Ready Meals Market Outlook
According to the report by Expert Market Research (EMR), the global ready meals market size attained a value of USD 149.21 billion in 2023. Aided by the increasing demand for convenience, changing lifestyles, and rising disposable incomes, the market is projected to grow at a compound annual growth rate (CAGR) of 4.9% between 2024 and 2032, reaching a value of USD 230.24 billion by 2032.
Ready meals, also known as prepared meals, are pre-cooked or packaged foods designed for quick and easy consumption. They have become increasingly popular due to their convenience, time-saving attributes, and ability to meet the growing demand for nutritious, easily accessible food options. The global ready meals market spans various categories, including frozen meals, chilled meals, ambient meals, and ready-to-eat meals, catering to a broad consumer base, from busy professionals to health-conscious individuals.
Key Market Drivers
The growing preference for convenience and time-saving solutions is one of the key drivers of the ready meals market. With increasingly hectic work schedules, long commute times, and busy lifestyles, consumers are turning to ready meals as a solution to prepare food quickly and easily without compromising on taste or quality. These meals are particularly popular among single-person households, urban dwellers, and working professionals who require fast, easy-to-prepare meal options.
Furthermore, the rising number of dual-income households and the growing population of working women have contributed to the shift towards ready meals. As traditional cooking at home becomes less feasible due to time constraints, ready-to-eat meals offer a simple alternative that meets the need for nutritious and tasty food without requiring substantial preparation or cooking skills.
Another factor driving the growth of the global ready meals market is the increase in disposable incomes, particularly in emerging economies. As economic conditions improve, consumers have greater access to a variety of food products, including ready meals, which were once considered a luxury in many regions. With higher disposable incomes, individuals are more willing to spend on convenience foods that offer quality, affordability, and a range of options tailored to various dietary preferences and restrictions.
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Health and Wellness Trends
In recent years, the ready meals market has also witnessed a significant shift towards healthier options, driven by growing consumer awareness about the importance of balanced diets and nutritious eating. As more consumers prioritize health and wellness, ready meals are evolving to include organic ingredients, lower sodium content, fewer preservatives, and healthier alternatives to traditional ingredients.
The demand for plant-based, gluten-free, and low-calorie ready meals has surged, with many consumers opting for meals that align with their dietary preferences or restrictions. This trend has resulted in an increase in the variety of plant-based and health-focused options available in the ready meals category. Many brands have introduced organic, non-GMO, and vegan ready meals to cater to the rising popularity of plant-based diets and eco-conscious consumerism.
Moreover, with the increasing awareness of obesity, diabetes, and heart disease, consumers are opting for ready meals that offer balanced nutrition and promote overall well-being. Manufacturers are responding to this shift by offering meals rich in lean proteins, whole grains, and vegetables, all while maintaining great taste and convenience. As health-conscious eating continues to grow, ready meal providers are investing in creating products that satisfy both nutritional needs and consumer expectations for taste and quality.
Technological Advancements in Food Processing
Technological advancements in food processing and packaging have played a pivotal role in the growth of the ready meals market. Innovations such as vacuum sealing, modified atmosphere packaging (MAP), and advancements in frozen meal technology have extended the shelf life of ready meals while maintaining their freshness and nutritional value. These packaging techniques ensure that ready meals can be stored for extended periods without compromising on taste or quality, which is a key selling point for both consumers and retailers.
Additionally, advancements in cooking technology have allowed manufacturers to develop meals that cook faster while retaining flavor and texture. The development of microwaveable packaging and pre-portioned meals that only require minimal preparation has further contributed to the widespread popularity of ready meals. Consumers can easily heat these meals in minutes, making them a convenient option for individuals with limited time to cook.
Smart kitchens and appliances have also had an impact on the ready meals market, with many consumers seeking smart options that can be integrated into their home environments. This trend includes the rise of online food delivery services and subscription-based meal kits that provide ready-to-eat options with added convenience. The combination of technology and convenience is helping drive the market forward, particularly in regions where digital adoption and online grocery shopping are expanding rapidly.
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Ready Meals Market Segmentation
The market can be divided based on product, meal type, distribution channel, and region.
Market Breakup by Product
- Frozen
- Chilled
- Canned
- Shelf-stable
Market Breakup by Meal Type
- Vegetarian
- Non-vegetarian
- Vegan
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Convenience Stores
- Online
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global ready meals market. Some of the major players explored in the report by Expert Market Research are as follows:
- Nestle S.A.
- Mars, Incorporated
- General Mills Inc.
- Dr. August Oetker Nahrungsmittel KG
- Tyson Foods, Inc.
- Conagra Brands, Inc.
- Hormel Foods, LLC
- McCain Foods Ltd.
- Nomad Foods
- Boparan Holdings Limited
- Others
Challenges and Restraints
Despite the positive growth prospects, the global ready meals market faces several challenges. One of the primary concerns is the high level of competition among both established brands and new entrants. As the market becomes more saturated, companies must differentiate themselves by offering unique and innovative products to maintain market share. Additionally, while there is a growing demand for healthier ready meal options, some consumers remain concerned about the nutritional content, preservatives, and additives used in processed foods, which could hinder growth.
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