Ready Meals Market Report and Forecast 2024-2032

Market Outlook

According to this report, the global ready meals market size reached a value of USD 149.21 billion in 2023. Aided by the increased preference for healthy readymade meals such as vegan, Mediterranean, and paleo, among others, due to growing health awareness among consumers, the market is projected to further grow at a CAGR of 4.9% between 2024 and 2032 to reach a value of USD 230.24 billion by 2032.

Ready meals, also known as prepared meals or ready-to-eat (RTE) meals, are pre-packaged meals that require minimal preparation before consumption. These meals encompass a wide range of products, including frozen meals, chilled meals, canned meals, and dried meals. They are designed to offer convenience to consumers who have busy lifestyles or limited cooking skills, providing a quick and easy meal solution without compromising on taste or nutrition.

The increasing consumer preference for convenience foods is driving the ready meals market growth. With the growing urbanization and the rise in dual-income households, there has been a significant shift towards ready meals, as they save time and effort in meal preparation. Additionally, the increasing trend of on-the-go consumption has further contributed to the rising popularity of ready meals, as they are ideal for busy individuals who require quick meal options.

Moreover, the advent of innovative packaging technologies has enhanced the shelf-life and quality of ready meals, making them more appealing to consumers. The development of eco-friendly and sustainable packaging solutions has also positively influenced the market, as environmentally conscious consumers are increasingly opting for products with minimal environmental impact.

The rapid urbanisation and the increasing number of working professionals have significantly influenced the demand for ready meals, driving the ready meals market expansion. As urban dwellers often face time constraints due to their hectic schedules, they seek convenient and quick meal solutions that fit into their busy lifestyles. Ready meals offer an ideal solution, providing a hassle-free and time-saving option for those who do not have the time or energy to cook elaborate meals.

The advancements in food processing technologies have played a crucial role in increasing the ready meals market share. The introduction of advanced freezing and packaging techniques has improved the quality and shelf-life of ready meals, making them more appealing to consumers. These technological innovations have also enabled manufacturers to offer a wide variety of ready meals with diverse flavours and ingredients, catering to different consumer preferences.

The increasing awareness of health and wellness among consumers has led to a rising demand for healthier ready meal options. Manufacturers are now focusing on developing nutritionally balanced ready meals that cater to health-conscious consumers. The inclusion of organic ingredients, low-calorie options, and meals with reduced levels of artificial additives and preservatives has further driven the market growth. Additionally, the growing popularity of plant-based and vegetarian ready meals has also contributed to the expanding consumer base.

As per the global ready meals market analysis, North America holds a significant share of the global market. The high demand for convenient food solutions, coupled with the busy lifestyles of consumers, drives the market growth in this region. Additionally, the presence of established market players and the availability of a wide range of products contribute to the market's expansion. The U.S. is the largest market for ready meals in North America, followed by Canada. The Asia Pacific region is expected to witness significant growth during the forecast period. The rapid urbanization, rising disposable incomes, and changing lifestyles of consumers drive the demand for ready meals in this region. Additionally, the increasing penetration of modern retail formats and the growing influence of Western food habits contribute to the market's expansion. China, Japan, and India are the major markets for ready meals in the Asia Pacific region.

Market Segmentation

The market can be divided based on product, meal type, distribution channel and region.

Market Breakup by Product

• Frozen
• Chilled
• Canned
• Shelf-stable

Market Breakup by Meal Type

• Vegetarian
• Non-vegetarian
• Vegan

Market Breakup by Distribution Channel

• Supermarkets and Hypermarkets
• Convenience Stores
• Online
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global ready meals market. Some of the major players explored in the report are as follows:

• Nestle S.A.
• Mars, Incorporated
• General Mills Inc.
• Dr. August Oetker Nahrungsmittel KG
• Tyson Foods, Inc.
• Conagra Brands, Inc.
• Hormel Foods, LLC
• McCain Foods Ltd.
• Nomad Foods
• Boparan Holdings Limited
• Others