Future Trends in Global Ready Meal Market: Market Insights and Analysis from 2024 to 2031 in 127 Pages
The global market overview of the "Ready Meal Market" provides a unique perspective on the key trends influencing the industry worldwide and in major markets. Compiled by our most experienced analysts, these global industrial reports offer insights into critical industry performance trends, demand drivers, trade dynamics, leading companies, and future trends. The Ready Meal market is projected to experience an annual growth rate of 8.70% from 2024 to 2031.
Ready Meal and its Market Introduction
A Ready Meal, also known as a convenience meal or prepackaged meal, is a pre-prepared meal that is typically frozen or refrigerated and requires minimal preparation before consumption. The purpose of Ready Meals is to provide a quick and convenient meal option for busy individuals who may not have the time or energy to cook a meal from scratch.
The advantages of Ready Meals include convenience, time-saving, portion control, and a wide variety of food options available. These meals can also be a healthier alternative to fast food if chosen carefully.
The Ready Meal Market is expected to grow at a CAGR of % during the forecasted period. This growth can be attributed to the increasing demand for convenient food options, changing lifestyles, and a growing preference for easy-to-prepare meals. As more consumers seek quick and convenient meal solutions, the Ready Meal Market is expected to continue expanding in the coming years.
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Ready Meal Market Segmentation
The Ready Meal Market Analysis by Types is Segmented into:
Frozen & Chilled Ready Meals
Canned Ready Meals
Dried Ready Meals
Frozen and chilled ready meals are convenient options that require minimal preparation, while canned ready meals are long-lasting and easy to store. Dried ready meals are lightweight and have a longer shelf life, making them ideal for emergency situations or backpacking trips. These various types of ready meals cater to different consumer needs and preferences, thus boosting the demand for the ready meal market by providing a wide variety of options for busy individuals or those seeking quick and easy meal solutions.
The Ready Meal Market Industry Research by Application is Segmented into:
Hypermarkets and Supermarkets
Independent Retailers
Convenience Stores
Other
Ready meals are prominently sold in hypermarkets and supermarkets due to their wide variety and convenience. Independent retailers and convenience stores also stock these products to cater to busy consumers looking for quick meal solutions. Other applications include online retail platforms and food service providers. Ready meals are used by consumers as a convenient and time-saving meal option. The fastest growing application segment in terms of revenue is online retail platforms, as more consumers are turning to digital channels for their grocery shopping needs.
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Ready Meal Market Trends
- Plant-based and vegan options: Consumers are increasingly looking for healthier and sustainable meal options, driving the demand for plant-based and vegan ready meals.
- Innovative packaging solutions: Technological advancements have enabled the development of packaging that enhances convenience, freshness, and sustainability, attracting more consumers.
- Customization and personalization: Ready meal brands are offering more options for customization and personalization to meet individual dietary needs and preferences.
- Ethnic and global flavors: Consumers are seeking variety and unique flavors in their ready meals, leading to an increase in ethnic and global offerings.
- Online ordering and delivery: The rise of e-commerce and food delivery services has made it easier for consumers to access ready meals, driving market growth.
The Ready Meal market is projected to experience significant growth in the coming years, fueled by these trends that cater to the evolving consumer preferences for convenience, health, and variety.
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Geographical Spread and Market Dynamics of the Ready Meal Market
North America:
United States
Canada
Europe:
Germany
France
U.K.
Italy
Russia
Asia-Pacific:
China
Japan
South Korea
India
Australia
China Taiwan
Indonesia
Thailand
Malaysia
Latin America:
Mexico
Brazil
Argentina Korea
Colombia
Middle East & Africa:
Turkey
Saudi
Arabia
UAE
Korea
In North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa, the Ready Meal market is driven by busy lifestyles, increasing working population, and rising disposable incomes. In North America, key players like Nestle, ConAgra, and Campbell Soup dominate the market with a focus on product innovation and convenience. In Europe, companies like Iglo Group and Fleury Michon are capitalizing on the demand for healthier and more sustainable options. In Asia-Pacific, companies like JBS and Sigma Alimentos are expanding their presence to cater to the growing demand for convenience foods. In Latin America, Grupo Herdez and Sisters Food Group are targeting the rising urban population. In the Middle East & Africa, companies like Greencore Group and Maple Leaf Foods are leveraging changing consumer preferences for ready-to-eat , the Ready Meal market is expected to grow further due to the increasing trend of on-the-go meals and the convenience they offer.
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Growth Prospects and Market Forecast for the Ready Meal Market
The Ready Meal Market is expected to witness a CAGR of around 6% during the forecasted period. One of the key growth drivers for this market is the increasing preference for convenient and time-saving food options among consumers, especially in urban areas. With busy lifestyles and the rise of dual-income households, demand for ready meals is expected to surge.
Innovative deployment strategies such as product diversification, focusing on healthier options, and leveraging technology for convenience, such as online ordering and delivery services, can further boost the growth prospects of the Ready Meal Market. Companies can also explore the concept of customization and personalization to cater to individual preferences and dietary requirements.
Trends like the rise of plant-based and organic ready meal options, as well as the expansion of the market in developing economies, can also contribute to the growth of the Ready Meal Market. By staying ahead of these trends and offering innovative solutions to meet consumer needs, companies in the Ready Meal Market can capitalize on the growing demand for convenient and nutritious meal options.
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Ready Meal Market Competitive Landscape
Nestle
ConAgra
Unilever
Kraft Heinz
Campbell Soup
Hormel Foods
The Schwan Food
JBS
Sigma Alimentos
Iglo Group(Nomad Foods)
Sisters Food Group
Tyson Foods
Fleury Michon
Grupo Herdez
Greencore Group
Maple Leaf Foods
McCain
Advanced Fresh Concepts
1. Nestle: Nestle is a leading player in the ready meal market, with a focus on offering healthy and convenient food options. The company has a strong global presence and a wide range of products in various categories. Nestle has been investing in innovation and sustainability, with a focus on reducing its environmental impact. In 2020, Nestle's sales revenue was $ billion.
2. ConAgra: ConAgra is known for its popular brands like Healthy Choice, Marie Callender's, and Banquet. The company has been focusing on product innovation and partnerships to drive growth in the ready meal market. ConAgra has a strong market position in North America and has been expanding its presence in other regions. In 2020, ConAgra's sales revenue was $11.1 billion.
3. Kraft Heinz: Kraft Heinz is a major player in the ready meal market, with a portfolio of iconic brands like Kraft, Heinz, and Oscar Mayer. The company has been focusing on product innovation and digital marketing to engage with consumers. Kraft Heinz has been expanding its presence in emerging markets to drive growth. In 2020, Kraft Heinz's sales revenue was $26.2 billion.
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