NEWARK, Del, May 03, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the worldwide frozen ready meals market is valued at US$ 51.5 billion in 2023 and is anticipated to reach US$ 122.4 billion by 2033. Total frozen ready meal sales are likely to accelerate at a robust CAGR of 9.0% from 2023 to 2033.
Growing preference towards convenience and ready-to-eat food products worldwide is a key factor driving the global frozen ready meals market forward.
While most of customers still view frozen food as a backup option, core consumers are increasingly inclined to purchase products with particular meals in mind. Buying frozen food is thought to be more economical and saves time at the grocery store.
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Time can be saved by using frozen ready meals, which are a complete lunch or dinner option. People having busy schedules can use these products as they are easy to prepare than cooking from scratch. This is a primary factor that influences frozen ready meal sales.
Growing food insecurity concerns and the need for reducing food wastage are also prompting people to choose frozen food products including frozen ready meals due to their higher shelf life and easy availability.
Subsequently, the availability of a wide range of frozen ready meals including frozen chicken meals and frozen vegetarian meals on online sales platforms will help the market to thrive rapidly over the next ten years.
However, growing concerns about the side effects of frozen foods can limit market expansion during the projection period. As frozen food products are meant to last for longer periods, artificial additives are added to them in order to increase their shelf life.
A high amount of sodium is added to frozen foods to maintain their qualitative characteristics for a substantial period of time. Excessive consumption of sodium and artificial food additives through frozen ready-meal products can have harmful effects on consumers’ health. Also, a variety of physical and chemical processes are performed on frozen ready meal products to improve their nutritive value.
Leading companies are constantly launching new products and delivery services to increase their sales and expand their customer base. Further, they are improving their production processes and packaging.
In the frozen food sector, packaging is essential since it improves the quality and appearance of the product. The shelf life of frozen food products can be increased by implementing suitable packaging methods during production.
Packaging that appeals to the eye can draw in lots of customers and increase demand for frozen food goods. To comply with environmental standards and draw in ecologically conscious customers, top manufacturers are creating biodegradable packaging options. Technological advances in packaging techniques can greatly increase product sales since they enhance product quality to a larger level.
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Key Takeaways from the Report:
- The global frozen ready meals market is set to reach a valuation of US$ 51.5 billion in 2023.
- Global frozen ready meal sales are forecast to rise at 9.0% CAGR between 2023 and 2033.
- By product type, demand for vegetarian meals is poised to increase at a considerable pace during the next ten years.
- The United States frozen ready meals market is anticipated to expand at 8.6% CAGR over the next ten years, reaching a valuation of US$ 3,5607.4 million by 2033.
- Frozen ready meals demand across India is set to surge at 11.9% CAGR through 2033.
- The United Kingdom market is likely to touch a valuation of US$ 1,280.6 million in 2033.
"Rising food insecurity and increase in food wastage will have a profound influence on frozen food sales including frozen ready meals over the next ten years as these foods have extended shelf life and reduce wastage to a great level,” says a lead analyst at Future Market Insights.
Who is Winning?
Leading frozen ready meal companies profiled in the report include General Mills Inc., Pinnacle Foods, Inc., J.R. Simplot Co., Nestle S.A, California Pizza Kitchen, H.J.Heinz, Dr. Oetker GmbH, ConAgra Foods, Inc, Daiya Foods Inc., Atkins Nutritionals Inc., and FRoSTA AG.
Key Market Developments:
- In 2018, Conagra Brands Inc. acquired Pinnacle Foods to strengthen its customer base and accelerate the next wave of change.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the frozen ready meals market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study provides compelling insights into the frozen ready meals market based on product type (vegetarian meals, chicken meals, beef meals), and distribution channel (modern trade, food chain services, convenience stores, departmental stores, online stores) across several regions.
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Global Frozen Ready Meals Industry Segmentation
By Product Type:
- Vegetarian Meals
- Chicken Meals
- Beef Meals
- Other Meals
By Distribution Channel:
- Modern Trade
- Food Chain Services
- Convenience Stores
- Departmental Stores
- Online Stores
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
Table of Content
1. Executive Summary | Frozen Ready Meals Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (MT) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (MT) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US Million) & Volume (MT) Analysis By Product Type, 2018 to 2022
5.3. Current and Future Market Size Value (US Million) & Volume (MT) Analysis and Forecast By Product Type, 2023 to 2033
5.3.1. Vegetarian Meals
5.3.2. Chicken Meals
5.3.3. Beef Meals
5.3.4. Other Meals
5.4. Y-o-Y Growth Trend Analysis By Product Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product Type, 2023 to 2033
View Complete TOC@ https://www.futuremarketinsights.com/toc/rep-gb-6113
Explore FMI’s related ongoing Coverage on F&B Domain:
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Ready to Drink Shakes Market Trends: The global ready to drink shakes market is expected to reach a market valuation of USD 11.0 Bn by the year 2022, accelerating with a CAGR of 7.5% by 2022-2032.
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India Ready to Mix Food Market Share: FMI delivers key insights on the India ready-to-mix food market in its latest report titled “India Ready-to-Mix Food Market: Industry Analysis and Opportunity Assessment, 2015–2020.”
Dinner Ready-to-Eat (RTE) Food Market Sales: The dinner ready-to-eat (RTE) food market size is anticipated to rise from US$ 14,692 million in 2023 to US$ 25,184.3 million in 2033.
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