Prepared Meals Market Size
[170+ Pages Research report] to surpass USD 376.85 million by 2030 from USD 170.56 million in 2020 at a CAGR of 6.9 % in the coming years, i.e., 2021-30.
Prepared Meals are a cost-effective substitute meal that takes less time to prepare because they are precooked. These meals are available all year and are completely healthy to eat. While packaged foods deplete nutrients, the various methods used to prepare Prepared Meals ensure that nutrients are lost to a minimum in most cases. Precooked or ready-to-eat meals are very convenient since they save time and effort in the kitchen. This has resulted in a rise in the demand for ready-to-eat meals, especially among the working population and students around the world. Since they are precooked, prepared meals are a cost-effective option. Furthermore, the year-round supply of prepared meals would have a positive effect on demand. Furthermore, print and radio advertisements have played an important role in raising consciousness about prepared meals, resulting in increased consumer growth.
Market Highlights
Global Prepared Meals is expected to project a notable CAGR of 6.9% in 2030.
Shifting consumers’ preferences towards ready-to-eat food products due to the busy lifestyle of working individuals as well as hectic work schedules of college grads and students is projected to be a key factor for the market growth in the coming years. Besides, the rising demand for minimally processed and additive-free food products with an extended shelf life is expected to fuel market growth.
Global Prepared Meals: Segments
Frozen & Chilled segment to grow with the highest CAGR during 2020-30
Global Prepared Meals is segmented by product type into Frozen & Chilled, Canned, and Dried. Frozen & Chilled segment held the largest market share in the year 2020 due to a large number of items with a long shelf life. The most famous frozen ready meal is frozen pizza, which contributes significantly to global sales. Canned meals are also expected to grow at a rapid pace, owing to their growing popularity among young people all over the world. In the future, the dried product segment is expected to expand significantly. Foods like instant pasta and noodles are examples of dried goods.
Online segment to grow with the highest CAGR during 2020-30
Global Prepared Meals is segmented by distribution channel into Supermarket & Hypermarket, Convenience Stores, and Online. Over the forecast period, the online distribution channel is projected to expand at the fastest pace. Sales via this channel have been powered by the increasing popularity of e-commerce platforms among manufacturers and high internet penetration.
Market Dynamics
Drivers
Rising Consumer Disposable Income and Growing Western Culture
Surging demand of Prepared Meals from numerous end-user industries is the key factor contributing in market growth. The market's rapid growth can be attributed to the continuing convenience food trend and rising consumer disposable income per capita. Another factor driving up global prepared meals is the rising working population. Consumers changing lifestyles and the growing presence of western culture in developing countries are catalyzing the growth of the ready-to-eat meals industry. Due to an increase in the number of organic Prepared Meals launches, technological advances, and the development of a strong distribution network in both developing and developed countries, vendors in the global market are expected to see lucrative growth opportunities in the coming years.
Time and effort saving and low-cost alternative to junk food
The increase in the convenience offered in terms of time savings and little effort needed for the preparation of these meals is driving the growth of the Prepared Meals market. Furthermore, the working population and students have become more interested in these meals as a result of the fact that they only require heating before consumption, reducing overall effort. Furthermore, these meals are low-cost alternatives to junk food, which is expected to increase their popularity in the near future.
Restraint
Health effects and sustainability of product quality
The market's growth is being hampered by ambiguity about the health effects of eating packed and frozen food, as well as market players' failure to sustain product quality and consistency during transportation and storage.
Global Prepared Meals Market: Key Players
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Nestlé S.A.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- ConAgra Brands Inc.
- Kraft Heinz Company
- Chao Xiang Yuan Food Co. Ltd.
- Dr. Oetker
- BRF S.A.
- Berkshire
- Green Mill Foods
- General Mills
- Other Prominent Players
Global Prepared Meals Market: Regions
Global Prepared Meals is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Prepared Meals in APAC held the largest market share in the year 2020 in terms of revenue. This increase can be due to the region's financially strengthening consumer base. Furthermore, the regional market is growing as a result of a growing population, raising customer disposable income, rapid industrialization, and increased awareness of ready-to-eat meals. Europe is also estimated to witness considerable growth in coming years owing to the introduction of innovative products, such as frozen vegetables and salads. Moreover, increased demand for gluten-free meat is another factor fueling the market growth.
Global Prepared Meals Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Prepared Meals Market report also contains analysis on:
Prepared Meals Segments:
- By Product Type
- Frozen & Chilled
- Canned
- Dried
- By Distribution Channel
- Supermarket & Hypermarket
- Convenience Stores
- Online
- Prepared Meals Market Dynamics
- Prepared Meals Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
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