Ready Meals Market Outlook
According to the report by Expert Market Research (EMR), the global ready meals market size reached a value of USD 149.21 billion in 2023. Aided by the fast-paced lifestyle of the modern consumer and the growing need for convenience in meal preparation, the market is projected to further grow at a CAGR of 4.9% between 2024 and 2032 to reach a value of USD 230.24 billion by 2032.
Ready meals, designed to be easy and quick to prepare, cater to the increasing number of individuals seeking nutritious, tasty, and time-saving food options. The sector encompasses a wide range of products, including frozen dinners, prepared salads, pre-cooked meals, and snacks that require minimal preparation time.
The primary catalyst for the ready meals market growth is the fast-paced lifestyle of consumers globally, which has heightened the demand for convenience foods. Additionally, the rising number of working professionals and the increasing trend of nuclear families have further fuelled the market’s growth.
Innovations in packaging technology have also played a pivotal role in the ready meals market expansion, with advancements in microwave-safe and oven-proof packaging making it easier for consumers to heat and serve meals without compromising on taste or quality. Furthermore, the diversification of product offerings, including a wide range of cuisines and diet-specific options such as gluten-free, vegan, and organic ready meals, caters to the varied preferences and dietary requirements of consumers.
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One of the key trends in the ready meals market is the growing consumer inclination towards health and wellness, which has led to the introduction of healthier ready meal options. Manufacturers are now focusing on reducing sodium content, avoiding preservatives, and incorporating more whole grains, vegetables, and lean proteins into their products. The demand for ethnic and gourmet ready meals is another notable trend, as consumers increasingly seek diverse and authentic culinary experiences. This has prompted manufacturers to explore a wide array of international cuisines, offering consumers the opportunity to enjoy global flavours from the comfort of their homes.
As per the ready meals market analysis, the demand for personalised meal solutions is on the rise, with consumers seeking meals that cater specifically to their dietary requirements, taste preferences, and health goals. Manufacturers are responding by offering customisable meal kits and services that allow individuals to select their ingredients, portion sizes, and nutritional content. This trend not only enhances customer satisfaction but also encourages healthier eating habits by giving consumers more control over what they eat.
As per the ready meals market outlook, technological advancements are revolutionising how ready meals are prepared, packaged, and distributed. Smart packaging that can extend the shelf life of food products, QR codes that provide information about nutritional content and preparation instructions, and AI-driven personalisation are examples of how technology is being leveraged to improve the convenience and appeal of ready meals. Additionally, the use of robotics and automation in the manufacturing process is enhancing efficiency and allowing for the production of more complex and high-quality meal options.
The market exhibits significant regional variations, with North America and Europe holding the significant ready meals market share due to the high demand for convenience foods. However, Asia-Pacific is emerging as a rapidly growing market, driven by urbanisation, increasing female workforce participation, and changing dietary habits. In Europe, the demand for ready meals is influenced by busy lifestyles, a high preference for convenience, and the region’s culinary diversity. The market is characterised by a strong demand for both local and international cuisine options.
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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
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