(MENAFN- GlobeNewsWire - Nasdaq) New York, March 17, 2023 (GLOBE NEWSWIRE) -- The global ready meals market was valued at around USD 149.2 billion in 2022 and is estimated to be worth approximately USD 244.6 billion in 2032, growing at a CAGR of 5.2% between 2023 and 2032. A ready meal is prepackaged and cooked food. Ready meals are economical alternatives that take less time to prepare because they are pre-cooked and available year-round.
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Key Takeaway:
By Type , the non-vegetarian segment generated the largest revenue share of 33% in 2022. By Product , the canned ready meals segment has dominated the market and it is growing at the highest CAGR over the forecast period 2023 to 2032. By Distribution Channel , the supermarket segment was dominant in the market with the largest market share in 2022. In 2022, North America dominated the market with the highest revenue share of 41% . Asia-Pacific will show lucrative growth from 2023-2032.
According to the report, the change in consumers' food preferences for ready-to-eat food products is due to the busy lifestyles of workers. Along with that, the busy work schedules of students are likely to spur the growth of the ready meals Market.
Factors affecting the growth of the ready meals industry
There are several factors that can affect the growth of the ready meals market . Some of these factors include:
Time-Saving: As ready meals are easy to cook and save time as compared to coking other traditional foods, they are the most preferred option COVID-19: During COVID-19 consumers shifted towards stocking ready meals due to the lockdown slated for ready meals demand in the market. Increasing consumer preference : Consumers are nowadays more inclined towards higher quality ingredients and a variety of ready meals to fulfill their needs. High nutritional values : Also, ready meals in the market are nutrition rich and provide essential minerals, proteins, and other ingredients , resulting in high demand in the market. Supermarkets: As supermarkets are launching various brands of packaged ready meals in different varieties and flavors propel the demand for ready meals. Busy lifestyle: Increasing urbanization, hectic lifestyle, and busy working hours force individuals to shift towards ready meals as they are easy to cook and time-consuming.
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Top Trends in the Global Ready Meals Market
The first is the rising disposable incomes of many consumers across the globe, coupled with an increase in the popularity of ready meals . This is expected to offer lucrative growth opportunities over the forecast period.
Additionally, the growing popularity of ready meals with nutritional benefits will drive the growth of the ready meals market.
Millennials and younger generations are the easiest targets for convenience food, as they spend most of their income on such foods resulting in increasing demand for ready foods in the market.
Market Growth
Ready meals come in a variety of flavors and appearances, appealing to many consumer bases. These foods are becoming an increasingly important aspect of human existence around the world due to busy lifestyles.
The introduction of organic ready meals foods, the introduction of new types of ready-to-eat foods, and the development of a strong distribution infrastructure are all key aspects expected to drive the growth of the ready-meal market during the forecast period.
Regional Analysis
The ready meals market was dominated by North America with the largest market share of 41% in 2022. In North America, with the advancements in lifestyle as such, the need for ready meals is anticipated to grow.
Asia Pacific region is likely to witness significant growth in the forecast period. Developing countries like India, Singapore, the Philippines, and Australia exhibit strong growth in the ready meals market.
Furthermore, introducing more exotic products and consumers' inclination towards an easy lifestyle is estimated to increase demand for ready meals in Europe.
With increasing awareness regarding ready meals and increasing research and development facilities, the ready meals market is expected to grow in the Middle East and Africa region.
Competitive Landscape
Key market players are undergoing product innovation, new product launches, mergers and acquisitions, geographic expansions, etc., as part of critical strategies to remain competitive in the market. Several ready meals market companies are concentrating on improving their product quality and nutritional values. Furthermore, the prepared meals market firms are developing new products and portfolio expansion strategies through investments, mergers, and acquisitions.
The competitive landscape of the market has also been examined in this report. Some of the major players include Nestlé, General Mills, Inc., Kellogg Company, Conagra Brands, Inc., Tyson Foods, Inc., Dr. Oetker, Nomad Foods, Green Mill Foods, Unilever, 2 Sisters Food Group, and Other Key Players.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 149.2 Billion |
| Market Size (2032) | USD 244.6 Billion |
| CAGR (from 2023 to 2032) | 5.2% |
| North America Revenue Share | 41% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Ready meals are a good alternative for foods that require more time to cook and have small durability. Changes in people's hectic lifestyles have increased the need for packaged, ready meals products are also driving the market.
Population growth and the cost-effectiveness of these meals are other factors driving the market's growth.
Manufacturers now place more emphasis on packaging, which plays a vital role in preserving product texture, quality, food color, shelf life, and flavor. Packaging companies are developing innovative and advanced packaging , such as biodegradable barrier trays, which are expected to drive demand in the ready meals market.
Market Restraints
Fresh foods are the most superior alternatives for ready meals. Recent developments in fresh foods due to COVID-19 indicate rising popularity for fresh foods other than ready meals.
Growing consciousness regarding health and lifestyle disorders is the primary factor behind the increasing popularity of fresh food.
The nutritional value of ready meals is comparatively less than fresh foods; this negatively impacts prepared meals.
However, health concerns and negative customer perceptions about the health effects of prepared foods hinder the ready meals market growth.
Market Opportunities
Globally, the demand for ready-to-eat foods, especially instant noodles, rice, snack foods, and meat products, is growing due to changing social and economic patterns, increased spending on food & beverages will be expected to drive demand for ready meals during the forecast period.
Ready meals market is growing rapidly due to changing existing food habits, the growing population of foreign settlements around the world, alternatives to junk food, and the desire to try new products.
The demand for ready food is increasing due to the associated consumption convenience and, at the same time, being supported by single-use packaging.
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Report Segmentation of the Ready Meals Market
Type Insight
By type, the non-vegetarian segment was dominant in the ready meals market with the largest market share in 2022. This is due to the high consumer demand for value-added, protein-rich foods such as chicken nuggets, sausages, and salami. There is a growing consumer preference for frozen, non-vegetarian packaged foods driving the segment growth.
Product Insight
Based on product canned ready meals segment was dominant in the market with the largest market share in 2022. Commonly canned meals include fruits, vegetables, beans, and other seafood. Dried-ready meals are long-lasting and remain as it is even after a long period so canned ready meals have high demand in the ready meals market.
Distribution Channel Insight
On basis of distribution channels market is classified into supermarkets, hypermarkets, online retail, and others. The supermarket segment was dominant in the market with the largest market share in 2022 and will remain dominant in the forecast period as supermarkets and hypermarkets are easy to reach, so consumers can quickly visit specific stores. Also, supermarkets provide a wide variety of ready meals and consumer goods which are able to touch and sense the product.
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Market Segmentation
By Type
Vegan Vegetarian Non-vegetarian
By Product
Canned Frozen Chilled Dried
By Distribution Channels
Supermarkets Hypermarket Online Retailers Others
By Geography
North America Western Europe Germany France The UK Spain Italy Portugal Ireland Austria Switzerland Benelux Nordic Rest of Western Europe
Eastern Europe Russia Poland The Czech Republic Greece Rest of Eastern Europe
APAC China Japan South Korea India Australia & New Zealand Indonesia Malaysia Philippines Singapore Thailand Vietnam Rest of APAC
Latin America Brazil Colombia Chile Argentina Costa Rica Rest of Latin America
Middle East & Africa Algeria Egypt Israel Kuwait Nigeria Saudi Arabia South Africa Turkey United Arab Emirates Rest of MEA
Key Market Players
nestlé sa General Mills, Inc. Kellogg Company Conagra Brands, Inc. tyson foods, inc. Oetker Nomad Foods Green Mill Foods unilever 2 Sisters Food Group M. Smucker Co Greencore Group Plc British food plc Other Key Players
Recent Development of the Ready Meals Market
In October 2022, Campbell Soup company launched four new mealtime soups with different flavors.
In August 2021, major food company Nestle launched new vegan products such as cheese, burritos, and healthy burgers. Conagra Brands Inc. introduced new plant-based frozen food product innovations such as healthy choice max.
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