Ready Meals Market Size to Reach USD 408.0 Billion by 2031 at CAGR 11.9% - Valuates Reports

BANGALORE, India, March 2, 2022 /PRNewswire/ -- The Ready Meals Market is Segmented by Type (Canned/Preserved Ready Meals, Chilled Pizza, Chilled Ready Meals, Dried Ready Meals, Frozen Pizza, Frozen Ready Meals, and Prepared Salads), End User (Residential and Food Services), and Distribution Channel (Store-based Retailing (Supermarkets/Hypermarkets Discounters, Convenience Stores, and Others) and Online Retailing). The report covers global opportunity analysis and industry forecasts from 2022-2031.

The global ready meals market was valued at  USD 138.1 Billion in 2021 and is expected to reach  USD 408.0 Billion by 2031, registering a CAGR of 11.9% during the forecast period.

Major Factors Driving The Growth Of The Ready Meals Market:

The growth of the ready meals market is fueled by the convenience offered in terms of time savings and minimal effort required for meal preparation. Furthermore, the preference for these meals has grown among the working population and students, owing to the fact that they are both cost-effective and require only heating before consumption, reducing overall cooking effort.

Furthermore, these meals are low-cost alternatives to junk food, which is expected to increase their popularity in the near future. Consumer interest in new products and ingredients is increasing, and this in turn is expected to create lucrative growth opportunities for the ready food market players.

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Trends Influencing The Growth Of The Ready Meals Market:

Precooked or ready-to-eat meals are extremely convenient, as they save time and effort in the kitchen. This has resulted in a rise in the demand for ready-to-eat meals, particularly among the working population and students around the world. Because they are pre-cooked, ready meals are a cost-effective option. Furthermore, the year-round availability of ready meals will have a positive impact on demand. Furthermore, print and media advertisements have played an important role in raising awareness about ready meals, resulting in increased ready meals market growth.

During the forecast period, demand for ready meals in the global market is expected to rise due to rising organic demand and rising awareness of the health benefits of ready meals. Organic is a popular trend that can be found in almost any food or beverage product. As consumers become more health-conscious and aware of the harmful effects of unhealthy food production and cultivation on the body, demand for organic products is increasing. Furthermore, the availability of such products is becoming much easier thanks to the use of online stores and delivery services, which contributes to the growth of the ready meal market.

In most parts of the world, an increase in per capita income is another factor driving net sales of ready meals.

However, rising safety concerns about ready meals may have an impact on market growth. Furthermore, rising obesity and other lifestyle diseases are expected to stymie market growth. To maintain their market share, manufacturers are focusing on introducing nutritious and healthier products.

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Ready Meals Market Share Analysis:

Because of high consumer demand and low market prices, the frozen pizza segment has the largest market share by type. During the forecast period, however, the prepared salads segment is expected to grow at the fastest rate.

The residential segment dominated the global market in 2020, but the food services segment is expected to be the fastest-growing segment during the forecast period of the ready meals market.

Because of the rise in internet penetration and smartphone use among consumers, the online retailing segment is the fastest-growing distribution channel. However, due to the ease of accessibility and availability of ready meals products, the stored-based retailing segment is expected to remain the market's largest and most dominant segment.

The European region currently dominates the global ready meals market and is expected to do so for the foreseeable future. The growing demand for natural products with a high level of convenience highlights Europe's ready-meal trend. In Europe, consumer demand for natural ready-meals with few or no additives has risen dramatically.

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Prominent players have adopted product launch as their key strategy to gain significant Ready Meals Market share in the market. Key players profiled in the report include Bakkavor Foods Ltd., ConAgra, Greencore Group Plc., JH Heinz Company Ltd., Nestle SA, Fleury Michon, Unilever Group, Northern Food Ltd., Kerry Foods Ltd., and Premier Foods Group Ltd.

Other players not profiled in the report include Oetker-Gruppe, Frosta AG, Campbell Soup Co, Bofrost Dienstleistungs GmbH & Co KG, Iglo Bird's Eye Frozen Foods, Freiberger Lebensmittel GmbH & Co KG, Hilcona AG, Gartenfrisch Jung GmbH, Bonduelle Groupe SA, and General Mills Inc.

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-  The global packaged food market size was valued at  USD 1,925.7 Billion in 2020 and is projected to reach  USD 3,407.2 Billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 5.2% from 2021 to 2030.

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