com. Furthermore, other than sales channel, the product availability rises in convenient stores and local shops in small regions, which augments the market growth.
The ready meals market is segmented on the basis of type, end user 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.
The prominent players have adopted product launch as their key strategy to gain significant share in the market. The 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.
Increase in demand for packaged food predominantly drives the growth of the global ready meal market. Globally, the demand for packaged food is anticipated to increase at a moderate rate due to change in lifestyle and consumer preferences for ready-to-eat food products. In addition, rise in disposable income of people is expected to boost the demand for ready meals during the forecast period.
One of the major drawback of ready meals is that it does not taste similar or as good as the freshly cooked product does which let the consumer to choose the freshly cooked or baked meals instead of the frozen or ready meal. The product differentiation of ready meals is also limited in comparison to the general products available in the market. Another downside of refrigerated or frozen products is that they often comprise of unhealthy preservatives to have an even longer duration, which may affect the consumer’s health. Moreover, a complete cooling chain is essential for storing and consuming frozen food in a safe manner. However, in few cases, the cooling chain is expected to break due to power cut or other issues, which leads to the development of plenty of bacteria, specifically into food products that require high temperature control. This is further expected to turn the product unhealthy to consume and may lead to serious health problems.
Expansion of sales channel is the major factor that is expected to contribute to the growth of the ready meals market in the near future. Online retail platform is the fasted growing segment. Presently, many retail players are managing their own web-based retail stores where customers can learn more about the organization and its products. The availability of multiple options of product and their price comparison on online platforms also results in the increase in the number of online shopping consumers. This is beneficial to key players as it eliminates the need for any physical outlets or stores and also helps customers to read reviews provided by other users, and compare various stores, products, and the price by different sellers for the particular ready meals purchased. Furthermore, as per the data of World Bank, the North American region was the market leader with approximately 88.4% of the population are internet users, followed by Europe and Central Asia, accounting for around 83.9% of the population as internet users in 2019.
Some of the popular online retailers in the ready meals market are Amazon.com and Flipkart.com. Furthermore, other than sales channel, the product availability rises in convenient stores and local shops in small regions, which augments the market growth.
The ready meals market is segmented on the basis of type, end user 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.
The prominent players have adopted product launch as their key strategy to gain significant share in the market. The 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.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides an extensive analysis of the current trends and emerging estimations in the global ready meals market
- In-depth analysis of the industry is conducted through market estimations of key segments from 2022 to 2031
- Comprehensive analysis of factors that drive and restrain the growth of the market is provided in the report
- Extensive analysis of the industry is conducted by following key product positioning and monitoring the top competitors within the market framework
- The key players are profiled along with their strategies to determine the competitive outlook of the market
Key Segments:
By Type
- Canned/Preserved Ready Meals
- Chilled Pizza
- Chilled Ready Meals
- Dried Ready Meals
- Frozen Pizza
- Frozen Ready Meals
- Prepared Salads
- End User
- Residential
- Food Services
By Distribution Channel
- Store-based Retailing
- Supermarkets/Hypermarkets
- Discounters
- Convenience Stores
- Others
- Online Retailing
By Region
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- UAE
- KSA
- Saudi Arabia
- South Africa
- Rest of LAMEA
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Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Ready Meals Market, by Type
Chapter 5: Ready Meals Market, by End-user
Chapter 6: Ready Meals Market, by Distribution Channel
Chapter 7: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a new report titled, “Ready Meals Market by Type, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2022–2031, the global ready meals market size 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. Europe dominated the global ready meals market in 2021, accounting for three-fifths of the total ready meal market share.Ready meals Industry can be described as precooked meals that require minimal time for preparation. Changes in lifestyle of people results in surge in demand for packaged and ready-to-eat food products. Increase in population and cost-effectiveness of these meals are other factors that supplement the market growth. According to the National Institutes of Health (NIH), above 90% of the U.S. population consume ready meals daily, which further boosts the growth of the market. However, health concerns and negative perceptions of customers pertaining to health effects of ready meals hinder the market growth. In addition, events such as horse meat scandal in UK has played a role in drawing consumers away from these meals. Furthermore, manufacturers are unable to ensure consistency and quality with existing transportation and storage systems, which hampers growth prospects of the ready meal market. Thus, manufacturers now focus more on packaging, which plays a significant role in retaining product quality, texture, shelf life, color, and taste of the meals. Manufacturers collaborate with companies involved in packaging to produce innovative and advanced packaging such as biodegradable barrier tray, which is anticipated to drive the ready meals market Demand in the near future.
The frozen pizza segment is expected to dominate the global ready meals market during the forecast period. However, the chilled pizza segment is anticipated to gain traction in the near future. Improvements in nutritional value, ease with which frozen pizza can be cooked, and interesting ingredient profiles are projected to supplement the market growth. In 2021, frozen pizza and chilled pizza segments collectively accounted for more than one-third share in the global ready meal market.
The store-based retailing segment accounted for a significant share in the global ready meal market in 2021, and is anticipated to remain dominant during the forecast period, as people prefer to shop food products from stores instead of online portals.
Key Findings And Scope
- In terms of value, the chilled pizza segment is expected to grow at a CAGR of 141% during the ready meals market forecast period
- Europe is projected to maintain its lead position by 2031, growing at a CAGR of 10.5%, in terms of value Asia-Pacific is anticipated to witness the highest growth during the forecast period
- The store-based retailing segment is estimated to occupy more than half share of the total market in 2021
- China is expected to occupy more than half share of the total Asia-Pacific ready meal market Trends by 2031
- In the global ready meal market, India is expected to grow at a CAGR of 126%, in terms of value, from 2022 to 2031
- In 2021, Europe accounted for approximately one-third share in terms of ready meal market analysis, and is expected to continue to be dominant during the forecast period Development of the food & beverage sector and increase in demand for packaged food are the major reason for the ready meals market growth in Europe
The prominent players have adopted product launch as their key strategy to gain significant share in the market. The 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.
Companies Mentioned
- Bakkavor Foods Ltd.
- ConAgra
- Greencore Group Plc.
- JH Heinz Company Ltd.
- Nestle SA
- Fleury Michon
- Unilever Group
- Northern Food Ltd.
- Kerry Foods Ltd.
- Premier Foods Group Ltd.
- 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
- General Mills Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 138.1 billion |
| Forecasted Market Value ( USD | $ 408 billion |
| Compound Annual Growth Rate | 11.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 20 |
