Overview and Scope
The ready meals are convenient, inexpensive, fast, and pre-portioned. The ready meals are complete meals that only require heating before eating. They are ready to eat and already cooked or prepared. They are priced at a lower price and hence are cheap and convenient to use.
Sizing and Forecast
The ready meals market size has grown strongly in recent years. It will grow from $168.44 billion in 2023 to $184.38 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to changing consumer lifestyles, increased urbanization, rise of single-person households, evolving eating habits, innovation in packaging and preservatives.
The ready meals market size is expected to see rapid growth in the next few years. It will grow to $272.76 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to continued emphasis on convenience, globalization of cuisine, health and wellness considerations, expansion of e-commerce platforms, innovations in dietary preferences. Major trends in the forecast period include tech-driven cooking and meal preparation, focus on health claims and transparency, customization and personalization, innovations in meat alternatives, expanding breakfast and snacking options.
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Segmentation & Regional Insights
The ready meals market covered in this report is segmented –
1) By Product: Frozen, Chilled, Canned, Dried
2) By Distribution Channel: Supermarket / Hypermarket, Convenience Store, Online
3) By End-User: Residential, Food Services
Western Europe was the largest region in the ready meals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the ready meals market share during the forecast period. The regions covered in the ready meals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing awareness of food products with extended shelf lives is significantly contributing to the growth of the ready meals market. The shelf life of a product is described as the amount of time it may be safely consumed while retaining its desired features such as sensory, functional, chemical, and microbiological properties. People are on the lookout for food with a long shelf life such as ready meals as they are convenient, inexpensive, fast, and pre-portioned with extended shelf lives. For instance, in April 2023, according to World Technology Ingredients, Inc., a US-based manufacturing company of food ingredients, food shelf-life extension can reduce around 50% of consumer food waste. Every year, roughly 2.8 trillion pounds of food are discarded globally, with the United States alone wasting 80 billion. Therefore, the growing awareness of food products with extended shelf lives is driving the growth of the ready meals market.
Key Industry Players
Major companies operating in the ready meals market report are Nestlé S.A., PepsiCo Inc., JBS S.A., Unilever Group, Tyson Foods Inc., Mars Incorporated, The Coca-Cola Company, Mondelez International Inc., Danone S.A., Kraft Foods Group Inc., General Mills Inc., Kellogg Company, Smithfield Foods Inc., Conagra Brands Inc., The Hershey Company, Ajinomoto Co Inc., BRF Global Market S.A., Kerry Group plc, Campbell Soup Company, McCormick & Company Inc., Post Holdings Inc., Fleury Michon S.A., Beyond Meat Inc., Eat Just Inc., Gobble Inc., Impossible Foods Inc., Sakara Life Inc., Dr. Oetker GmbH, Chao Xiang Yuan Food Co Ltd.
The ready meals market report table of contents includes:
1. Executive Summary
2. Ready Meals Market Characteristics
3. Ready Meals Market Trends And Strategies
4. Ready Meals Market – Macro Economic Scenario
5. Global Ready Meals Market Size and Growth
….
32. Global Ready Meals Market Competitive Benchmarking
33. Global Ready Meals Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Ready Meals Market
35.Ready Meals Market Future Outlook and Potential Analysis
36. Appendix
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