Frozen-cooked Ready Meals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Frozen-cooked Ready Meals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Frozen-cooked Ready Meals market is projected to register a CAGR of 8.2% during the forecast period, 2022-2027.

The frozen food industry has seen steady growth since COVID-19 began, as people are inclined towards foods with longer shelf lives. According to American Frozen Food Institute (AFFI), United States-based frozen food sales increased by 18.2% in 2020 stating a surge plus demand for frozen food in the country. Furthermore, consumers staying home and bored of home-cooked food were seeking variety, hygienic and wholesome alternates and hence were opting for frozen ready meals which presented lucrative growth opportunities to the market players. ​​According to a survey conducted by AFFI in 2020, around 58% of the consumers in the United States wanted to stock up on frozen food during the coronavirus outbreak in case of food shortages.​

Pertaining to the rise in the economy, growing working-class population, and evolved consumer lifestyle, a notable rise is observed in the expenditure for convenience food products, such as frozen foods, across the globe.​ Also, younger consumers with disposable incomes are more likely to try new products (many of which are convenient food products) and have non-traditional eating habits. In addition, they eat out more often, which is burgeoning the demand for frozen food meals across the world.​ ​

With the strong support in terms of technological innovation and the advantages of frozen meals, the products have become much more accessible and affordable for consumers across the globe. The advent of new technologies has resulted in the affordability of frozen meals.

Key Market TrendsRising Consumer Expenditure on Convenience Food Products

The market is primarily driven by rising expenditure on food and beverage, the introduction of products with longer shelf lives, increasing impulse purchasing, and growing demand for convenience foods that can be prepared quickly due to a shortage of available time. ​Further, new hybrid working patterns and significant investments people made in their homes during the COVID-19 pandemic point to a larger number of frozen ready meals being consumed at homes for the foreseeable future. Owing to fast-paced lifestyles and the need for a quick meal among adults, there has been a growing demand for healthy and convenient food that can be consumed instantly. Frozen food products are considered to provide that benefit as most of them can be cooked within less time for consumption. These factors have been propelling the market growth.​​

Moreover, manufacturers have been able to provide consumers with more foods, where much of the preparation work has been done outside the home. This development has been facilitated using technological innovations in preservation, packaging, freezing, artificial flavorings and ingredients, and microwaves.​ ​For instance, as per the data cited by the Bureau of Labor Statistics, an average American spent USD 155.99 on prepared frozen foods annually in 2020 compared to USD 130.37 in 2016.​

Asia-Pacific is the Fastest Growing Region

The Frozen-cooked ready meals market in Asia-Pacific is experiencing rapid expansion due to the growing demand for convenience or ready-to-eat foods. Consumers have increasingly been seeking foods to prepare at home that are as delicious as restaurant gourmet, entertaining, easy to prepare, and healthy. This factor has helped propel the sales of frozen meals over the past few years.​ Furthermore, a country like Japan is highly susceptible to natural disasters such as the 2011 Tōhoku earthquake and tsunami. These frequent occurrences have influenced the purchasing behavior of consumers, who have been purchasing frozen meals to ensure a steady food supply, particularly when perishable foods are not accessible or available.​

Moreover, the people in the region are preferring ready to eat and ready-to-cook snackable products for their ease of maintenance and easy-to-cook ability. This is mainly due to the increase in the working population among the countries that lead to an increase in sales of products for ready cooks as individuals prefer instant recipes and other options available in the market. According to a survey by Statistics Korea in 2021, in South Korea out of 51.74 million (2021) population, 45.1 million population falls under the working population which results in demand for instant foods as there is minimum time to spend on cooking.​ Owing to these factors, frozen food, including frozen meals has become a long-lasting alternative for consumers in the region.

Competitive Landscape

The global frozen meals market facilitates its operation in a highly competitive market. This is due to the presence of several global players in this segment. The major players in the frozen-cooked ready meals market are Campbell Soup Company, Conagra Brands Inc., Tyson Foods Inc., Nomad Foods, and Ajinomoto Co. Inc.

Emphasis is given to the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. For instance, in September 2022, Myprotein, the world’s largest online sports nutrition brand, partnered with Iceland Foods. Myprotein and Iceland jointly developed a new Myprotein product range, including fully prepared meals, pizzas, wraps, ingredients, desserts & ice cream. Companies compete on different factors, including product offerings, ingredients, quality, taste, flavors, price, functionality, size, packaging, and marketing activities, in order to gain a competitive advantage in the market.

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