Ready Meals Market Research Report : Key Growth Factors and Forecast 2024

Global Ready Meals Market: Overview

The global ready meals market is primarily driven by the convenience these products offer to students and working professionals. Ready meals are precooked and prepackaged meals that can be consumed with minimum or no preparation. Due to the busy lifestyles, consumers prefer ready-to-eat meals that decrease the preparation time, thereby propelling the demand for ready meals. These meals provide a healthier alternative to junk food and cheaper alternative to eating out. Moreover, the rising disposable income of consumers is contributing to the growth of the market. According to a report by the National Institutes of Health (NIH), more than 90% of the population in the U.S. consume ready meals daily; they provide more than 7% of the total daily energy to Americans, studies show.

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The report provides a 360-degree view of the global ready meals market. It offers valuable insights into several aspects of the market including its dynamics, geographical landscape, technological developments, and competitive landscape. Information from a number of press releases, presentations, white papers, paid databases, and journals has been taken under consideration for collating this report.

Global Ready Meals Market: Restraints and Opportunities

Despite the convenience offered, the negative perception of ready meals among health-conscious consumers is adversely affecting the growth of the global market. The increasing consumption of these meals is concomitant with the rise in the prevalence of obesity and other lifestyle-related diseases. Moreover, events such as the horse meat scandal in the U.K. have drawn consumers away from these meals. Such events are increasing the skepticism regarding the purity of raw materials amongst consumers, thereby impeding the growth of the market. Furthermore, with the existing storage and transportation system, several manufacturers are unable to ensure quality and consistency, which is hampering the growth prospects of the market.

On the other hand, manufacturers are increasingly focusing on the packaging as it plays a vital role in retaining the product quality, vitamin content, taste, texture, color, and shelf life. Manufacturers are collaborating with packaging companies to develop advanced and innovative packaging such as biodegradable barrier tray to expand their consumer base. This is likely to provide a significant push to the market in the near future. Moreover, consistent PR efforts by the leading manufacturers are expected to help in rebuilding the positive image of ready meals.

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Global Ready Meals Market: Geographical Segmentation

Regional markets studied in the report are North America, Asia Pacific, Europe, and Rest of the World (RoW). North America is expected to witness robust growth during the forecast period owing to the presence of a large working population. The Asia Pacific region is anticipated to flourish owing to the financially strengthening consumer base, rising population, and rapid industrialization in emerging economies such as India and China. The growth of the ready meals market in Europe is driven by countries such as Spain, the U.K., France, Germany, and Russia. The introduction of various healthy ready meals such as frozen salads, vegetables, and gluten-free meat is contributing to the growth of the Europe region.

Companies Mentioned in the Report

Due to the low scope of product differentiation, the global ready meals market is characterized by high competitive rivalry. Companies are investing large capital in research and development to launch innovative products in order to stay ahead in the market. Some of the leading players in the market are Bakkavor Foods Ltd., ConAgra, Greencore Group Plc., JH Heinz Company Ltd., Nestle, Northern Food Ltd., Kerry Foods Ltd., and Premier Foods Group Ltd.

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