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

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

The global ready meals market is projected to grow at a CAGR of 4.62% during the forecast period (2021 - 2026).

The demand for these convenience products is on the rise, particularly after the COVID-19 pandemic. Furthermore, they are majorly distributed via the online retail channel. Severe lockdown measures have been introduced in restaurants, hotels and malls, which has further affected the eating habits, as the lockdown and public safety measures interfered with regular eating habits. This factor has also impacted many individuals to shift to home-cooked meals and packaged ready foods, due to the limited availability of dining-out options. During the COVID-19 outbreak, people have been anxious and stressed about the shortage of food in the future. This fear resulted in purchasing packaged and long-life ready meals food instead of fresh food, however, this has impacted the quality, led to weight gain and increased the intake of oxidants.​

The major factor driving the market is the convenience provided in terms of time-saving, less effort of cooking and ease of handling and storage. Moreover, the busy schedules, increasing number of employees and students are also owing to the growth of the market.

Consumer interest in new products, and ingredients is on the rise, and it is expected to witness positive developments. Apart from traditional cuisine, people are keen to try different meals from other ethnicities, for example, Indian, Thai, and Italian. Therefore, preference for ethnic food has been driving the demand for these food products.

Key Market TrendsInclination Toward Organic Ready Meals

Consumers have begun to place more value on food that offers them functional benefits apart from taste, thereby, increasing the demand for healthy, natural, and safe ready meals. These organic food alternatives are positively impacting the growth of the market.

Health awareness and concerns for food safety are leading to more consumers carefully selecting their ready meals, to avoid adverse health effects. Also, organic ready meals are deriving a lot of their value through consumer trust and their perception of the products being healthy.

Ready meals are becoming highly popular in the packaged food market due to their convenience and portability. In addition to this, organic ready meals are gaining traction as they are verified natural products that could substitute a full meal, and also, they are healthier than traditional ready meals due to portion-size packaging.

Europe Remains the Major Market

The increasing demand for natural products that offer a high level of convenience emphasizes the trend for ready-meals in Europe. Consumer demand for natural ready-meals, with few or no additives, has increased significantly in Europe. For instance, according to the Ministry of Foreign Affairs, the household consumption of ready meals continued to grow at a steady pace between 2014 - 2016, creating opportunities for selling all types of ready meals in Germany, as the consumption of frozen ready foods is likely to increase during the forecast period. Hence, the convenience factor remains paramount in Germany and in other European countries with consumers demanding quick and easy preparation. On the other hand, COVID-19 has also resulted in the generation of opportunities for many private players to emerge in the markets to cater to the inflated demand.

Competitive Landscape

The ready foods market is a highly competitive market with the top players holding the major market share. Nonetheless, the various small and regional players are also significantly investing in research and development in order to compete with dominating players. The major players are also focusing on mergers and acquisitions as the key market strategy, in order to cater to the rising demand for ready meals across regions. For instance, Nomad Foods acquired British frozen foods maker, Aunt Bessie’s, from William Jackson & Son Ltd for EUR 240 million. Aunt Bessie’s, known for its Yorkshire puddings and frozen potatoes, expanded Nomad’s footprint in the United Kingdom. Nomad Foods Ltd, Nestlé, McCain Foods, Findus Group Ltd, Premier Foods, ConAgra, etc are the major players in the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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