(MENAFN- GlobeNewsWire - Nasdaq) Tokyo, Japan, April 29, 2023 (GLOBE NEWSWIRE) -- Ready-To-Eat Meals Market Overview
Market Research Future (MRFR) 's report highlights ready-to-eat meals market Information By Type, Distribution Channel, And Region - Forecast till 2030 "; the market will achieve USD 188.0 billion by 2030 at an 10.98% CAGR.
Market Synopsis:
Foods that are prepared for immediate consumption do not need much more processing. Most of the time, they are eaten raw or uncooked. Because they are already cooked, and readily available year-round, ready meals are an affordable alternative to traditional dishes. Due to the busy lives of working people and college students, as well as the shifting dietary habits of customers toward ready-to-eat food products, the market is likely to grow. Ready-to-eat food comes in various forms, from already-prepared meals to frozen pizzas to delivery containers. Many healthy options are also available, even though when most people hear the term "ready-to-eat," they picture unhealthy options. The need for ready-to-eat food rises along with the demand for convenience. Since a few years ago, this kind of food has become more popular, and this trend shows no signs of stopping.
Busy schedules, the rise in one-person households, and the popularity of delivery and takeout services are a few factors contributing to this. In some stores, prepared meals consumed on the go are now a specialty. Due to their busy lifestyles, instant or simple-to-prepare snacks and ready meals have become very popular, particularly with working-class people, teenagers, hostel people, and bachelors. Additionally, immediate consumption and managing products are closely related to what ready-to-eat food can provide. As a result, the need for prepared meals is rising due to the ease of consumption and the simultaneous support of disposable packaging. Meanwhile, the trend regarding more plant-based/vegan elements and sustainable wrapping with less plastic and waste is changing how packaged food boxes are perceived. Brands are under increasing pressure to provide more effective products for the environment.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 188.0 Billion |
| CAGR | 10.98% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising demand for ready-to-eat meals among young consumers |
| Rising trend relating to the consumption of convenience food Increased in the per capita disposable income of consumers |
Market Competitive Landscape:
The prominent contenders in the ready-to-eat meals market are
Kerry Group Conagra Foods Inc. Associated British Foods Plc General Mills Inc. Premier Foods Plc Unilever Tyson Foods Inc Greencore Group Plc Grupo Bimbo
Browse In-depth Market Research Report (110 Pages) on Ready-to-Eat Market:
Market U.S.P. Covered:
Market Drivers:
Due to busy lifestyles and demanding work schedules, consumers are shifting their preferences from meals prepared at home to ready-to-eat products in the market. This shift in buying habits will probably significantly impact the market under study during the forecast period. Globally, the need for easy and instant food, in particular instant pasta, rice, meals, meat products, and other items, is increasing at a faster rate because of changes in economic and social patterns, as well as higher spending on food and beverages, increased awareness of healthy foods, altered meal schedules and eating habits, an increase in the number of ex-pats settling in different parts of the world, and a desire to try new foods. The closest substitute for regular, anytime-consumable food is thought to be ready-to-eat goods.
Since they spend most of their income on these foods, millennials, and the younger generation make the best targets for the giants in the ready-to-eat food manufacturing industry. As a result, such products' convenience level is raising overall market demand. Additionally, the markets for ready-to-eat food products are being constrained by consumer health consciousness, lifestyle disorders' prevalence, and fresh food's nutritional value. Two of the most recent market trends are online grocery shopping and the release of new apps that make it simpler for customers to choose their preferred products. Due to its convenience and variety, customers prefer online shopping. Wholesale-ready meal shopping is becoming platform businesses use to market and sell food items as Internet and smartphone adoption rises.
Market Restraints:
On the other hand, the availability of fats in ready-to-eat food and unfavorable attitudes and beliefs regarding the health effects of frozen food are two factors that are anticipated soon to slow the growth of the ready-to-eat food market.
COVID 19 Analysis
Since the coronavirus outbreak in 2020, almost all nations have proposed country-level lockdowns, which restrict movement and shut down public spaces like restaurants and other eateries. Due to their longer shelf lives and ease of preparation, packaged meals became increasingly popular during this time. This habit that emerged due to the pandemic will likely persist soon, fueling market expansion.
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Market Segmentation:
By distribution channel, the market includes store-based and non-store-based. By type, the market includes rice & noodles, salads, pasta & pizzas, soups, and gravies & curries.
Regional Insights:
North America accounts for the second-biggest ready-to-eat meals share of the market. Customers' changing food preferences due to growing health consciousness and concerns about food safety drive the region's product demand. Additionally, consumer confidence and perceptions of the products' healthfulness are valuable for gluten-free, pre-packaged vegan, and organic foods. Ready-to-eat meals are becoming increasingly popular due to their portability, convenience, and availability of new options. Additionally, the market for ready-to-eat meals in the United States had the greatest share of the market, while the market for such meals in Canada had the fastest rate of expansion in the continent of Europe.
In the upcoming years, Europe is anticipated to experience significant growth due to the introduction of cutting-edge products. From 2022 to 2030, the market for ready-to-eat meals in Asia-Pacific is anticipated to expand fastest. The market is growing due to increasing disposable income among consumers and rising demand for ready-meal products. Additionally, the rapid industrialization of developing countries like India and rising living standards will boost the demand for pre-packaged meals.
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