The "Ready Meals Market Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The global ready meals market is projected to record a CAGR of 4.62% during the forecast period (2022-2027).
The COVID-19 outbreak has increased the demand for convenience products. During the pandemic situation, consumers were constantly purchasing ready-to-eat or ready-to-cook meals as they were easily available at affordable prices. Severe lockdown measures have been followed by all the restaurants, hotels, and malls, which has further affected the eating habits due to lockdown and public safety measures globally. This factor has also impacted many individuals to shift to home-cooked meals and packaged ready foods, which can be delivered at home through several supermarkets or hypermarkets and e-commerce grocery stores home delivery options, as dining-out options were limited. The fear of spreading the virus in open spaces has resulted in purchasing packaged and long-life ready meals and food instead of fresh food.
The major factor driving the market is the convenience provided in terms of time-saving, less effort of cooking, and ease of handling and storage. Chilled and frozen meals held a significant demand in 2020. The increasing demand for a huge variety of ready meals with a high shelf life is expected to drive the market during the forecast period.
Consumer interest in new products and ingredients is significantly increasing and is expected to witness positive developments. However, with the current trend of adapting Western lifestyle and consuming ready meals, people are keen to try different meals from other ethnicities such as Indian, Thai, and Italian. Therefore, in ethnic ready meals, frozen pizza is the most preferable and highly consumed frozen ready meal globally, which contributes to the global revenue and accelerates the market.
Key Market Trends
Inclination Toward Organic Ready Meals
Consumers have begun to place more value on foods that offer them functional benefits apart from taste, thereby increasing the demand for healthy, natural, and safe ready meals. These organic food alternatives are positively impacting the growth of the market. Health awareness and concerns for food safety are leading to more consumers carefully selecting their ready meals to avoid adverse health effects. Also, organic ready meals are deriving a lot of their value through consumer trust and their perception of the products being healthy.
Ready meals are becoming highly popular in the packaged food market due to their convenience and portability. In addition to this, organic ready meals are gaining traction as they are verified natural products that could substitute a full meal. Also, they are healthier than traditional ready meals due to portion-size packaging.
Europe Remains the Major Market
The increasing demand for natural products that offer a high level of convenience emphasizes the trend for ready-meals in Europe. Consumer demand for natural ready meals with few or no additives has increased significantly in Europe. For instance, according to the Ministry of Foreign Affairs, the household consumption of ready meals is increasing day by day, and several manufacturers are bringing innovations in food, creating opportunities for selling all types of ready meals in Germany. Owing to these factors, the consumption of frozen ready foods is expected to increase during the forecast period. Hence, the convenience factor remains paramount in Germany and other European countries, with consumers demanding quick and easy preparation.
Competitive Landscape
The ready meals market is a highly competitive market, with the top players holding the major market share. Also, various small and regional players are also significantly investing in research and development to compete with dominating players. The major players are also focusing on mergers and acquisitions as the key market strategy in order to cater to the rising demand for ready meals across regions. Nomad Foods Ltd., Nestle, McCain Foods, J.M. Smucker Co., and ConAgra are the major players in the market. The major players in the market have a broad geographical presence and extensive product portfolios to cater to numerous consumer demands. This factor assists the companies in maintaining a strong foothold in the market.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Frozen Ready Meals
5.1.2 Chilled Ready Meals
5.1.3 Canned Ready Meals
5.1.4 Freeze-dried Ready Meals
5.2 By Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
5.3 By Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle East Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 The Campbell Soup Company
6.4.2 Conagra Brands Inc.
6.4.3 Hormel Foods Corporation
6.4.4 Iceland Foods Ltd.
6.4.5 McCain Foods Limited
6.4.6 Nestle SA
6.4.7 The Kraft Heinz Company
6.4.8 Nomad Foods Group
6.4.9 The JM Smucker Co.
6.4.10 Tyson Foods Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/w5ll1y
View source version on businesswire.com: https://www.businesswire.com/news/home/20220712005950/en/
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