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Ready Meals Market Segments: By Product Type (Frozen & Chilled, Canned and Dried); By Distribution Channel (Supermarket & Hypermarket, Convenience Stores and Online); and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
Ready meals Market are a cost-effective substitute meal that takes less time to prepare because they are precooked. These meals are available all year and are completely healthy to eat. While packaged foods deplete nutrients, the various methods used to prepare ready meals ensure that nutrients are lost to a minimum in most cases. Precooked or ready-to-eat meals are very convenient since they save time and effort in the kitchen. This has resulted in a rise in the demand for ready-to-eat meals, especially among the working population and students around the world. Since they are pre-cooked, ready meals are a cost-effective option. The year-round supply of ready meals would have a positive effect on demand. Furthermore, print and radio advertisements have played an important role in raising consciousness about ready meals, resulting in increased consumer growth.
Global Ready Meals Market to surpass USD 270.9 million by 2030 from USD 141. 96 million in 2020 at a CAGR of 7.9% in the coming years, i.e., 2021-30. This growth is anticipated due to increasing mergers and acquisitions across various sectors which will create a worldwide demand for Ready Meals. The growth of online stores is also propelling the selling of high-end products. E-commerce allows the simple purchasing of goods manufactured in remote locations. This, in turn, has made a major contribution to the development of the global Ready Meals industry.
Global Ready Meals Market is segmented by product type into Frozen & Chilled, Canned, and Dried. Frozen & Chilled segment held the largest market share of XX.X% in the year 2020 due to a large number of items with a long shelf life the most famous frozen ready meal is frozen pizza, which contributes significantly to global sales. Canned meals are also expected to grow at a rapid pace, owing to their growing popularity among young people all over the world. In the future, the dried product segment is expected to expand significantly. Foods like instant pasta and noodles are examples of dried goods.
Global Ready Meals Market is segmented by distribution channel into Supermarket & Hypermarket, Convenience Stores and Online. Over the forecast period, the online distribution channel is projected to expand at the fastest pace. Sales via this channel have been powered by the increasing popularity of e-commerce platforms among manufacturers and high internet penetration.
Surging demand of Ready Meals Market from numerous end user industries is the key factor contributing in the market growth. The market's rapid growth can be attributed to the continuing convenience food trend and rising consumer disposable income per capita. Another factor driving up global retail sales of ready-to-eat meals is the rising working population. People's changing lifestyles and the growing presence of western culture in developing countries are catalyzing the growth of the ready-to-eat meals industry in those countries. Due to an increase in the number of organic ready meal launches, technological advances, and the development of a strong distribution network in both developing and developed countries, vendors in the global market are expected to see lucrative growth opportunities in the coming years.
Increase in convenience offered in terms of time savings and little effort needed for the preparation of these meals is driving the growth of the ready meals market. Furthermore, the working population and students have become more interested in these meals as a result of the fact that they only require heating before consumption, reducing overall effort. Furthermore, these meals are low-cost alternatives to junk food, which is expected to increase their popularity in the near future.
Market growth is being hampered by ambiguity about the health effects of eating packed and frozen food, as well as market players' failure to sustain product quality and consistency during transportation and storage.
Nestlé S.A.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Ready Meals Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Ready Meals in APAC held the largest market share of XX.X% in the year 2020 in terms of revenue. This increase can be due to the region's growing target population. Furthermore, the regional market is growing as a result of a growing population, raising customer disposable income, and increased awareness of ready-to-eat meals.
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