Ready Meals Market Size
Ready meals Market 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 ready 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 pre-cooked, ready meals are a cost-effective option. The year-round supply of ready meals would have a positive effect on demand. Furthermore, print and radio advertisements have played an important role in raising consciousness about ready meals, resulting in increased consumer growth.
Market Highlights
Global Ready Meals Market is expected to project a notable CAGR of 4.9% in 2030.
to surpass USD 270.9 million by 2030 from USD 141. 96 million in 2020 at a CAGR of 7.9% in the coming years, i.e., 2021-30. This growth is anticipated due to increasing mergers and acquisitions across various sectors which will create a worldwide demand for Ready Meals. The growth of online stores is also propelling the selling of high-end products. E-commerce allows the simple purchasing of goods manufactured in remote locations. This, in turn, has made a major contribution to the development of the global Ready Meals industry.
Global Ready Meals Market: Segments
Frozen & Chilled segment to grow with the highest CAGR during 202-30
Global Ready Meals Market is segmented by product type into Frozen & Chilled, Canned, and Dried. Frozen & Chilled segment held the largest market share of XX.X% 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 Ready Meals Market 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.
Ready Meals Market Dynamics
Drivers
Rising consumer disposable income and growing western culture
Surging demand of Ready Meals Market from numerous end user industries is the key factor contributing in the 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 retail sales of ready-to-eat meals is the rising working population. People's changing lifestyles and the growing presence of western culture in developing countries are catalyzing the growth of the ready-to-eat meals industry in those countries. Due to an increase in the number of organic ready meal 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
Increase in convenience offered in terms of time savings and little effort needed for the preparation of these meals is driving the growth of the ready 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
Market 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 Ready Meals Market: Key Players
-
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 Ready Meals Market: Regions
Global Ready Meals Market 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 Ready Meals in APAC held the largest market share of XX.X% in the year 2020 in terms of revenue. This increase can be due to the region's growing target population. Furthermore, the regional market is growing as a result of a growing population, raising customer disposable income, and increased awareness of ready-to-eat meals.
Global Ready 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 Ready Meals Market report also contains analysis on:
Ready Meals Market Segments:
- By Product Type
- Frozen & Chilled
- Canned
- Dried
- By Distribution Channel
- Supermarket & Hypermarket
- Convenience Stores
- Online
- Ready Meals Market Dynamics
- Ready 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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