The global Ready Meals market is projected to grow at a CAGR of 7.5% from 2024 to 2031, reaching a value of YY by the end of the forecast period.
Europe currently dominates the market, driven by busy lifestyles and a preference for convenient food options. Key metrics include increasing urbanization, rising disposable incomes, and growing demand for time-saving meal solutions.
Market Trend: Rising Demand for Plant-Based and Organic Ready Meals
Customers' increasing health consciousness and environmental concerns are driving a rapid shift in the Ready Meals industry towards plant-based and organic goods. This trend is influencing product offerings, with manufacturers focused on developing innovative plant-based recipes and organic ready-made meal options. To appeal to this growing demographic, major food companies are launching vegetarian and vegan ready-made meal options. Consumers are seeking healthier and more sustainable ready meal options, resulting in an increase in the usage of clean label products and sourcing transparency.
Market Driver: Changing Lifestyles and Increasing Time Constraints Drive Demand
The fast-paced modern lifestyle and increasing time constraints are the key drivers of the Ready Meals market. As more people balance work, family, and social duties, the need for convenient and quick lunch options has grown. According to recent consumer surveys, more than 60% of urban professionals choose ready meals because they don't have enough time to make them. This trend is particularly evident in industrialised economies, where long working hours and demanding schedules are common. The COVID-19 epidemic has exacerbated this trend, with more people working from home and seeking out fast food options.
Market Restraint: Health Concerns and Perception of Processed Foods Limit Growth
Despite its convenience, the Ready Meal sector has challenges due to health concerns over processed foods. Many people assume that prefabricated meals are less healthy than homemade meals because they contain more salt, sugar, and preservatives. According to a recent health survey, over 40% of consumers are actively attempting to reduce their consumption of processed foods, particularly ready-made meals. This viewpoint is a substantial hurdle to market growth, particularly in health-conscious customer segments.
The Frozen Ready Meals segment dominates the Ready Meals market, accounting for the largest market share:
The Frozen Ready Meals category dominates the Ready Meal market due to its longer shelf life, convenience, and varied range of options for consumers. Frozen ready meals create a balance between convenience and freshness, allowing customers to store meals for extended periods of time without significantly decreasing flavour or nutritional value. This market has seen substantial innovation in recent years, with manufacturers creating premium and gourmet frozen meal options to match shifting consumer preferences.
According to our analysis, frozen ready meals account for around 45% of the overall ready meals market share. Leading food companies have experienced double-digit growth in their frozen ready meals segments over the last year, indicating strong customer demand in this area.
The chilled ready meal industry is also quickly increasing, especially in industrialised countries. This segment benefits from the perception of freshness and quality associated with chilled products. For example, chilled ready meals in the UK have seen an 8% growth in sales volume year on year, owing to packaging innovations and a focus on premium, restaurant-quality alternatives.
Europe leads the global Ready Meals market, with the UK and Germany as key growth drivers.
Europe's dominance in the Ready Meals sector is primarily due to its busy lifestyle, high disposable income, and well-established retail infrastructure. The United Kingdom is Europe's largest market for ready meals, accounting for over 30% of the regional market share.
According to Aurorawave Intellects data, the European ready meals market grew by 5.2% last year, with frozen and chilled sectors outperforming the rest.
Germany has emerged as a rapidly growing ready meal market, with a focus on organic and health-conscious items. In the last two years, the country's sales of organic ready meals have climbed by 7%.
In terms of innovation, European companies are at the forefront of environmentally friendly packaging choices for ready meals. For example, a well-known UK retailer recently introduced a line of ready meals packaged in 100% recyclable trays, answering consumers' growing environmental concerns.
The Ready Meals sector is characterised by intense competition among major players, with a focus on product innovation, health-conscious offerings, and sustainability. Leading firms are investing in R&D to provide healthier ready-meal options with more transparent labels and nutritional profiles. Mergers and acquisitions are frequently used to expand product portfolios and penetrate new market areas.
The top five competitors in the global ready meal industry account for more than YY% of total market share. To ensure widespread product availability, these firms have established large distribution networks and signed agreements with major retailers. Financial data reveal that the leading players have consistently grown their revenue, with an average annual increase of 4-6% over the last three years.
Sustainable initiatives have emerged as a key differentiator among competitors. Several companies have implemented environmentally friendly packaging solutions and are aiming to eliminate food waste in their manufacturing processes. Over the previous year, several manufacturers reported a 25% reduction in plastic usage in ready meal packaging.
Looking ahead, the market is expected to further consolidate as competitors seek economies of scale and geographical development. Emerging regions in Asia and Latin America are expected to be important drivers of industry expansion in the future years.
The ready meal sector is at an interesting crossroads, combining convenience with growing health and sustainability concerns. One of the most exciting topics to watch is the use of technology in ready-meal production and distribution. The application of artificial intelligence and machine learning to forecast consumer preferences and optimise supply chains has the potential to alter the industry, resulting in more personalised and efficient services.
Another significant factor influencing the market's future is the growing emphasis on functional foods. Ready-made meals with added vitamins, minerals, and other health-promoting ingredients are likely to gain appeal, particularly among health-conscious consumers. This discovery has the potential to lessen the perception of quick meals as unhealthy while also creating new economic opportunities.
Nestlé S.A.
ConAgra Brands, Inc.
The Kraft Heinz Company
General Mills, Inc.
Tyson Foods, Inc.
Unilever plc
Hormel Foods Corporation
Nomad Foods Limited
McCain Foods Limited
Premier Foods plc
July 2023: Nestlé launches a new line of plant-based ready meals under its Garden Gourmet brand, aimed at the growing vegetarian and flexitarian consumer base.
Kraft Heinz launched a range of low-sodium ready meals in April 2023, in response to health concerns about the high salt level of processed foods.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Nestlé S.A.
5.2. ConAgra Brands, Inc.
5.3. The Kraft Heinz Company
5.4. General Mills, Inc.
5.5. Tyson Foods, Inc.
5.6. Unilever plc
5.7. Hormel Foods Corporation
5.8. Nomad Foods Limited
5.9. McCain Foods Limited
5.10. Premier Foods plc (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Rising Demand for Plant-Based and Organic Ready Meals
6.1.2. Integration of Technology in Ready Meal Production and Distribution
6.1.3. Growing Emphasis on Functional Ready Meals
6.2. Market Drivers
6.2.1. Changing Lifestyles and Increasing Time Constraints Drive Demand
6.2.2. Rising Urbanization and Growing Working Population
6.2.3. Increasing Adoption of Online Food Delivery Services
6.3. Market Restraints
6.3.1. Health Concerns and Perception of Processed Foods Limit Growth
6.3.2. Fluctuating Raw Material Prices
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY PRODUCT TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
7.1. Frozen Ready Meals
7.1.1. Single-Serve Meals
7.1.2. Multi-Serve Meals
7.2. Chilled Ready Meals
7.2.1. Prepared Salads
7.2.2. Prepared Sandwiches
7.3. Canned Ready Meals
7.3.1. Meat-based
7.3.2. Vegetarian
7.4. Dried Ready Meals
7.4.1. Instant Noodles
7.4.2. Soup Mixes
8. BY DISTRIBUTION CHANNEL (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
8.1. Supermarkets/Hypermarkets
8.1.1. Large Format Stores
8.1.2. Small Format Stores
8.2. Convenience Stores
8.2.1. Independent Retailers
8.2.2. Chain Stores
8.3. Online Retail
8.3.1. Company-owned Platforms
8.3.2. Third-party Platforms
8.4. Others
8.4.1. Specialty Stores
8.4.2. Direct Sales
9. BY PACKAGING (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
9.1. Trays
9.1.1. Plastic Trays
9.1.2. Aluminum Trays
9.2. Bags/Pouches
9.2.1. Retort Pouches
9.2.2. Stand-up Pouches
9.3. Boxes/Cartons
9.3.1. Folding Cartons
9.3.2. Rigid Boxes
9.4. Others
9.4.1. Cans
9.4.2. Bowls
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2024-2031)
By Product Type:
Frozen Ready Meals
Chilled Ready Meals
Canned Ready Meals
Dried Ready Meals
By Distribution Channel:
Supermarkets/Hypermarkets
Convenience Stores
Online Retail
Others
By Packaging:
Trays
Bags/Pouches
Boxes/Cartons
Others
By Region:
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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