Ready Meals

Ready Meals

Global Ready Meals Market to Reach US$308.3 Billion by 2030

The global market for Ready Meals estimated at US$208.4 Billion in the year 2023, is expected to reach US$308.3 Billion by 2030, growing at a CAGR of 5.8% over the analysis period 2023-2030. Frozen & Chilled Ready Meals, one of the segments analyzed in the report, is expected to record a 5.8% CAGR and reach US$156.6 Billion by the end of the analysis period. Growth in the Dried Ready Meals segment is estimated at 4.9% CAGR over the analysis period.

The U.S. Market is Estimated at US$54.4 Billion While China is Forecast to Grow at 9.1% CAGR

The Ready Meals market in the U.S. is estimated at US$54.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$73.0 Billion by the year 2030 trailing a CAGR of 9.1% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.2% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.0% CAGR.

Ready Meals - Key Trends and Drivers

Ready meals, also known as prepared meals or convenience meals, have rapidly become a significant segment of the global food industry, catering to the escalating demand for quick and easy meal solutions. These meals are fully or partially cooked, requiring minimal preparation, which makes them highly attractive to busy individuals and families. The convenience factor, paired with significant advancements in food preservation and packaging technologies, has considerably enhanced the appeal of ready meals. Modern ready meals are meticulously designed to offer a balance of taste, nutrition, and convenience. They often feature a variety of cuisines and dietary options, including vegetarian, vegan, gluten-free, and low-calorie choices, ensuring they meet the diverse preferences and needs of consumers. The market for ready meals extends across supermarkets, convenience stores, and online retail platforms, reflecting their widespread acceptance and accessibility across different demographics.

Several key trends have profoundly shaped the evolution of the ready meals market. One prominent trend is the increasing focus on health and wellness, which has prompted manufacturers to create healthier ready meal options that cater to the nutritional needs of health-conscious consumers. This includes the incorporation of organic ingredients, the reduction of artificial additives, and the enhancement of nutritional profiles to meet various dietary requirements. Additionally, there has been a notable rise in premium ready meals that offer gourmet and restaurant-quality experiences at home, attracting a more affluent consumer base looking for convenience without compromising on quality. Technological advancements in food processing, such as high-pressure processing (HPP) and advanced freezing techniques, have significantly improved the quality, taste, and shelf life of ready meals. Moreover, the increasing popularity of plant-based diets has led to a surge in vegetarian and vegan ready meal offerings, reflecting broader dietary shifts and preferences among consumers.

The growth in the ready meals market is driven by several factors. Changing consumer lifestyles, particularly the increasing demand for convenience due to busy work schedules and urban living, are primary drivers of this market expansion. The proliferation of single-person households and smaller family units also boosts demand for single-serve ready meals, which cater to individuals seeking quick and easy meal solutions without the hassle of cooking. Technological innovations in food processing and packaging have made it possible to produce ready meals that retain their freshness and quality over extended periods, expanding their appeal to a wider audience. The rise of e-commerce and food delivery services has further enhanced the accessibility of ready meals, catering to the growing preference for online shopping and home delivery. Additionally, targeted marketing strategies that emphasize the quality, variety, and health benefits of ready meals are attracting a broader consumer base. The COVID-19 pandemic further accelerated the adoption of ready meals as consumers sought convenient and safe meal solutions amid lockdowns and social distancing measures. Collectively, these factors create a robust and dynamic market environment, driving continuous growth and innovation in the ready meals sector, with ongoing developments expected to cater to evolving consumer demands and preferences.

Select Competitors (Total 47 Featured) -

• Bakkavor Group Ltd.
• Conagra Brands, Inc.
• Fleury Michon
• Greencore Group PLC
• Kerry Group PLC
• Nestle SA
• Northern Foods (1991) Ltd.
• Premier Foods PLC

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