Market Overview
The global ready meals market has been witnessing steady growth, driven by evolving consumer lifestyles and increasing demand for convenient food options. In 2021, the market was valued at USD 143.94 billion and is projected to expand at a compound annual growth rate (CAGR) of 5.0% during the forecast period.
Ready meals, also known as convenience foods, include pre-packaged meals that require minimal preparation. These meals cater to busy professionals, students, and individuals seeking quick and hassle-free meal solutions without compromising on taste and nutrition.
Market Drivers
Several factors contribute to the expanding ready meals market:
Changing Lifestyles and Busy Schedules The fast-paced nature of modern life has led to a surge in demand for ready-to-eat (RTE) meals. Working professionals, students, and urban dwellers often lack time to cook, making convenience foods a preferred choice.
Growing Urbanization Urban populations are increasing globally, with more people residing in metropolitan areas where fast and convenient food solutions are in high demand. This urban shift supports the growth of the ready meals industry.
Rising Disposable Income Higher disposable incomes allow consumers to spend more on premium and convenience food products. With greater purchasing power, consumers are willing to explore diverse and high-quality ready meals.
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞:
https://www.polarismarketresearch.com/industry-analysis/ready-meals-market
Key Players in the Ready Meals Market
- Associated British Foods Plc
- Chao Xiang Yuan Food Co. Ltd.
- Conagra Foods Inc.
- Dr. Oetker
- Pepsico.
- General Mills
- Graham Packaging Company
- Green Mill Food
- Greencore Group Plc
Market Growth and Trends
The ready meals market is evolving with new trends and innovations that enhance consumer appeal and market penetration.
Demand for Healthy and Nutritious Ready Meals Health-conscious consumers are seeking ready meals with balanced nutrition, low preservatives, and organic or natural ingredients. Companies are introducing low-calorie, high-protein, and plant-based options to meet these demands.
Growth of Frozen Ready Meals Segment Frozen ready meals dominate the market due to their extended shelf life and ability to retain freshness. Consumers prefer frozen meals as they offer convenience while maintaining taste and quality.
Premium and Gourmet Ready Meals The rising interest in gourmet and restaurant-style ready meals has driven premium product launches. Consumers are willing to pay more for high-quality, chef-curated meals with exotic ingredients.
Challenges in the Ready Meals Market
Despite the strong growth trajectory, the ready meals market faces several challenges:
Concerns Over Nutritional Value and Additives Many ready meals contain preservatives, artificial flavors, and high sodium content, raising health concerns among consumers. This has led to a demand for cleaner-label products.
Competition from Home Cooking and Fresh Meal Kits The rise of meal kit delivery services and increasing interest in home-cooked meals pose a challenge to ready meal sales. Consumers are looking for fresh, customizable, and preservative-free options.
Supply Chain Disruptions and Cost Fluctuations Fluctuating prices of raw materials, supply chain inefficiencies, and transportation costs can impact the availability and pricing of ready meals, affecting market growth.
Market Segmentation:
The Ready Meals Market is segmented by meal type, packaging format, and distribution channel. Meal types include frozen, chilled, and shelf-stable meals, catering to different consumer preferences. Packaging formats such as trays, pouches, and cans are widely used. Distribution channels include supermarkets, convenience stores, and online platforms.
Ready Meals Market, Product Outlook (Revenue – USD Billion, 2018 – 2030)
- Chilled
- Frozen
- Shelf-stable
- Canned
Ready Meals Market, Meal Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Vegan
- Vegetarian
- Non-Vegetarian
Ready Meals Market, Distribution Channel Outlook (Revenue – USD Billion, 2018 – 2030)
- Convenience Stores
- Supermarkets & Hypermarkets
- Online
- Others
Other Key Insights
Regulatory Compliance: Stricter food safety and labeling regulations worldwide are shaping product formulation and transparency in the ready meals sector.
Sustainability Focus: Sustainable sourcing of ingredients and ethical supply chain practices are becoming a priority for brands.
Consumer Education: Increasing awareness campaigns about balanced nutrition and healthy eating are influencing product development in the ready meals industry.
Conclusion
The global ready meals market is poised for continuous growth, driven by evolving consumer preferences, urbanization, and lifestyle changes. The demand for healthy, convenient, and high-quality ready meals is expected to shape the industry’s future. Companies that embrace innovation, sustainability, and consumer-centric approaches will remain competitive in this expanding market.