Global Ready Meals Market - 2023-2030

Market Overview

The global ready meals market was valued at US$ 159,072 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 238,728 million by 2030. The market is growing at a CAGR of 5.2% during the forecast period (2023-2030).

The ready meals market has been growing, driven by a range of factors including changing consumer lifestyles, increased urbanization, and the need for convenient and time-saving meal options. Consumers are looking for meal options that are quick and easy to prepare, and technology can help deliver on this trend. Ready meal companies can leverage technology to offer convenient meal options, such as meal kits that can be delivered to the home and cooked in minutes which boosts the growth of the ready meals industry.

Another factor contributing to the ready meals market growth is urbanization. As more people move to cities, they are often faced with limited kitchen facilities and busy schedules. Ready meals provide a convenient solution for city dwellers who may not have the time or space to cook a meal from scratch.

Market Dynamics

The Convenience of Ready Meals Fuels the Growth of the Ready Meals Market

Ready meals are pre-packaged meals that are already cooked or require minimal preparation, making them a convenient and time-saving option for busy individuals and families. Ready meals represented a USD 172.6 million sales value in the packaged goods sector of India in 2021. Ready meals save time for individuals who do not have the time or energy to cook from scratch. This convenience factor is especially important for busy professionals, students, and families who may have limited time for meal preparation. Hence, the convenience of ready meals is driving the growth of the ready meals market.

COVID-19 Impact Analysis

The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it with pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global ready meals market is segmented based on product type, source, distribution channel, and region.

Long Shelf Life and Convenience of Frozen Meals

Based on product type, the ready meals market is classified into frozen ready meals, chilled ready meals, canned ready meals, dried ready meals, others.

In 2022, the frozen ready meals segment accounted for the highest share in the ready meals market for several reasons. One of the primary reasons is their convenience. Frozen ready meals are easy to store, have a long shelf life, and can be prepared quickly and easily. Consumers can simply take the meal out of the freezer, heat it, and enjoy a hot meal without the need for extensive meal preparation. According to Statista, consumption of frozen food reached 47.7 kilograms per person in 2022. Hence, long shelf life and convenience of frozen meals have contributed to having the highest share in the market.

Geographical Analysis

The Growing Food Industry in Europe

According to Data & Trends 2022, the EU's food and beverage industry employs 4.6 million people, has an annual revenue of €1.1 trillion, and adds €230 billion in value. This makes it one of the EU's largest manufacturing sectors. The food industry in Europe is constantly innovating and introducing new ready-meal products to the market. This is attracting more consumers to try these products, as they offer a wide variety of choices, including vegetarian, gluten-free, and low-calorie options. Overall, the growing food industry in Europe and changing consumer preferences are driving the market growth of ready meals in the region.

Competitive Landscape

The major global players in the market include Kerry Group plc, The Campbell Soup Company, The Kraft Heinz Company, Nestle SA, Conagra Brands Inc., Nomad Foods Group, McCain Foods Limited, J.M. Smucker Co., Green Mill Food, and General Mills, Inc.

Why Purchase the Report?

• To visualize the global ready meals market segmentation based on product type, source, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of ready meals market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global ready meals market report would provide approximately 61 tables, 62 figures and 151 pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies