Ready meals market Forecasts from 2023 to 2028

The global ready meals market is projected to grow at a CAGR of 6.53% to attain a market size of US$190.284 billion in 2028 from an initial value of US$122.214 billion in 2021.

Ready meals are precooked & prepacked meals that only require heating before getting served. The improvement in living standards and disposable income coupled with the higher convenience provided by the ready meal is majorly driving their market demand. Furthermore, the growing working-class population and corporate culture in nations have further propelled the demand for ready meals as they take less time to prepare and provide the same taste as ordinary meals. For instance, according to the Bureau of Labor Statistics, in May 2023, government employment in the USA grew by 56, 000 whereas 64, 000 jobs were added under the professional & business services signifying an upward movement in employment growth.

Growing frozen food consumption is propelling market growth.

Ready meals which mainly involve frozen food products in comparison to ordinary meals provide high convenience in terms of food preparation owing to which such meals have become a viable option among adolescents and the working population which has been further escalated due to the growing busy lifestyle. For instance, according to the American Frozen Institute, in 2022, the sales of frozen food products in the USA reached US$72.2 billion which represented an 8% increase over 2021’s sales figure. Also, according to the Germany Frozen Food Institute (Deutsches Frozen Institute), frozen food consumption reached 1.974 million tons in Germany which signified a 6% increase in comparison to 2019’s consumption volume of 1.861.

The frozen & chilled product segment is projected to grow.

Frozen & chilled ready meals are gaining popularity among people, especially the young workforce, due to their cooking convenience, longer shelf life, and less time taking benefits. The rising workforce population and their hectic lifestyles are contributing to the major demand for frozen ready meals as they come in a variety of dishes including chicken and beef. For instance, the US employment ratio stood at 60.3% in May 2023.

The e-commerce platform is catering to more frozen food sales providing easy access. For instance, more than half of frozen food shoppers purchased frozen food from online grocery stores as per the American Frozen Food Institute (AFFI). Frozen food sales increased by 21% in 2020, reaching US $65.1 billion in sales and a 75% increase in online frozen food sales as per AFFI. This rising consumption of frozen food especially through e-commerce platforms is expected to grow more rapidly in coming years due to more hectic lifestyles and innovations. For instance, around 65% of respondents in the Fresh Food Trends survey conducted by Supermarket News said to increase the assortment of ready meals over the next 12 months.

The United States in North America is an Expected Dominant Market

Evolving demographics, such as the rise of single-person households and an increase in working parents, have led to a shift in consumer lifestyles, with a greater emphasis on convenient and time-saving meal solutions. Moreover, modern lifestyles often leave individuals with limited time for meal preparation, making ready meals an appealing choice as they provide quick and easy options that require minimal cooking and cleanup.

Additionally, convenience has become a top priority for consumers, driving the popularity of ready meals as they offer easy and instant meal solutions that fit seamlessly into busy schedules, reducing the need for meal planning and preparation. For instance, the launch of Blue Apron's new Ready to Cook option in 2022 reflects the increasing demand for convenient meal solutions in the US. This expansion by a prominent meal kit delivery company indicates a growing market for ready meals, catering to consumers seeking quick and easy cooking experiences at home.

Key Developments

• In December 2022, Godrej launched a new television campaign to promote its new ready-meal product “Crispy Potato Starz” provided by the company’s ready-to-cook brand Godrej Yummiez.
• In January 2022, Instacart launched its new “Ready Meal” hub which would enable customers in ordering ready-made meals from grocery stores through the app.
• In May 2023, Kraft Heinz launched its new line of frozen meals “Homebake 425°/:30” which consists of 15 items that require 30 minutes of heating before getting served. Moreover, in March 2021, Nowadays Trading launched its frozen ready-meal brand “FatBroccoli” in UAE which marked the company’s entry into the country’s healthy fast-food segment.
• In April 2022, India’s leading frozen food brand Prasuma announced five new additions consisting of mutton and chicken shammi kababs, chicken nuggets, chicken seekh kababs, frozen veg and chicken spring rolls, chicken mini samosas, and veg and chicken mini samosas. The new additions extended Prasuma’s portfolio of frozen-ready meals for the Indian market.
• In February 2022, Caroli Foods Group launched a range of chilled ready meals under their brand Maestro. There are 10 new recipes in the newly launched range prepared through innovative Micvac in-pack cooking and pasteurization technology to suit the market demand.
• In March 2022, Mindful Chef extended its recipe box partnership with Waitrose by launching a chilled Ready to Go range in 300 Waitrose stores nationwide.

Segmentation:

By Product

• Frozen & Chilled Ready Meals
• Canned Ready Meals
• Dried Ready Meals

By Distribution Channel

• Online
• Offline
• Hypermarkets
• Convenience Stores
• Others
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others