CAGR Value
Data Bridge Market Research analyses that the ready meals market was growing at a value of USD 163.1 billion in 2021 and is expected to reach a value of USD 250.31 billion and registering a CAGR of 5.50% from 2022 to 2029.
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Ready Meals Industry Statistics Overview
Segments
- The global ready meals market can be segmented based on type, distribution channel, packaging type, and geography.
- By type, the market can be divided into frozen ready meals, chilled ready meals, canned ready meals, and dried ready meals. Frozen ready meals are expected to dominate the market due to their convenience and longer shelf life.
- Based on distribution channel, the market is categorized into supermarkets/hypermarkets, convenience stores, online retail, and others. Supermarkets/hypermarkets are anticipated to hold a significant share of the market as they offer a wide range of ready meals options.
- Considering packaging type, the market can be segmented into trays, bags, cartons, and others. Tray packaging is likely to witness substantial growth as it provides better convenience and preserves the quality of the meals.
Market Players
- Some key players in the global ready meals market include Nestle S.A., Kraft Heinz Company, Unilever, Conagra Brands, Inc., Bakkavor Group, 2 Sisters Food Group, Greencore Group, and Nomad Foods.
- Nestle S.A. is a prominent player in the market with a wide range of ready meals offerings and a strong global presence.
- Kraft Heinz Company focuses on innovation and product development to cater to changing consumer preferences in the ready meals segment.
- Unilever is known for its sustainable practices and healthy ready meals options, which appeal to health-conscious consumers.
- Conagra Brands, Inc. has a diverse portfolio of ready meals brands catering to different taste preferences and dietary requirements.
- Bakkavor Group and 2 Sisters Food Group are major players in Europe, leveraging their strong distribution networks and product innovation to stay competitive in the market.
- Greencore Group specializes in private label ready meals and focuses on providing customized solutions to retail partners.
- Nomad Foods is a key player in frozen ready meals, with a focus on expanding its market reach through strategic acquisitions and partnerships.
The global ready meals market is witnessing significant growth driven by changing consumer lifestyles, increasing urbanization, and the growing demand for convenient food options. One of the key trends shaping the market is the rising popularity of plant-based and organic ready meals as consumers become more health-conscious and environmentally aware. Market players are focusing on expanding their product offerings to cater to these evolving consumer preferences, with an emphasis on clean label ingredients, sustainable packaging, and innovative flavors.
Moreover, the COVID-19 pandemic has further accelerated the adoption of ready meals as consumers turned to convenient and shelf-stable options during lockdowns and restrictions. This shift in consumer behavior is expected to have a lasting impact on the market, prompting manufacturers to explore new product development opportunities and strategic collaborations to meet the evolving demand.
Another key factor driving market growth is the increasing penetration of e-commerce and online retail channels, providing consumers with easy access to a wide range of ready meals from the comfort of their homes. Market players are investing in digital marketing strategies and online platforms to enhance their visibility and reach a broader customer base. Additionally, partnerships with food delivery services and meal kit providers are also contributing to the market expansion, offering consumers more convenient meal solutions.
In terms of packaging innovation, manufacturers are focusing on sustainability and eco-friendly solutions to reduce environmental impact and meet regulatory requirements. Biodegradable materials, recyclable packaging, and compostable options are gaining traction in the market as consumers become more environmentally conscious and demand more sustainable packaging solutions.
Furthermore, the competitive landscape of the global ready meals market is characterized by intense rivalry among key players vying for market share through product differentiation, pricing strategies, and geographical expansion. Market consolidation, mergers, and acquisitions are common strategies employed by companies to strengthen their market position and achieve economies of scale.
Overall, the global ready meals market is poised for steady growth in the coming years driven by changing consumer preferences, technological advancements, and strategic initiatives undertaken by market players to cater to evolving market dynamics. Continuous innovation, product diversification, and sustainability initiatives will be key drivers shaping the future of the ready meals market.The global ready meals market is experiencing substantial growth propelled by various factors such as shifting consumer lifestyles, urbanization, and the rising demand for convenient food solutions. A notable trend influencing the market is the increasing popularity of plant-based and organic ready meals, reflecting consumers' heightened focus on health and sustainability. This shift towards cleaner label ingredients and eco-friendly packaging options is driving market players to diversify their product portfolios to align with evolving consumer preferences.
The outbreak of the COVID-19 pandemic has further accelerated the demand for ready meals as consumers seek convenient and shelf-stable options during periods of lockdown and mobility constraints. This shift in consumer behavior towards ready meals is anticipated to have a lasting impact on the market dynamics, prompting manufacturers to explore new avenues for product innovation and strategic collaborations to meet the evolving needs of consumers in a post-pandemic world.
An emerging driver of market growth is the increasing penetration of e-commerce and online retail platforms, offering consumers seamless access to a wide array of ready meals from the comfort of their homes. Market participants are leveraging digital marketing strategies and partnering with food delivery services to enhance their market presence and cater to a broader customer base. Additionally, collaborations with meal kit providers are creating more convenient meal options for consumers, further propelling market expansion.
Packaging innovation is a critical focus area for manufacturers in the ready meals market, with a growing emphasis on sustainability and eco-friendly solutions. Biodegradable materials, recyclable packaging, and compostable options are gaining traction as consumers become more environmentally conscious and prioritize sustainable packaging choices. Manufacturers are striving to meet regulatory requirements and reduce environmental impact through innovative packaging solutions to align with consumer preferences.
The competitive landscape of the global ready meals market is characterized by intense competition among key players seeking to gain market share through product differentiation, pricing strategies, and geographic expansion. Mergers, acquisitions, and market consolidations are common tactics employed by companies to strengthen their market position and enhance operational efficiencies. Continuous investment in innovation, product diversification, and sustainability initiatives will play a pivotal role in shaping the future trajectory of the ready meals market, ensuring long-term growth opportunities for market participants.
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Alternative Market Research Questions for Ready Meals Sector Reports
- What is the total estimated value of the Ready Meals Market at present?
- How quickly is this Ready Meals Market growing annually?
- What segmentation criteria are applied in the Ready Meals Market report?
- What are the major firms contributing to the Ready Meals Market?
- What are the notable releases from major brands?
- Which countries are analyzed in the geographic scope?
- Which region shows the greatest year-over-year growth?
- Which country may dominate in revenue or units?
- Which global region has the largest Ready Meals Market dominance?
- Which country leads in CAGR estimation?
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