Global Ready Meals Market Major Players 2024, Forecast To 2033
25 Sep, 2024
The ready meals market has experienced robust expansion, increasing from $168.44 billion in 2023 to $184.38 billion in 2024, reflecting a CAGR of 9.5%. This growth is primarily due to shifting consumer lifestyles, increased urbanization, the rise of single-person households, changing eating habits, and innovations in packaging and preservatives. The market is forecasted to surge further, reaching $272.76 billion by 2028, with a CAGR of 10.3%. Key drivers include the emphasis on convenience, globalization of cuisine, health and wellness considerations, the growth of e-commerce platforms, and product innovations tailored to diverse dietary preferences. Emerging trends include tech-driven cooking methods, a focus on health claims and transparency, customization options, innovations in meat alternatives, and diversification of breakfast and snacking options.
Major Driver In The Ready Meals Market
The heightened awareness of food products boasting extended shelf lives is a key driver for the ready meals market's expansion. Consumers seek convenient, cost-effective, and pre-portioned options with extended shelf lives, contributing to the popularity of ready meals. In April 2023, World Technology Ingredients, Inc. highlighted that extending food shelf life could potentially reduce consumer food waste by 50%. Globally, approximately 2.8 trillion pounds of food are discarded annually, with the United States alone wasting 80 billion pounds. Consequently, the growing consciousness surrounding products with extended shelf lives is propelling the growth of the ready meals market, with corresponding market sizes for 2023, 2024, and 2028.
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Nestlé S.A., PepsiCo Inc., JBS S.A., Unilever Group, Tyson Foods Inc., Mars Incorporated, The Coca-Cola Company, Mondelez International Inc., Danone S.A., Kraft Foods Group Inc., General Mills Inc., Kellogg Company, Smithfield Foods Inc., Conagra Brands Inc., The Hershey Company, Ajinomoto Co Inc., BRF Global Market S.A., Kerry Group plc, Campbell Soup Company, McCormick & Company Inc., Post Holdings Inc., Fleury Michon S.A., Beyond Meat Inc., Eat Just Inc., Gobble Inc., Impossible Foods Inc., Sakara Life Inc., Dr. Oetker GmbH, Chao Xiang Yuan Food Co Ltd.
Key Ready Meals Market Trend
Pre-packaged foods is a key trend gaining popularity in the ready meals market. Companies are focusing on offering fresher and more convenient nutritionally compliant dietary standards are key trend gaining popularity in the ready meals market. For instance, in January 2022, Kitchen Prep UK, a UK-based ready meal manufacturing company, launched frozen gourmet healthy pre-packaged frozen meals. Kitchen Prep UK specializes in chef-prepared ready meals for consumers who want to consume healthily but are short on time or prefer the simplicity of pre-prepared frozen choices that heat in the microwave in minutes. The new company has received assistance from specialists at the University of Nottingham's Food Innovation Centre, who have provided free advice on labeling, food hygiene training, and other facets of the venture.
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Ready Meals Market Segmentation
The ready meals market covered in this report is segmented –
1) By Product: Frozen, Chilled, Canned, Dried
2) By Distribution Channel: Supermarket / Hypermarket, Convenience Store, Online
3) By End-User: Residential, Food Services
By Geography:The regions covered in the ready meals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Western Europe was the largest region in the ready meals market in 2023.
The Ready Meals Global Market Report 2024 furnishes information about the global ready meals market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.