Data Bridge Market Research analyses that the ready meals market was growing at a value of USD 163.1 billion in 2021 and is expected to reach a value of USD 250.31 billion and registering a CAGR of 5.50% from 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Market Definition
Ready meals or frozen food are meals that have been frozen to extend their shelf life and keep them from becoming contaminated or spoilt. Ready meals have quickly gained popularity among various segments of society, particularly among the younger and college-going population, due to their ease of preparation and low time consumption.
Ready Meals Market Scope and Segmentation
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REPORT METRIC |
DETAILS |
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Forecast Period |
2022 to 2029 |
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Base Year |
2021 |
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Historic Years |
2020 (Customizable to 2014 - 2019) |
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Quantitative Units |
Revenue in USD Billion, Volumes in Units, Pricing in USD |
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Segments Covered |
Type (Chilled Pizza, Canned/Preserved Ready Meals, Chilled Ready Meals, Dried Ready Meals, Frozen Pizza, Frozen Ready Meals, Prepared Salads), Product (Frozen & Chilled, Canned, Dried), Meal Type (Vegetarian, Non-vegetarian, Vegan), Distribution Channel (Supermarket & Hypermarket, Online Retail), |
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Countries Covered |
U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America |
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Market Players Covered |
The Hain Celestial Company (US), AGRARFROST GMBH & CO. KG (Germany), Agristo (Belgium), Bart's Potato Company bvba (Belgium), Royal Cosun (Netherlands), Farm Frites (Netherlands), Greenyard (Belgium), Himalaya Food International Ltd. (India), J.R. Simplot Company (US), McCain Foods Ltd. (UK), Lamb Weston Holdings, Inc. (UK), General Mills, Inc. (US), Mondelez International, Inc. (US), and THE KRAFT HEINZ COMPANY (US) |
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Opportunities |
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Ready Meals Market Dynamics
Drivers
- Consumers' busy lifestyle is augmenting the ready meals market
The growing consumer preference for convenience foods indirectly benefits the growing demand for frozen ready meal because they take less time and effort to prepare than cooking from scratch. Due to the consumers' hectic lifestyles, the processed food market is driven by a greater need for convenience. As a result, the demand for frozen goods rises. Increasing disposable income is another factor that significantly impacts the growth of the food market because it increases consumer purchasing power.
- Expansions of convenience stores as well as growing working class population
Ready meals are becoming increasingly popular in developed countries, where consumption is higher than in developing countries. The increase in the number of people working in emerging economies such as China and India, as well as the trend toward extended and more variable working hours, has resulted in a progressive shift away from the traditional paradigm of daily cooking.
Opportunities
One of the most recent market trends is online grocery shopping and the introduction of new apps that make it easier for consumers to select their preferred products. Customers prefer online shopping because of its convenience and variety. According to Eurostat, nearly 25% of the population purchased food and groceries from online retail channels. Retail-ready meal shopping is emerging as one of the platforms for companies to showcase and sell their food products as the internet and smartphone penetration grow.
Recent Development
- In 2021, Nomad Foods announced an agreement with Fortenova Grupa d. d. to acquire Fortenova's Frozen Food Business Group (FFBG) for USD 724 million in order to expand its product portfolio, as FFBG offers a wide range of frozen meals and has a large distribution channel in Eastern Europe
- Conagra Brands Inc. launched its extensive summer line products in 2021 to provide manufacturers with single-serve frozen meals and collect brands with new Banquet®, Marie Callender's ®, Wholesome Alternative®, and Hungry Man® dishes. Conagra's mission is to please customers by providing nutritious frozen foods
- In 2020, the Dutch start-up Lazy Vegan released its latest frozen ready meal, "Thai Green Curry," which is gluten-free and soy-free. It also launched vegan frozen meals with plant-based chicken and Ready Meals to establish a strong presence in the European market
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Ready Meals Market Regional Analysis/Insights
The ready meals market is analysed and market size insights and trends are provided by country, type, meal type, distribution channel and product as referenced above.
The countries covered in the ready meals market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe dominates the ready meals market due to an increase in demand for frozen ready meals caused by the COVID-19 pandemic, which has affected several countries. Furthermore, the region's population growth, rapid urbanization, and increased customer awareness of the benefits of frozen food will drive the growth of the ready meals market during the forecast period.
Asia-Pacific is expected to see significant growth in the ready meals market because of the trend of ready-to-eat food among the working-class population. Furthermore, the substantial increase in demand for frozen food due to the decrease in time for preparing and cooking is expected to further propel the market growth in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
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What will the market development pace of the Ready Meals market?
What are the key factors driving the Global Ready Meals market?
Who are the key manufacturers in the market space?
What are the market openings, market hazard and market outline of the market?
What are sales, revenue, and price analysis of top manufacturers of Ready Meals market?
Who are the distributors, traders, and dealers of Ready Meals market?
What are the Ready Meals market opportunities and threats faced by the vendors in the Global Ready Meals industries?
What are deals, income, and value examination by types and utilizations of the market?
What are deals, income, and value examination by areas of enterprises?
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