The global ready meals market size is expected to reach USD 225.28 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 5.1% during the forecast period. The rising demand for affordable and convenient pre-prepared dishes is anticipated to drive the market. Minimum preparation or cooking time and higher shelf life as compared to fruits, fresh vegetables, and meat are other key factors fueling product demand.
Ready Meals Market Report Highlights
- North America held the majority share in the global revenue in 2021. The growing preference for healthier food among consumers, especially millennials, has been driving product demand in the region
- The vegan segment is projected to register the fastest CAGR during the forecast period. The demand for vegan dishes is driven by a rising population of lactose-intolerant consumers and growing awareness about animal cruelty
- The online distribution channel segment is expected to exhibit the fastest CAGR over the forecast period. The segment is primarily driven by the increased penetration of online retailers since the outbreak of COVID-19
Gain deeper insights on the market and receive your free copy with TOC now @: Ready Meals Market Report
Moreover, busy schedules and hectic lifestyles of the working-class population and the young generation are anticipated to offer key players new growth avenues over the forecast period. The COVID-19 pandemic has also significantly increased the demand for ready meals. With most parts of the world under lockdown orders to prevent the spread of the novel coronavirus, restaurants and other eateries were shut down, compelling consumers to cook and eat at home. This propelled product demand across the globe.
Manufacturers have been launching a wide range of ready meals under healthier segments, with claims like vegan, gluten-free, and dairy-free to cater to the rising customer demand, which is increasing the scope of the global market. For instance, in October 2021, Pilgrim’s Food Masters launched OXO frozen ready meals into Asda, a British supermarket chain. The company also re-launched existing ranges such as Bisto and Sharwood’s, with new product developments and recipe reformulations.
The vegan segment is expected to register the fastest growth rate throughout the forecast period. Product launches in this segment by key players are likely to supplement the overall segment growth. For instance, in August 2021, Nestlé-owned Freshly launched its first line of vegan meals, which include burgers, mac and cheese, and burritos. The plant-based product range includes Rainbow Harvest Plant-Based Burger with Sticky Carrot Jam & Summer Veggie Sauté and Unwrapped Salsa Verde Burrito with Purely Plant Crumbles.
Supermarkets & hypermarkets held the largest share in terms of revenue in 2021 and the segment is expected to maintain dominance over the forecast period. The rise in consumer demand for ready meals has made retailers hold greater shelf space for the same, especially in developed countries. The global market is consolidated in nature, with the presence of a large number of international players and few regional players. Manufacturers are focusing their resources on product innovation to cater to the latest health choices of consumers across the world.
Ready Meals Market Insights By Demographics
North America held the largest share, with the U.S. being the largest consumer of pre-packaged meals. Ready-to-eat dishes are becoming increasingly popular due to their convenience, portability, and availability of new offerings. Asia Pacific is anticipated to be the fastest-growing regional market, owing to the increasing target population in the region. Improved living standards and rapid industrialization in emerging economies such as India will have a positive impact on the demand for pre-packaged meals. Europe is also expected to witness considerable growth in the coming years due to the introduction of innovative products.
Competitive Analysis By Major Companies
Players have been increasing their product supplies in supermarkets and hypermarkets amid the COVID-19 pandemic. With consumers demanding more meal varieties within segments like frozen, chilled, vegetarian, and vegan, manufacturers are focusing on product innovation to suit the new go-to health choices of consumers around the world. The market is fragmented owing to the presence of a large number of global and domestic companies. They are also focusing on strategies such as partnerships, online advertising campaigns, innovation, and new product development to expand their product portfolio and customer base. Some prominent players in the global ready meals market include:
- Nestlé
- General Mills, Inc.
- Kellogg Company
- Conagra Brands, Inc.
- Tyson Foods, Inc.
- Oetker
For Any Questions or Inquire please visit @: https://www.grandviewresearch.com/industry-analysis/ready-meals-market/request/rs5
Ready Meals Market Segmentation
Grand View Research has segmented the global ready meals market based on product, meal type, distribution channel, and region
- Ready Meals Product Outlook (Revenue, USD Billion, 2017 – 2030)
- Ready Meals Meal Type Outlook (Revenue, USD Billion, 2017 – 2030)
- Ready Meals Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
- Ready Meals Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players in the Ready Meals Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
For Customized reports or Special Pricing please visit @: https://www.grandviewresearch.com/special-pricing/611/rfsp2
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Contact:
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll-Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com