Ready Meal Market size is forecast to reach $178.885 billion by 2025, growing at a CAGR of 10.6% during the forecast period 2020-2025. Ready Meals are precooked and prepackaged meals that can be consumed with minimum or no preparation. Increasing employment and ease of handling & storage are the major factors driving the growth of the market. An increase in disposable income and a change in the standards of living further enhance the overall market demand for the ready meal.
Product – Segment Analysis
The frozen ready meal segment held the largest share in the Ready Meal Market in 2019 and is estimated to grow at a CAGR of 6.3% during the forecast period 2020-2025. The frozen ready meal is an instant, convenient, affordable, and healthy alternative to fresh food Frozen ready meals are subjects to natural processes that are proven to lock in healthy nutrients. Increasing urbanization, innovative packaging, and increase in demand for convenience food along with the healthy ingredients in the ready meals is increasing the demand for ready meals. The frozen ready meal can be stored for several months without affecting the quality based on the type of food. Chilled ready meal foods cost more to the consumer owing to the short shelf life of certain types of producers and retailers. Frozen Ready Meals is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025 owing to the busy lifestyle with the high purchasing power.
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Distribution Channel – Segment Analysis
The Supermarkets held the largest share in the Ready Meal Market in 2019 owing to the increase in the product offerings made by them to attract the customers. Increasing penetration of smartphones, coupled with the rising use of the internet as internet providers are lowering the prices of their products escalating the practice for more online shopping. With the busy lifestyles, consumers prefer ready meals that decrease the preparation time, thereby propelling the demand for ready meals. Consumer’s inquisitiveness about food and their sourcing is increasing, manufacturers are focusing on reversing the frozen food stigma with healthy meal offerings, in addition to improving their convenience. The rise in online shopping of ready meals has led the consumers to question about their health. The consumers are unable to strike a balance between the quality of food and the unavailability of time, which they could have utilized in cooking fresh meals. Online Store is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025 owing to the rising trend of online shopping.
Geography – Segment Analysis
Asia Pacific dominated the Ready Meal Market in 2019 with a share of more than 38% followed by North America owing to the busy lifestyles of working individuals and rise in online shopping of ready meals. Increasing employment, rising population, rapid industrialization, easy availability, and an increasing number of employees and students is increasing the growth of the ready meal market in this region.
However, North America is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the changing preference among consumers. Rising awareness about ready to eat meat products, improving living standards and increasing demand for gluten-free meat is increasing the growth of the ready meal in this region.
Drivers – Ready Meal Market
An Increasing number of employee & student and rising demand for snacks and fried food products
An increasing number of employee & student and rising demand for snacks and fried food products are increasing the growth of the ready meal market. Ready meals are highly convenient among the working population and students as they help to save time and effort required for meal production. The increasing number of women employees and the rise in the number of single-person households is increasing the demand for snacks and fried food products. The growing middle class and increasing working population, particularly young adults, looking for instant and convenient food products, are shifting towards prepared meals. Thus, increasing the demand for ready meal market during the forecast period 2020-2025.
Changing lifestyle and ease of handling & storage
Increasing employment and ease of handlings & storage is increasing the growth of the ready meal market. Increasing urbanization is enhancing shelf life and frozen food packaging. With the increase in population, the demand for convenience food along with the healthy ingredients in the ready meal is increasing. Shifting consumer preferences towards ready meals is increasing owing to the busy lifestyle of working individuals as well as a hectic schedule of students. Consumers are inclining towards the ready meals as that can be easily consumed without any efforts. Owing to hectic schedule consumers are shifting towards the ready meals as it is easy to cook and less time-consuming. Thus, increasing the growth of the ready meal market during the forecast period 2020-2025.
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Challenges – Ready Meal Market
Rising cases of obesity and increasing shift towards a healthier lifestyle
Some of the factors that is set to impede the growth of the Ready Meal Market are the rising cases of obesity and increasing shift towards a healthier lifestyle, increasing safety concerns, increasing health awareness and other lifestyle diseases.
Ready Meal Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Ready Meal Market. In 2019, the Ready Meal Market share is consolidated by the top ten players present in the market. Ready Meal, the top 10 companies are Nestle SA, Tyson Foods, Kraft Heinz Company, Kerry Foods Ltd., Premier Foods Group Ltd., General Mills Inc., Nomads Food Limited, and Mc Cain Foods Limited among others.
In June 2018, Nomads Food Limited acquires Aunt Bessie’s Limited which is a leading frozen food company.
In May 2019, Mc Cain Foods acquires Serya
In March 2016, Mc Cain Foods acquires Ad Van Gelovan
The Asia Pacific dominates the Ready Meal Market in 2019 owing to the rise in per capita income and the busy lifestyle of working individuals. The Ready Meal Market scope for different regions will be provided in the final report.
An increasing number of employee & student and rising demand for snacks and fried food products is likely to aid in the market growth of Ready Meal Market.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Ready Meal Market report.
Rising cases of obesity and increasing shift towards a healthier lifestyle are set to create hurdles for the Ready Meal Market.
Related Reports :
A. Meal Kits (Oven Ready) Market
B. Ready To Eat Food Market
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