Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Ready Meals market.
Trusted Business Insights presents an updated and Latest Study on Ready Meals Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Ready Meals market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Ready Meals Market
The global ready meals market size was valued at USD 148.04 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 4.4% from 2021 to 2027. Shifting consumers food preferences towards ready-to-eat food products owing to the busy lifestyle of working individuals as well as hectic work schedules of college grads and students is expected to be a key factor for the market growth. Moreover, the growing demand for minimally processed and additive-free food products with an extended shelf life is expected to fuel market growth.
In recent years, employment has been growing across the globe, which has changed the food preferences of the consumers. Customers around the globe are more inclining towards food items that can easily be consumed without any efforts. Due to hectic work schedules, people around the globe are buying Ready-to-Eat (RTE) food products and meals, which are easy to cook and less time consuming. These consumer food preferences are propelling the demand for ready meals.
Precooked or ready meals are highly convenient and they help save time and effort required for meal preparation. This has led to an increased demand for ready meals, especially among the working population and students across the globe. Ready meals are a cost-effective alternative as they are precooked. Moreover, easy availability of ready meals throughout the year will have a positive impact on their demand. In addition, print and media advertisement has played a key role in creating awareness about ready meals, thereby augmenting the overall market growth.
Rise in the per capita income is another factor driving the net sales of ready meals in most parts of the world. However, increasing safety concerns associated with ready meals might affect market growth. Moreover, rising cases of obesity and other lifestyle diseases are anticipated to hinder the market growth. Thus, manufacturers are focusing on introducing nutritious and healthier products to retain their market share.
The world is witnessing the spread of Coronavirus (COVID-19) pandemic since the beginning of 2020. Moreover, from the second month of the year 2020, nearly all the countries around the world have proposed a country level lockdown, which led to the restriction on going outside their houses. Under this panic situation, consumers are increasingly buying these ready meals owing to their higher shelf life and convenience in cooking. In addition, ready meals can last a long time, thus leading to the least number of visits to the marketplaces for the purchase of food products. These global market trends are anticipated to fuel the demand for ready meals in the year 2020.
Product Insights: Ready Meals Market
Frozen and chilled meals held the largest revenue share of more than 50.0% in 2019 and are expected to maintain their lead over the forecast period owing to a wide range of products with high shelf life. Frozen pizza is the most popular frozen ready meal, thereby significantly contributing to global revenue.
Canned meals are anticipated to expand at the fastest CAGR of 5.9% from 2020 to 2027 owing to rising popularity among young consumers across the globe. The dried product segment is likely to witness significant growth in the future. Dried products include foods such as instant pasta and noodles. Countries including U.S., China, India, and U.K. are the major markets for dried meals owing to substantial demand.
Distribution Channel Insights: Ready Meals Market
Supermarket and hypermarket held the largest revenue share of 48.3% in 2019 and are expected to maintain their lead over the forecast period 2021-2027. Some of the largest chains of supermarkets and hypermarkets, such as Walmart, Tesco, 7Eleven, Apar, and Aldi, are expanding their stores across the globe. These market giants are increasing their product offerings in order to attract customers.
The online retail segment is anticipated to expand at the fastest CAGR of 6.2% from 2020 to 2027 owing to the growing trend of online shopping among the consumers. Increasing penetration of smartphones, coupled with rising use of internet, is propelling the growth of e-commerce.
Countries around the world are promoting the e-commerce shopping portals owing to the convenience associated with it. Moreover, internet service providers are lowering their product prices, which is encouraging the public for more online shopping. For instance, Elon Musks Starlink internet private beta is expected to start its services by the mid of the year 2020. This will completely change the shopping pattern across the globe.
Regional Insights: Ready Meals Market
North America accounted for the largest share of more than 35.0% in 2019. Food preferences among the consumers are raising the demand for ready meals in the region. U.S. is the largest consumer of ready-to-eat food products and meals.
Asia Pacific emerged as the second-largest regional market in 2019 and is anticipated to be the fastest growing region with a CAGR of 5.9% from 2021 to 2027. This growth is attributed to the increasing target population in the region. Moreover, growing population, increasing consumer disposable income, and rising awareness about ready meal products are contributing to the regional market growth.
In addition, improved living standards and rapid industrialization in emerging economies, such as India and China, will have a positive impact on the demand for ready meals. Europe is also expected to witness considerable growth in coming years due to the introduction of innovative products, such as frozen vegetables and salads. Moreover, increased demand for gluten-free meat is another factor fueling market growth.
Key Companies & Market Share Insights: Ready Meals Market
The market is fragmented owing to the presence of a large number of global and domestic companies. Manufacturers have increased their product supplies in the supermarkets and hypermarkets amid the coronavirus breakdown. Market players are introducing new ready meals as per the customers demand. For instance, in November 2019, Henderson Group launched a new range of ready meals under the brand name ˜The Chef. This wide range of ready meals consists of 35 main dishes and sides, including lasagne, fish pie, beef bolognese, curries, stroganoff, risotto, and chowders. Major manufacturers are ensuring a sufficient supply of food to the customers. They are adopting various market strategies, including collaboration and merger and acquisition, with food delivery companies at the country level. Moreover, companies are focusing on strengthening their distribution channels in order to capture the major market share and expand their customer base across the globe. Some of the prominent players in the ready meals market include:
Key companies Profiled: Ready Meals Market Report
- ConAgra Brands, Inc.
- Nestle S.A.
- Kraft Heinz Company
- Chao Xiang Yuan Food Co. Ltd.
- Dr. Oetker
- BRF S.A.
- General Mills
- Massa Leve
- Tyson Foods
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global ready meals market report on the basis of product, distribution channel, and region:
Product Outlook (Revenue, USD Billion, 2016 – 2027)
- Frozen & Chilled
Distribution Channel Outlook (Revenue, USD Billion, 2016 – 2027)
- Supermarket & Hypermarket
- Convenience Stores
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