Ready Meals Market Is Expected To Expand At A CAGR Of 5.1% From 2022 To 2030

 Ready Meals Industry Overview

The global ready meals market size was valued at USD 143.86 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2022 to 2030. Ready meals are cost-effective alternative dishes that take less time to prepare as they are precooked and are available throughout the year. The shifting food preferences of consumers toward ready-to-eat food products owing to the busy lifestyles of working individuals as well as the hectic work schedules of college students is likely to fuel market growth.

Since the outbreak of coronavirus (COVID-19) in 2020, nearly all the countries around the world proposed country-level lockdowns, resulting in restricted movements and shutting down of public places, including restaurants and other eateries. During this time, consumers began buying and stocking up on packaged meals owing to their higher shelf life and convenience in cooking. This habit that developed because of the pandemic is likely to continue in the short term, driving the market growth.

Consumer preferences for packaged meals are constantly changing as people are looking for higher-quality ingredients, more variety, and speedier delivery. This has boosted the popularity of ready-to-eat takeaways and same-day delivery, for which, customers are willing to pay a premium. According to Eating Better’s Ready Meals 2020 Snapshot Survey, 88% of adults in the U.K. eat ready breakfasts and dinners or ready-to-cook foods and two in five people eat packaged meals every week. Such trends bode well for market growth.

Gather more insights about the market drivers, restrains and growth of the Global Ready Meals market

 

Meanwhile, the rising pressure upon brands to offer products that are better for the environment continues to shift the overall concept of packaged food boxes toward more plant-based/vegan ingredients and the use of sustainable packaging with less plastic and waste. For instance, in September 2021, Walki-a company which specializes in consumer and industrial packaging launched a portfolio of trays for packaged and frozen foods, which is claimed to be recyclable in paper streams. The new trays include the Walki Pack Tray PET, with a thin PET lining that is classified as mono-material, making it suitable for recycling in paper streams.

The supply side of the market has also been changing as a result of the growing demand for ready meals, pushing restaurants, hotels, and cafes to change their business models. At the same time, this transition opens up new possibilities for retailers like supermarkets, hypermarkets, and grocers. Key supermarkets such as Walmart, Target, and Aldi have introduced or collaborated with cloud kitchens to provide packaged breakfast and dinners on their shelves. For instance, in October 2020, Finnair started selling its offerings in supermarkets by launching ‘Taste of Finnair’ at K-Citymarket Tammisto, a supermarket in Vantaa, Finland.

The growth of the online food delivery market fueled by the rapid demand and popularization of takeout-delivery platforms has complemented the demand for ready-made and semi-prepared kits for breakfasts, lunches, and dinners via e-commerce sites. For instance, in September 2020, Dutch startup Lazy Vegan launched a new Thai Green Curry frozen packaged meal and further plans to strengthen its presence in the European market by offering these products on offline as well as online platforms. The products are available in all Whole Foods Markets in the U.K., Planet Organic, As Nature Intended, and U.K.-based online food store Ocado.

Along with an urge to explore different ingredients and combinations, consumers are increasingly seeking premiumization. To cater to this segment, many key companies have been launching premium pre-packaged main courses with fine ingredients and different or original flavors. For instance, in September 2021, Irish packaged meal manufacturer Swift Fine Foods launched a new line of premium vegan ready main course boxes in the U.K. The meals include high-quality freshly made dishes such as Tofu, Garlic & Bok Choy Noodles; Black & Red Lentil Casserole; Roast Aubergine & Couscous; and Cauliflower and Chickpea Tagine.

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Ready Meals Market Segmentation

Grand View Research has segmented the global ready meals market based on product, meal type, distribution channel, and region:

Ready Meals Product Outlook (Revenue, USD Billion, 2017 - 2030)

• Frozen
• Chilled
• Canned
• Shelf-stable

Ready Meals Meal Type Outlook (Revenue, USD Billion, 2017 - 2030)

• Vegetarian
• Non-vegetarian
• Vegan

Ready Meals Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

• Supermarkets & Hypermarkets
• Convenience Stores
• Online
• Others

Ready Meals Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Market Share Insights

• February 2021: online retailer The Vegan Kind​ partnered with plant-based meat pioneers ​THIS​ to launch 100% plant-based ready meals. These include hyper-realistic plant-based chicken cooked with vegetables, herbs, and spices.

 

• August 2020: ready meal manufacturer Symington’s launched its own D2C platform in response to the increase in online shopping for pre-packaged foods. The new platform would offer bundles of pasta, rice, and noodle dishes.

 

Key Companies profiled:

Some prominent players in the global ready meals market include:

• Nestlé
• General Mills, Inc.
• Kellogg Company
• Conagra Brands, Inc.
• Tyson Foods, Inc.
• Oetker
• Nomad Foods
• Green Mill Foods
• Unilever
• 2 Sisters Food Group

 

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