PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1389859
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1389859
The global prepared food market is on a trajectory of substantial growth, with a projected valuation of $247.4 billion by 2030, according to Fairfield Market Research. This remarkable expansion reflects a CAGR of 6.2% from 2023 to 2030, compared to its 2022 valuation of $152.9 billion.
Key Market Trends
Key Growth Determinants
Consumer Transition to Organic Products: The demand for organic packaged and processed food is on the rise as consumers seek healthier and less artificial alternatives in prepared food. The increasing consumer focus on health and improved nutrient content is driving demand for organic ready meals.
Rising Consumer Appetite for Convenience Food: The demand for convenience and prepared food has surged due to its time-saving benefits, particularly for working professionals with hectic schedules. Millennials and Gen Z consumers are driving the introduction of high-quality prepared food products through their interest in innovative packaged meals.
Increasing Market Penetration of Multiple Food Manufacturers: Prepared food offers a convenient lifestyle option for consumers with busy schedules, emphasizing quality, flavor, nutrition, and easy preparation. Health is a significant trend driving market innovation, with the use of nutrients like antioxidants and oats, reflecting consumers' demand for healthier ready meals.
Major Growth Barriers
Growing Consumer Health and Nutritional Concerns: Consumers' increasing concerns about the nutritional value and components in prepared food products have been influenced by rising health and nutrition awareness. Consumers seek healthier options with natural and organic ingredients, fewer preservatives, and reduced sodium and sugar content.
Changing Consumer Preferences: Evolving consumer tastes and preferences driven by cultural diversity, dietary trends, and changing lifestyles pose challenges to the prepared food industry. Adapting to these shifting demands by offering a variety of options, including plant-based, gluten-free, vegan, and allergen-free choices, is essential to remain competitive.
Regional Highlights
North America Leads: North America is expected to dominate the prepared food market due to the rising demand for processed food and increasing income levels. Key supermarket retailers have adapted their strategies to cater to the demand for ready meals.
Asia Pacific Growth: The Asia Pacific region is experiencing rapid growth, with Japan and China leading the way. High potential and low market saturation make emerging countries like Australia, the Philippines, Singapore, and India attractive markets. Japan's workforce, including women, has driven the demand for ready meals, while China's market has expanded due to a surge in home-cooked meals during lockdowns.
Fairfield's Competitive Landscape Analysis
The prepared food market is characterized by numerous domestic and international companies, resulting in a highly fragmented market share. The ability of key market players to address new market trends, gain a competitive edge, and enter new markets hinges on innovation, collaboration, and diversifying product lines. As demand rises, manufacturers are making significant investments in the prepared food market.
Leaders in Global Prepared Food Space