Ready Meals Market Size
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.62 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Ready Meals Market Analysis
The Ready Meals Market is projected to record a CAGR of 4.62% over the next five years.
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. Chilled and frozen meals held a significant demand in recent years. The increasing demand for its huge variety of ready meals with a high shelf life is expected to drive the market during the forecast period. Consumer interest in new products and ingredients is significantly increasing and is expected to witness positive developments. However, with the current trend of adopting a western lifestyle and consuming ready meals, people are keen to try different meals from other ethnicities such as Indian, Thai, and Italian. Therefore, in ethnic ready meals, frozen pizza is the most preferable and highly consumed frozen ready meal globally, which contributes to global revenue and accelerates the market.
Due to urbanization and the increase in disposable income in the world and the increasing no. of working women, people do not have time to cook. Therefore they prefer ready meals over traditional meals during working hours. Also, college-going students have very less time to eat during their breaks therefore they need their food to be easy to access and convenient. market players have been preparing many products according to consumer preferences. For instance, in July 2021, J.M. Smucker Co.'s Uncrustables brand launched uncured pepperoni roll-ups and pepperoni bites for lunch times. Bread bites are made with marinara sauce, natural uncured pepperoni, and mozzarella cheese while roll-ups are made with natural uncured pepperoni and 100% real provolone and Neufchâtel cheeses with seasoning. It takes less than 60 seconds to prepare.
Ready Meals Market Trends
This section covers the major market trends shaping the Ready Meals Market according to our research experts:
Inclination Toward Organic Ready Meals
Consumers have begun to place more value on foods that offer 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 food safety concerns lead 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. Also, they are healthier than traditional ready meals due to portion-size packaging. Due to all of this, market players are also putting efforts into providing healthy and organic, and environment-friendly food. For instance, in April 2022, Conagra Brands Inc.'s brand Evol became the first frozen food brand to offer carbon-free certified carbon-neutral meals.
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 is increasing day by day, and several manufacturers are bringing innovations in food, creating opportunities for selling all types of ready meals in Germany. Owing to these factors, the consumption of frozen ready foods is expected over the long term period. Hence, the convenience factor remains paramount in Germany and other European countries, with consumers demanding quick and easy preparation. The major players and regional players are producing more products by focusing on the trends and innovating products for better penetration in the market. For instance, in October 2021, Nestle launched two new products in their plant-based series i.e. plant-based alternatives to eggs and shrimps. The products were launched under Garden Gourmet Veggies and Garden Gourmet Vrimp in Europe.
Ready Meals Industry Overview
The ready meals market is a highly competitive market, with the top players holding the major market share. Also, various small and regional players are significantly investing in research and development to compete with dominating players. The major players are also focusing on mergers and acquisitions as the key market strategy to cater to the rising demand for ready meals across regions. Nomad Foods Ltd, Nestlé, McCain Foods, J.M. Smucker Co., and Conagra are the major players in the market. The major players in the market have a broad geographical presence and extensive product portfolios to cater to numerous consumer demands. This factor assists the companies in maintaining a strong foothold in the market.
Ready Meals Market Leaders
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Nestle SA
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Conagra Brands, Inc.
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Nomad Foods Group
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McCain Foods Limited
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J.M. Smucker Co.
*Disclaimer: Major Players sorted in no particular order
Ready Meals Market News
- In October 2022, Campbell Soup Company launched four new mealtime soups with four different flavors such as Spicy Steak and potato, Spicy Chicken Noodle, Spicy Sirloin Burger, and Spicy Chicken and Gumbo.
- In June 2022, Conagra Brands Inc. launched its extensive summer line of products to afford manufacturers inside single-serve frozen meals and collect brands with new dishes from Banquet, Marie Callender's, Wholesome Alternative, and Hungry Man. The motto of Conagra is to please consumers by serving nutritional food items such as frozen foods.
- In April 2021, Nomad Foods declared its agreement with Fortenova Grupa d. d. to acquire, in cash for USD 724 million, Fortenova's Frozen Food Business Group (FFBG) to expand its product portfolio as FFBG offers a wide range of frozen meals and has a large distribution channel based in Eastern Europe.
Ready Meals Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Frozen Ready Meals
5.1.2 Chilled Ready Meals
5.1.3 Canned Ready Meals
5.1.4 Freeze-dried Ready Meals
5.2 Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.1.4 Rest of North America
5.3.2 Europe
5.3.2.1 United Kingdom
5.3.2.2 Germany
5.3.2.3 Spain
5.3.2.4 France
5.3.2.5 Italy
5.3.2.6 Russia
5.3.2.7 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 Rest of Asia-Pacific
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 South Africa
5.3.5.2 United Arab Emirates
5.3.5.3 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 The Campbell Soup Company
6.3.2 Conagra Brands Inc.
6.3.3 Hormel Foods Corporation
6.3.4 Iceland Foods Ltd
6.3.5 McCain Foods Limited
6.3.6 Nestle SA
6.3.7 The Kraft Heinz Company
6.3.8 Nomad Foods Group
6.3.9 The JM Smucker Co.
6.3.10 Tyson Foods Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Ready Meals Industry Segmentation
Ready meals are already prepared foods that are sold in shops and required to heat before consumption. The global ready meals market is segmented by product type, distribution channel, and geography. By product type it is segmented into frozen ready meals, chilled ready meals, canned ready meals, and freeze-dried ready meals. Distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, online retailers, and other distribution channels. The study also involves the global-level analysis of the main regions such as North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. For each segment, the market sizing and forecasts have been done based on value (in USD Million).
| Product Type | |
| Frozen Ready Meals | |
| Chilled Ready Meals | |
| Canned Ready Meals | |
| Freeze-dried Ready Meals |
| Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Convenience Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
| Geography | |||||||||
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Ready Meals Market Research FAQs
What is the current Ready Meals Market size?
The Ready Meals Market is projected to register a CAGR of 4.62% during the forecast period (2024-2029)
Who are the key players in Ready Meals Market?
Nestle SA, Conagra Brands, Inc., Nomad Foods Group, McCain Foods Limited and J.M. Smucker Co. are the major companies operating in the Ready Meals Market.
Which is the fastest growing region in Ready Meals Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Ready Meals Market?
In 2024, the Europe accounts for the largest market share in Ready Meals Market.
What years does this Ready Meals Market cover?
The report covers the Ready Meals Market historical market size for years: 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Ready Meals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Ready Meals Industry Report
Statistics for the 2024 Ready Meals market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Ready Meals analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
