Report ID: SQSG25Q2001 | Region: Global | Published Date: September, 2022 | Pages: 157Global Food Service Market
Report ID: SQSG25Q2002 | Region: Global | Published Date: September, 2022 | Pages: 157
Global Ready Meals Market size was valued at USD 143.86 billion in 2021 and is expected to reach USD 203.78 billion by 2028. The market is expected to grow at a CAGR of 5.1% during the forecast period (2022–2028).
Ready meals are typically cooked meals that require little to no additional cooking or processing before consumption. The convenience of prepared meals influences demand because it saves time, requires fewer cooking efforts, and is easy to handle and store. Consumer food preferences are shifting toward ready-to-eat food products as a result of the hectic work schedules of college students and the busy lifestyles of working people. People's preferences for packaged meals are constantly changing as they seek higher-quality ingredients, greater variety, and faster delivery. Customers are willing to pay a premium for ready-to-eat takeaways and same-day delivery as a result of this. According to the Ready Meals 2020 Snapshot Survey conducted by Eating Better, 88% of adults in the U.K. eat ready breakfasts and dinners or ready-to-cook foods on a weekly basis, and two out of every five people eat packaged meals.
During the Covid-19 pandemic the people were preferring ready meal as there were restriction for movement and it was easily available at affordable price and convenient to store for longer duration. Also, the fear of spreading the corona virus in open spaces made people to purchase ready meals instead of fresh food.
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The ready meal market has segmented on the basis of product type, distribution channel, and region. On the basis of product type, it has been classified into frozen, chilled, canned and shelf-stable. On the basis of distribution channel, it has been classified as supermarkets & hypermarkets, convenience stores, online, and others. Based on region, it is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
Analysis by Product Type
The frozen segment dominated the market in 2021 and is expected to continue to do so throughout the forecast period. The convenience of frozen foods is the primary driver of segment growth. According to the British Frozen Food Federation (BFFF) in November 2020, frozen foods outperformed fresh produce and every other food category in terms of value and volume percentage growth throughout 2020. Product introductions in the segment are also driving segment growth. For example, in March 2022, FatBroccoli launched frozen packaged meals in the UAE using 100% natural ingredients produced locally.
From 2022 to 2028, the shelf-stable segment is expected to grow the fastest. Shelf-stable meals do not need to be refrigerated and can be eaten at room temperature. As they are inexpensive, they are frequently referred to as emergency meals when regular food cannot be provided. Product introductions in this segment are expected to drive market growth. For example, NÜTY, an India-based pre-packaged meal startup, launched shelf-stable ready dishes in January 2020 using a non-thermal cold pasteurization technique via its proprietary cooking process aided by High-Pressure Processing technology. This allows the company to offer packaged food with a longer shelf life.
Analysis by Distribution Channel
Supermarkets and hypermarkets contributed the most to the global market in 2021. Ready meals are becoming more popular in developed countries such as the United Kingdom and the United States, with most supermarkets, hypermarkets, and convenience stores stocking a variety of convenient ready-to-eat foods. In January 2021, for example, independent supermarket Jempson's launched a range of prepared meals in its local kitchen, including lasagna, toad in the hole, fish pie, and honey & mustard chicken.
The online distribution channel is expected to grow at the fastest rate over the forecast period. Pre-packaged meal brands have seen an increase in overall demand via online platforms. Online delivery is being offered by major supermarkets and hypermarkets such as Walmart, Target, and Aldi, which is driving segment growth. Many supermarkets have launched their own packaged meal brands or collaborated with cloud kitchens to do so. For example, in January 2022, Kroger Co. collaborated with the online grocery platform Instacart to launch a new line of pre-packaged dishes. Customers will be able to order roasted chicken, sushi, wraps, salads, coleslaw, and mashed potatoes in 30 minutes from Kroger Co.
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North America held the largest share of the global market in 2021, accounting for 41.4%, with the United States being the largest consumer of pre-packaged meals. Consumers' changing food preferences, as a result of increased health awareness and food safety concerns, are driving product demand in the region. Furthermore, vegan, gluten-free, and organic pre-packaged foods derive a large portion of their value from consumer trust and the perception that the products are healthy. Because of their convenience, portability, and availability of new offerings, ready-to-eat dishes are becoming increasingly popular.
Asia Pacific is expected to be the fastest-growing regional market due to region's growing target population. Furthermore, rising consumer disposable income and increased awareness of ready meal products are driving market growth. Furthermore, rising living standards and rapid industrialization in emerging economies such as India will boost demand for pre-packaged meals. Europe is also expected to grow significantly in the coming years as a result of the introduction of new products.
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Global ready meal market is highly competitive and fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Moreover to enhance the demand for ready meals across geographies, the top competitors companies are also focusing on mergers and acquisitions. The top companies have presence in North America, Asia Pacific, and Europe. They are focusing on various sector like manufacturing facilities, along with strong distribution networks across these regions.
Top Players in the Global Ready Meals Market
Consumers have begun to place a higher value on foods that provide functional benefits in addition to taste, increasing demand for healthy, natural, and safe ready meals. These organic food alternatives are having a positive impact on market growth. Health awareness and food safety concerns are causing more consumers to carefully select their ready meals in order to avoid negative health effects. Furthermore, organic ready meals derive a large portion of their value from consumer trust and the perception that the products are healthy.
Ready meals are becoming increasingly popular in the packaged food market due to their convenience and portability. Furthermore, organic ready meals are gaining popularity because they are verified natural products that can replace a full meal.
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According to our ready meal market analysis, in terms of product type, the frozen segment has held larger market share owing to convenience and affordable healthy food. By distribution channel, the online retailing gained the larger market share due to internet penetration and high usage of smartphones. The packaging attracts and influenced the people so it can be projected as the largest growing segment in the ready meals market during the forecast period. Moreover, the large shelf life can create the positive impact on ready meal market in the coming years.
|Market size value in 2021||USD 143.86 billion|
|Market size value in 2028||USD 203.78 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Ready Meals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ready Meals Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG25Q2002