Hyderabad, Aug. 18, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "North America Ready Meals Market Report (2023-2028)," the market is estimated at USD 54.38 billion in 2023. It is expected to register a CAGR of 4.17% during the forecast period.
Ready meals are complete meals with multiple ingredients that can be quickly prepared using methods like microwaving or heating. Demand for ready-meal products is increasing significantly in the United States, while it is low in Mexico and the rest of North America. Online retailing has contributed to the growth of ready-meal sales in the United States and Canada. Changing consumer lifestyles are driving the consumption of ready-to-eat foods like rice, pulses, and soups. The rise in nuclear families and longer working hours are leading to increased consumption of ready-to-eat food products.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 54.38 billion |
| Market Size (2028) | USD 66.70 billion |
| CAGR (2023-2028) | 4.17% |
| Study Period | 2018-2028 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Growth of online retailing. |
| Changing consumer lifestyles and busy schedules. |
Who are the Top Companies in the North America Ready Meals Market?
The market is highly fragmented, with the presence of numerous players competing for the leading position. The players are diversifying their product portfolio and focusing on expansion, mergers, acquisitions, and partnerships.
The significant players in the North American ready meals market are,
- Hormel Foods Corporation
- Mars Incorporated
- Conagra Brands
- Ebro Foods SA
- Nestle SA
- The Kraft Heinz Company
- Campbell Soup Company
- Unilever PLC
- HelloFresh Group
- General Mills Inc.
Other Reports That Might Be of Your Interest:
- North America Dairy Alternative Market Report - The North American dairy alternatives market is expected to witness a CAGR of 15.5% over the next five years.
- North America Bottled Water Market Report - The North American bottled water market is projected to grow at a CAGR of 3.82 % over the next five years.
Key Highlights from the North America Ready Meals Market Report:
Growing Affinity toward Ethnic Meals
- Over the past decade, more Asian immigrants have arrived in North America than from any other region globally. Immigrants bring diverse cultures, economic traits, and food consumption patterns, driving sales of ethnic ready meals.
- The rising number of Asian immigrants is increasing the demand for authentic cuisines and driving sales of ethnic-ready meals. Ready meals featuring Korean, Japanese, Chinese, and Indian cuisines have gained strong penetration over the last decade.
- In the future, the ethnic ready meals industry is likely to focus on blending different ethnic cuisines.
United States Dominating the Market
- The ex-pat population in the United States reached 47 million in April 2022. The presence of an expanding ex-pat population and the desire to try new products also drive the demand for ready meals. The "backyard" trend in outdoor activities is influencing the demand for ready meals.
- Demand for quick and easy food, including ready meals, is increasing in the United States due to shifting social and economic patterns. Transparency and sustainability are essential for consumers, with many looking for products containing clean and natural ingredients.
- Factors such as higher food and beverage spending, consumer awareness of healthy foods, and changes in eating habits are helping the market grow.
- Technological innovations have led to various formats of convenience foods, including chilled, frozen, portion-controlled, and microwaveable ready meals. Consumers value certifications and labels such as non-GMO, organic, and women- or minority-owned.
What are the Latest Developments in the North America Ready Meals Market?
- In October 2022, Campbell Soup Company launched four new mealtime soups with four different flavors.
- In June 2022, Conagra Brands introduced an extensive summer line-up of new products featuring contemporary flavors with in-trend ingredients.
Mordor Intelligence has Segmented the North America Ready Meals Market Based on Product Type, Category, Distribution Channel, and Geography.
- By Product Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Frozen Ready Meals
- Canned Ready Meals
- Dried Ready Meals
- By Category (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Conventional Meals
- Free-from Meals
- By Distribution Channel (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Supermarkets/ Hypermarkets
- Convenience Stores/Grocery Stores
- Online Retailers
- Other Distribution Channels
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- United States
- Canada
- Mexico
- Rest of North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the North America Ready Meals Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Saudi Arabia Ready Meals Market Report - The Saudi ready meals market size is expected to grow from USD 20.21 million in 2023 to USD 26.32 million by 2028, at a CAGR of 5.43% during the forecast period (2023-2028).
- Europe Ready Meals Market Report - The European ready meals market is expected to register a CAGR of 3.55% over the next five years.
- Frozen-cooked Ready Meals Market Report - The global frozen-cooked ready meals market size is estimated at USD 39.13 billion in 2023. It is expected to reach USD 49.82 billion by 2028, at a CAGR of 4.95% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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