Ready Meals Market Outlook

According to the report by Expert Market Research (EMR), the global ready meals market size was a value of USD 149.21 billion in 2023. Aided by the growing demand for convenience foods and the increasing shift towards urban lifestyles, the market is projected to grow at a CAGR of 4.9% between 2024 and 2032, reaching a value of USD 230.24 billion by 2032.

Ready meals, also known as convenience foods, are pre-prepared dishes that require minimal preparation time. These meals are available in various formats such as frozen, chilled, canned, or dried, making them convenient for consumers with busy lifestyles. Ready meals are increasingly popular due to their ability to save time, and their availability in a wide range of cuisines caters to diverse consumer preferences. The market’s growth is driven by various factors, including the rising trend of on-the-go consumption, growing demand for easy-to-cook meals, and increasing consumer awareness about health and nutrition.

Key Market Drivers of Growth

The increasing consumer preference for convenience foods is one of the primary drivers of the global ready meals market. As urbanization continues to rise, more people are living fast-paced lives, leading to a demand for quick and easy meal options. Ready meals provide a convenient solution for individuals who lack the time or resources to cook from scratch. This is especially prevalent among working professionals and students who are seeking time-saving food options. The wide variety of meal options, ranging from traditional dishes to gourmet meals, further enhances the appeal of ready meals, driving the market growth.

The growing trend of single-person households is another significant factor contributing to the expansion of the ready meals market. In many regions, particularly in urban areas, there has been a notable increase in single-person households, which has driven the demand for portion-controlled, pre-packaged meals. These consumers often prefer single-serving meal options that do not require extensive preparation, and ready meals provide the perfect solution.

Furthermore, the rising disposable income levels in emerging economies have contributed to the growing consumption of ready meals. As consumers in countries such as India, China, and Brazil experience increasing purchasing power, there has been a shift towards the consumption of convenience foods. The ready meals market in these regions is benefitting from a growing middle class that values both convenience and quality in their food choices.

Health and Nutrition Trends

In recent years, there has been a growing emphasis on health and nutrition, influencing the demand for ready meals that offer balanced nutrition and cater to specific dietary preferences. Many consumers are becoming more health-conscious, leading to a demand for ready meals that are lower in calories, fat, and preservatives. Manufacturers are responding to this trend by introducing healthier alternatives, such as meals that are high in protein, low in sugar, or free from artificial additives. Gluten-free, vegan, and organic ready meals are also gaining popularity, driven by the increasing number of consumers adhering to specific dietary restrictions or lifestyles.

The COVID-19 pandemic has further amplified the demand for ready meals, particularly those that offer health benefits. With consumers placing greater importance on their health and wellbeing, there has been an increased focus on immunity-boosting and nutritionally fortified meals. This trend has encouraged manufacturers to innovate and offer ready meals that are rich in essential nutrients such as vitamins, minerals, and antioxidants, aligning with the growing demand for functional foods.

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Technological Advancements and Product Innovations

Technological advancements and product innovations have played a crucial role in driving the global ready meals market forward. The introduction of advanced freezing, packaging, and preservation techniques has significantly improved the shelf life and quality of ready meals, making them more appealing to consumers. Technologies such as blast freezing and vacuum sealing ensure that ready meals retain their flavor, texture, and nutritional value over time, which is a key factor for consumers seeking both convenience and quality.

Additionally, product innovations have expanded the range of ready meals available in the market. Manufacturers are increasingly focusing on offering diverse cuisine options, ranging from traditional comfort foods to international gourmet meals. This wide variety of options allows consumers to explore different flavors and cuisines without having to invest time in preparation. The growing demand for global cuisines, such as Asian, Mediterranean, and Latin American dishes, has prompted manufacturers to diversify their product offerings, further fueling the market growth.

Ready-to-eat meals that cater to specific dietary needs are also gaining traction. For instance, the demand for high-protein ready meals is increasing among fitness enthusiasts and health-conscious consumers. Manufacturers are also offering ready meals tailored to specific health conditions, such as diabetic-friendly or heart-healthy meals, providing personalized nutrition options to cater to a broad range of consumer needs.

E-commerce and Online Delivery Channels

The rise of e-commerce and online food delivery platforms has significantly contributed to the growth of the ready meals market. Consumers are increasingly turning to online platforms for their grocery shopping, particularly for convenience foods such as ready meals. The convenience of ordering ready meals online, combined with the ability to explore a wide variety of meal options, has made e-commerce a key distribution channel for ready meals.

Food delivery services, including those offered by supermarkets, specialty stores, and online platforms, have also played a significant role in boosting the demand for ready meals. With consumers seeking faster and more efficient ways to access food, delivery platforms provide a seamless solution. The availability of meal subscription services, where consumers can receive pre-prepared meals delivered to their doorstep, is another factor contributing to the growing popularity of ready meals. These services offer flexibility in terms of meal choices, portion sizes, and dietary preferences, making them appealing to a wide audience.

Sustainability and Packaging Innovations

Sustainability concerns are increasingly influencing consumer purchasing decisions, and the ready meals market is no exception. Consumers are becoming more aware of the environmental impact of their food choices, including packaging waste. As a result, there is a growing demand for eco-friendly packaging solutions in the ready meals market. Manufacturers are responding by adopting sustainable packaging materials, such as biodegradable, compostable, and recyclable options, to reduce the environmental footprint of their products.

Innovations in packaging technology are also improving the convenience and functionality of ready meal products. For instance, microwaveable packaging allows consumers to heat their meals directly in the packaging, eliminating the need for additional containers or dishes. Additionally, packaging designs that enhance portability and ease of use, such as resealable pouches and compartmentalized trays, are gaining popularity among consumers who prioritize convenience.

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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 Opportunities

Despite the positive growth prospects, the global ready meals market faces several challenges. One of the key challenges is the perception of ready meals as being unhealthy or containing excessive preservatives and additives. This has led some consumers to be cautious about incorporating ready meals into their diets. However, manufacturers are addressing this concern by offering healthier options with clean labels, organic ingredients, and reduced levels of preservatives.

Another challenge is the growing competition from alternative meal solutions, such as meal kits and restaurant delivery services. While ready meals offer convenience, meal kits provide a balance between convenience and home-cooked freshness, appealing to consumers who enjoy cooking but lack the time for extensive meal preparation. Similarly, restaurant delivery services offer a wide variety of meal options, adding to the competition in the convenience food market.

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