Ready Meals Market by Type (Frozen & Chilled Meals, Prepared Meals, Dried Prepared Meals, Canned Prepared Meals, and Shelf-stable Meals), by Meal Type (Vegetarian, Non-vegetarian, and Vegan), and by Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Online Retailers, Specialty Stores, and Others) – Global Opportunity Analysis and Industry Forecast 2023-2030

Market Definition

The Ready Meals Market size was valued at USD 152.29 billion in 2022 and is predicted to reach USD 276.10 billion by 2030 with a CAGR of 8.9% from 2023-2030.

Ready meals, also known as convenience meals or ready-to-eat meals, are pre-packaged, fully cooked food products that are designed to be quickly and easily heated and consumed, commonly found in supermarkets, convenience stores, and delivered through food services. Ready meals come in a variety of forms, including frozen, refrigerated, or shelf-stable, and can range from single-serve portions to family-sized meals.

Ready meals provide convenience by eliminating planning and cooking, while also offering diverse options including a variety of cuisines & dietary options, such as vegetarian, gluten-free, and low-calorie options. It also contributes in reducing food waste while supporting healthier eating habits, by emphasizing the use of fresh ingredients and balanced nutrition.

Market Dynamics and Trends

The ready meals market is experiencing significant growth due to the increasing consumption of ready-to-eat meals, driven by busy lifestyles and a rising demand for convenient, time-saving meal solutions. As per the latest survey by the Eating Better in 2021, 86% of the UK adults consume ready meals, with approximately three out of ten individuals indulging in chilled ready meals on a weekly basis.

Also, the growing demand for nutritious foods, fueled by the growing awareness about health and well-being across the globe, is further accelerating the growth of the ready meals market. According to the Food Institute's recent 2021 report, the demand for plant-based ready-to-eat packaged foods is growing significantly across the globe, driven by the increasing preference for plant-based diets among health-conscious individuals.

Moreover, the increasing availability of a variety of ready meal products such as meal kits and frozen dinners that reduces the overall effort of cooking is further expected to fuel the growth of the ready meals market during the forecast period.

However, the high costs of ready meals compared to non-packaged foods, and the risk of degradation in taste and freshness of the food during storage are expected to restrain the growth of the market during the forecast period.

On the contrary, the growing technological advancements in the ready meal industry, such as the use of microwave-assisted thermal sterilization (MATS), retort, and high-pressure processing (HPP) have improved the quality and safety of ready meals, while retaining their flavor & texture.

These advancements allow for longer shelf life, increased convenience, and expanded distribution channels to meet the increasing demand for convenient and healthy food options. This is expected to create significant growth opportunities for the market in the upcoming years.

Market Segmentations and Scope of the Study

The ready meals market share is segmented on the basis of type, meal type, distribution channel, and region. On the basis of type, the market is divided into frozen & chilled meals, prepared meals, dried prepared meals, canned prepared meals, shelf-stable meals, and others. On the basis of meal type, the market is classified into vegetarian, non-vegetarian, and vegan.

On the basis of distribution channel, the market is bifurcated into supermarkets/hypermarkets, convenience stores, online retailers, specialty stores, and others. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and Rest of the World (RoW).

Geographical Analysis

North America holds the dominant share of the ready meals market at present and is expected to continue its dominance during the forecast period. The increasing demand for healthier meal options, as consumers become more health-conscious and prioritize nutritious eating habits, is contributing to the expansion of the market in this region.

According to the latest report published by the World Economic Forum, approximately 50% of the American population is being categorized as healthy eaters, opting for nutritious ready meals. The shift towards healthier diets is prompting changes in consumer preferences and influencing the food industry to develop and offer more nutritious ready meal options to meet this growing demand.

Also, the presence of major key players such as Kellogg Company, McCain Foods, General Mills Inc., and Bakkavor Foods Ltd are launching several products that boost the market growth in this region. For instance, in August 2022, General Mills, Inc. launched a number of meal preparation kits that focuses on providing consumers with either fully prepared, ready-to-eat meal options, or the essential building blocks for simple homemade dishes.

On the other hand, Asia-Pacific is expected to show a steady rise in the ready meals market due to the growing investment in ready meals market from both local and global companies, seeking to leverage the shifting consumer preferences in eating habits and the demand for busy lifestyles in this region.

For instance, in May 2022, Wilmar International, a Singaporean agribusiness group, launched a ready-to-eat meal business in China, tapping into the growing demand for convenient and diverse meal solutions. The move aims to capitalize on the changing consumer preferences and busy lifestyles in China by offering a range of ready-to-eat meal options.

Moreover, the rising working population in countries such as Japan, China, and India have resulted in an increased demand for ready-to-eat packaged food products that have a longer shelf-life, further boosting the market growth in this region. This trend is anticipated to boost the growth of the ready meals market in the Asia-Pacific region.

According to the latest report published by the World Bank, the number of people working in China reached 782 million in 2022. The growing number of working people in the country is creating a strong demand for convenient, time-saving meal solutions that cater to busy lifestyles and varied dietary preferences, driving the demand for ready-to-eat foods in this region.

Competitive Landscape

Various market players operating in the ready meals market includes Nestle SA, General Mills Inc., Kellogg Company, Conagra Brands Inc., Tyson Foods Inc., McCain Foods, Nomad Foods Ltd, Unilever, Bakkavor Foods Ltd and 2 Sisters Food Group. These market players are adopting various strategies such as launch of new products and acquisition of business across various regions to maintain their dominance in the ready meals market.

For instance, in April 2022, Conagra Brands launched eight meals that are certified carbon-neutral frozen meals. The products are verified by the Carbonfree Product Certification Program, making them the first single-serve frozen offering to receive this designation.

Also, in May 2022, Green Mill announced the strategic acquisition of TNT Crust. This acquisition enabled them to build a strong position in the fast-growing away-from-home frozen baked goods category.

KEY BENEFITS

• The report provides quantitative analysis and estimations of the ready meals market from 2023 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the ready meals market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the ready meals market is provided in the report.

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

KEY MARKET SEGMENTS

By Type

• Frozen & Chilled Meals

• Prepared Meals

• Dried Prepared Meals

• Canned Prepared Meals

• Shelf-stable Meals

• Others

By Meal Type

• Vegetarian

• Non-vegetarian

• Vegan

By Distribution Channel

• Supermarkets/ Hypermarkets 

• Convenience Stores

• Online Retailers

• Specialty Stores

• Others

By Region

• North America   

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Netherlands

  • Finland

  • Sweden

  • Norway

  • Russia

  • Rest of Europe

• Asia-Pacific    

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific

• RoW    

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

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