This report shows that opportunities exist in Prepared Meals and Meal Components even as competition intensifies. These opportunities can be exploited by analyzing the impact of specific consumer groups, behaviors, and trends on the market using actual consumer survey data in 12 Prepared Meals and Meal Components sectors across 10 core countries.
Limited growth in Prepared Meals and Meal Components sectors means marketers must focus on key consumer groups as competition intensifies. Vital to reaching these key consumer groups is understanding their consumption needs and motivations: this report provides unique insight not only into who the key consumer groups are, but why they eat what they eat and how to target them.
The high importance of Value for Money and limited growth in Prepared Meals and Meal Components sectors means private labels will increase their share of the market. As leading brands and private labels battle to target consumer hotspots, "B" and "C" brands will struggle and lose share if they cannot establish clear differentiators from other products.
Kids and Babies and Tweens and Early Teens consume above average volumes of Prepared Meals and Meal Components. However, Older Consumers shouldn't be forgotten about either: aging populations worldwide means that Older Consumers already account for large absolute volumes, and will account for even larger ones by 2016. This doesn't just apply to the Non-BRIC region: populations in China and Russia are older than many think.
This report provides a unique opportunity to update marketing tactics and strategy in line with the latest consumer behaviors in Prepared Meals and Meal Components by highlighting the key consumer trends and groups, and integrating robust survey-based data with market data to show the actual impact of these consumer behaviors on sector volumes and values.
Value growth is forecast to be slightly higher in most sectors during 2011-2016 than it was during 2006-2011, though growth will slow down slightly in Meat, Dairy Foods and Oils and Fats. The lack of significant variation between historic and future growth rates limits the opportunities to grow volume sales. This makes it vital that marketers focus on targeting very specifically defined consumer groups and their driving motivations.
Within the BRIC region, Meat and Dairy Food in Brazil all have high per capita value consumption and will record relatively high growth rates during 2011-2016. Meat and Dairy Food also offer strong opportunities in the Non-BRIC region. While these sectors will grow quickly, the low growth rates in most other sectors mean there will be even greater competition during 2011-2016, making it likely that weaker brands are going to be squeezed and private labels will gain ground.
Kids and Babies and Tweens and Early Teens consume above average volumes of Prepared Meals and Meal Components overall, while Young Adults and Pre-Mid-Lifers' account for a volume share far below their share of the population. This result is driven by Kids and Babies' and Tweens and Early Teens' high consumption of Dairy Food, though they are also above average consumers of Prepared Meals and Savory and Deli Foods worldwide, and of Pasta and Noodles in the Non-BRIC region.
No motivation influences a larger volume of Prepared Meals and Meal Components eaten than the need to meet age-specific needs, be it healthy bone development for children or low cholesterol for older adults. In particular, this result is heavily influenced by the Dairy Food sector; while this shows that consumers are looking for Dairy Food products that, for instance, contain high calcium levels to help children's development, different consumer trends are key in other sectors.
A category breakdown of the Prepared Meals sector globally by age shows that Kids and Babies and Tweens and Early Teens are just as likely to eat Ready Meals as adults, despite concerns regarding their high salt content and lack of nutritional content. Ready Meals allow busy and tired parents to provide a quick hot meal to their children, while the importance of the Personal Space and Time consumer trend shows that parents value how less time cooking means more time relaxing.