Global Frozen Ready Meal Products Market Outlook, 2027

Global Frozen Ready Meal Products Market Outlook, 2027

In recent years, ready-to-eat food has emerged as one of the most versatile global ready meals market segments. A rise in convenience trends and a parallel rise in demand for specific meal solutions have resulted in strong demand for frozen ready meals. The frozen food and beverage industry is viewed as a one-stop shop for customers on the go, offering everything from frozen sweets to appetizers and meals. The growing consumer preference for convenience foods indirectly benefits the growing demand for frozen ready meal because they take less time and effort to prepare than cooking from scratch. Due to the consumers' hectic lifestyles, the processed food market is driven by a greater need for convenience. As a result, the demand for frozen goods rises. Increasing disposable income is another factor that significantly impacts the growth of the frozen ready meals market because it increases consumer purchasing power.

The report titled “Global Frozen Ready Meal Product Market Outlook, 2027” gives a complete insight into the market performance of ready meal products and its growth globally. People globally have developed the habit of consuming convenience meals, which have diverted their attention towards prepared or pre-prepared foods. This has been due to a change in consumer lifestyles over the last few years. Continuous busy lifestyle and limited time available for cooking in a hectic work schedule have inclined consumers toward the consumption of ready-to-make frozen food. Companies are also coming up with meal kits, which also include mixed dinner to attract working women who not get sufficient time for cooking a full meal. This report provides a detailed analysis of the performance of ready meals globally along with historical and forecasted analysis including the top profiled companies. This growing adaption in the market will surely let the frozen ready meal products to grow with an expected CAGR of above 5% during the forecast period.

Owing to this increasing demand, the manufacturers have been mainly focusing on the nutritional contents, microbiological safety, and other measures while preparing frozen food. The frozen ready meal market has been dominated by the top three regions namely North America, Europe, Asia- Pacific, apart from that the growth in the Middle-East region being at a developing. Different components influencing the market are the- changing food utilization designs, expanding urbanization, less time, and more disposable income. The availability of ready meals has increased which is largely supported by the distribution through supermarket and hypermarket and the online platforms as they have made it easy to reach. The increase in the number of people working in emerging economies such as China and India, as well as the trend toward longer and more variable working hours, has resulted in a progressive shift away from the traditional paradigm of daily cooking.

This segment contains vegetable and non- vegetable meals, frozen pizza, frozen chapattis, etc. that is very much popular among the consumers as it provides a diverse menu with a convenient preparation. These products are packed in hygienic conditions to ensure zero contamination and improved shelf life. As the number of working people has increased, the necessity to save time in food preparation also increased; which is profitable for the marketers. Frozen convenience foods sold by food supply chain companies continue to contribute significantly to revenue. Additional revenue share is expected soon as convenience stores expand their frozen ready meal selection and internet sales tap into previously untapped market opportunities.

One of the most recent market trends is online grocery shopping and the introduction of new apps that make it easier for consumers to select their preferred products. Customers prefer online shopping because of its convenience and variety. According to the obtained data, nearly 25% of the population purchased food and groceries from online retail channels. Retail ready meal shopping is emerging as one of the platforms for companies to showcase and sell their food products as the Internet and smartphone penetration grows. A rise in convenience patterns, as well as a simultaneous increase in need for customized meal options, has resulted in strong desire for frozen packed meals.

Consumer preferences for packaged meals are constantly changing as people are looking for higher-quality ingredients, more variety, and speedier delivery. This has boosted the popularity of ready-to-eat takeaways and same-day delivery, for which, customers are willing to pay a premium. According to Eating Better’s Ready Meals 2020 Snapshot Survey, 88% of adults in the U.K. eat ready breakfasts and dinners or ready-to-cook foods and two in five people eat packaged meals every week. Such trends bode well for market growth. Meanwhile, the rising pressure upon brands to offer products that are better for the environment continues to shift the overall concept of packaged food boxes toward more plant-based/vegan ingredients and the use of sustainable packaging with less plastic and waste.

The supply side of the market has also been changing as a result of the growing demand for ready meals, pushing restaurants, hotels, and cafes to change their business models. At the same time, this transition opens up new possibilities for retailers like supermarkets, hypermarkets, and grocers. Key supermarkets such as Walmart, Target, and Aldi have introduced or collaborated with cloud kitchens to provide packaged breakfast and dinners on their shelves. For instance, in October 2020, Finnair started selling its offerings in supermarkets by launching ‘Taste of Finnair’ at K-Citymarket Tammisto, a supermarket in Vantaa, Finland. The innovative packaging of private and local brands attracts an enormous amount of consumers, ultimately fueling growth of the global market. Increase in the number of manufacturers of frozen food in the recent past, has led to large competition in the global market. Low cost of products provided by various suppliers has created a greater opportunity for users to choose a preferred supplier from a large number of global suppliers available in the market. In most parts of the world, an increase in per capita income is another factor driving net sales of ready meals.

Recent Developments:
-In 2019, Conagra Brands, Inc. under its brand Gardein is aiming to fulfill the growing demand for plant-based food by expanding its line of meat-free dishes. The latest innovations made by the company include various plant based options for snacks and meals. The frozen ready meals added by the company include Chick'n Wings, Tenders and Nuggets, Breakfast Bowls, Italian Saus'age Patties and others. Further, Conagra Brands Inc. launched its extensive summer line products in 2021 to provide manufacturers inside single-serve frozen meals and collect brands with new Banquet®, Marie Callender’s, Wholesome Alternative®, and Hungry Man® dishes. Conagra's mission is to please customers by providing nutritious frozen foods.

-In September 2019, Campbell Soup Co.’s sponsor teamed up with NFL stars Dak Prescott and Saquon Barkley for launch of a new brand platform called “Champions of Chunky”. This new brand platform adopted an integrated marketing champion comprising of social media engagements and local market activations.
-In 2019, the Lightlife Foods announced that the Lightlife Burger and Lightlife Ground, the plant-based meat products, will be available in the meat aisle at thousands of stores across North America in the frozen form. The company has ensured that these frozen products are free from artificial flavors, soy and gluten and thus, take into consideration the better well-being of the people.

-In 2020, the Dutch start-up Lazy Vegan released its latest frozen ready meal, Thai Green Curry, which is gluten-free and soy-free. It also launched vegan frozen meals with plant-based chicken and Ready Meals in order to establish a strong presence in the European market.

-In 2021, Nomad Foods announced an agreement with Fortenova Grupa d. d. to acquire Fortenova's Frozen Food Business Group (FFBG) in cash for USD 724 million in order to expand its product portfolio, as FFBG offers a wide range of frozen meals and has a large distribution channel in Eastern Europe.

-In September 2021, Walki-a company which specializes in consumer and industrial packaging launched a portfolio of trays for packaged and frozen foods, which is claimed to be recyclable in paper streams. The new trays include the Walki Pack Tray PET, with a thin PET lining that is classified as mono-material, making it suitable for recycling in paper streams.

Covid-19 Impacts:
During the covid-19 outbreak, a large number of the population became more concerned about their health. Therefore, people are more cautious about what they eat. The danger of increased blood pressure continues since frozen ready meals include a significant concentration of preservatives and salt. The use of additive preservatives to extend the life of grocery items may operate against the frozen ready meal market's usual sales cycle. Covid-19 pandemic outbreak benefited the frozen ready meal business due to its ease. Since many bachelors were confined towards their houses and residences, bachelors had to rely on quick and prepared meals to sustain life. Diners and other outlets were closed due to covid lockdown and social distancing conventions, which increased the market demand for frozen ready meals. For the frozen ready meal market, the post-coronavirus scenario is anticipated to bring mixed feelings. Marketers must consider consumer views, which demand high quality and reasonable price along with low health risk factors in frozen ready meals. Overall, during the forecast period, the frozen ready meal economy is predicted to rise at a stable pace.

Major companies in the market
Aryzta AG, General Mills Inc., Kraft Heinz Company, Ajinomoto Co. Inc, Nestle S.A., Flowers Foods, Kerry Group

Considered for the report:
-Geography: Global
-Historic year: 2016
-Base year: 2021
-Estimated year: 2022
-Forecasted year: 2027

Aspects covered in this report
-Global frozen Ready Meal market with its value and forecast along with its segments
-Region & Country-wise Ready Meal market analysis
-Various divers and challenges
-Ongoing trends and developments
-Top profiled companies

Regions covered in the report
-North America (USA, Canada, Mexico)
-Europe (UK, Germany, Spain, France, Italy, Russia)
-South America (Brazil, Argentina, Chile, Columbia)
-Asia-Pacific (China, Japan, Australia, India)
-Middle-East & Africa (UAE, Saudi Arabia, Israel)
-Africa (South Africa)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started, verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to ready meal products industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.