Newark, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 135 billion in 2022 global ready meals market will reach USD 219.90 billion in 2032. Over the past few years, demand for ready meals has been fueled by the rising popularity of ready-to-eat foods and customers' purchasing power parity. A tendency towards a healthy lifestyle also aids the market's expansion. Its expansion and growth are being fueled by the market's convenience and vast range of tastes. Its expansion over the projection period will be fueled by the need to increase consumer product quality, which will likely be the impetus for introducing more variety in ready meals.
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Key Insight of the Global Ready Meals Market
Europe will dominate the market during the forecast period.
Europe emerged as the market leader with a 37% revenue share in the global market for ready meals in 2022. The UK and France are among the top countries consuming quick meals. The rising per capita income, hectic lifestyles, and rise in single students and working women have all influenced the need for fast meals. The market's expansion has also been aided by the increasing number of industry players developing new sorts of ready meals to serve the native European market or the migrant student population. Additionally, the sector's expansion is fueled by the ease with which ready meal formats can mimic Europeans' eating patterns or their main diet.
In 2022, the frozen pizza segment dominated the market with the largest market share of 37% and market revenue of 49.95 billion.
The product type segment is divided into canned/preserved ready meals, chilled ready meals, frozen pizza, prepared salads, chilled pizza, dried ready meals, and frozen ready meals. In 2022, the frozen pizza segment dominated the market with the largest market share of 37% and market revenue of 49.95 billion.
In 2022, the residential segment dominated the market with the largest market share of 54% and market revenue of 72.90 billion.
The end-user segment is divided into residential and food services. In 2022, the residential segment dominated the market with the largest market share of 54% and market revenue of 72.90 billion.
In 2022, the supermarkets/hypermarkets segment dominated the market with the largest market share of 55% and market revenue of 74.25 billion.
The distribution channel segment is divided into supermarkets/hypermarkets, convenience stores, online and others. In 2022, the supermarkets/hypermarkets segment dominated the market with the largest market share of 55% and market revenue of 74.25 billion.
Advancement in market
March 2023 - Finally, Perutnina Ptuj acquired complete control of the Proconi facility in Murska Sobota. The facility, now known as PP Mamita, employs 25 people and is devoted to preparing ready meals. After undergoing a remodelling and restoration programme, Perutnina Ptuj anticipates expanding its workforce in the latter part of the year. Four thousand square metres make up the factory. It has four packaging lines, a sous-vide system, thermal pasteurisation equipment, and manufacturing and storage rooms. Additionally, there is a high-pressure pasteurisation system in the area, the first of its kind. This increases the shelf life of food while maintaining the flavour and texture of recently prepared restaurant food.
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Market Dynamics
Driver: the increasingly hectic and busy lifestyles.
The hustling culture that permeates the modern society. Everyone juggles their jobs, hobbies, health, and relationships. Due to the increasing stress and busy schedules, there is no time to prepare and cook three healthy meals every day. Additionally, due to the rising cost of living, cooks and maids are now paid more, which is beyond the means of most salaried workers who are just starting and students who attend college away from home. The growing female workforce has also generated a demand for prepared meals. The demand for prepared meals that are quicker, easier, more inexpensive, and more convenient than fast food is rising as people become more aware of the health risks associated with eating fast food. The industry participants have seen the escalating demand. The market players have recognised the expanding demand for quick, wholesome meal solutions without sacrificing taste or quality in an affordable price range, which has sparked innovation and the creation of a wide range of options for the consumer market. Therefore, the expansion of the global market for quick meals would be influenced by busy lifestyles.
Restraints: The lack of nourishment in prepared meals.
Because they do not include the proper quantity or quality of nutrients needed to maintain health, ready-made meals are not usually as nutrient-dense as those prepared from scratch. Ready-made meals may be poor in other nutrients and excessive in salt and fat. Most prepared foods lack even a basic understanding of nutrient balance. Something is either in excess or insufficient. Variety can also be a problem because not all meals can be prepared in a prepackaged, ready-to-eat fashion. Given the normal sizes available, the portion sizes can be a concern. Ready-made meals have flavourings or starches added to them to make them sweeter, which encourages repeat purchases at the expense of Ready-made meals have flavourings or starches added to them to make them more appetising so that consumers would keep buying them, which is ultimately bad for human health. If consumed excessively over an extended period, ready meals can lead to dependency and inhibit learning practical skills like cooking. As a result, the market's expansion will be hampered by the low nutritional value of ready meals and other related factors.
Opportunities: the arrival of new varieties.
The market participants have realised they need to broaden their product line to gain new market share. Market participants choose new items that appeal to particular audiences based on their likes and preferences. For the Indian audience, ready-to-eat foods like poha, upma, dhokla, etc. were introduced. Similarly, developing ready meals that include popular foods from Mexico, Japan, China, and other cultures has given industry participants access to new markets. As a result, the market for ready meals will develop faster throughout the forecast period by introducing new varieties.
Challenges: the growing demand for fresh foods and meals.
The increasing prevalence of obesity, diabetes and other lifestyle diseases are attributed to the unhealthy lifestyle associated with unhealthy diet and no physical exercise. The dangers of these diseases have encouraged individuals to improve their habits, which translates into a healthy diet consisting of fresh foods and meals. Recipe boxes and farmers markets are gaining traction and will challenge the market's growth.
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Some of the major players operating in the global ready meals market are:
• 2 Sisters Food Group
• Conagra Brands, Inc.
• Dr. Oetker
• General Mills, Inc.
• Green Mill Foods
• Kellogg Company
• Kerry Foods Ltd.
• Nestlé
• Nomad Foods
• Unilever
Key Segments covered in the market:
By Product Type
• Canned/Preserved Ready Meals
• Chilled Ready Meals
• Frozen Pizza
• Prepared Salads
• Chilled Pizza
• Dried Ready Meals
• Frozen Ready Meals
By End User
• Residential
• Food Services
By Distribution Channel
• Supermarkets/Hypermarkets
• Convenience Stores
• Online
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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