Ready Meals Market Expected to Reach $408.0 Billion by 2031-Allied Market Research

According to a new report published by Allied Market Research titled, “Ready Meals Market by Type, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2022–2031," the global ready meals market size was valued at $138.1 billion in 2021, and is expected to reach $408.0 billion by 2031, registering a CAGR of 11.9% during the forecast period. Europe dominated the global ready meals market in 2021, accounting for three-fifths of the total ready meal market share.

Ready meals Industry can be described as precooked meals that require minimal time for preparation. Changes in lifestyle of people results in surge in demand for packaged and ready-to-eat food products. Increase in population and cost-effectiveness of these meals are other factors that supplement the market growth. According to the National Institutes of Health (NIH), above 90% of the U.S. population consume ready meals daily, which further boosts the growth of the market. However, health concerns and negative perceptions of customers pertaining to health effects of ready meals hinder the market growth. In addition, events such as horse meat scandal in UK has played a role in drawing consumers away from these meals. Furthermore, manufacturers are unable to ensure consistency and quality with existing transportation and storage systems, which hampers growth prospects of the ready meal market. Thus, manufacturers now focus more on packaging, which plays a significant role in retaining product quality, texture, shelf life, color, and taste of the meals. Manufacturers collaborate with companies involved in packaging to produce innovative and advanced packaging such as biodegradable barrier tray, which is anticipated to drive the ready meals market Demand in the near future.

The frozen pizza segment is expected to dominate the global ready meals market during the forecast period. However, the chilled pizza segment is anticipated to gain traction in the near future. Improvements in nutritional value, ease with which frozen pizza can be cooked, and interesting ingredient profiles are projected to supplement the market growth. In 2021, frozen pizza and chilled pizza segments collectively accounted for more than one-third share in the global ready meal market.

The store-based retailing segment accounted for a significant share in the global ready meal market in 2021, and is anticipated to remain dominant during the forecast period, as people prefer to shop food products from stores instead of online portals.

Key Findings And Scope

• In terms of value, the chilled pizza segment is expected to grow at a CAGR of 14.1% during the ready meals market forecast period.
• Europe is projected to maintain its lead position by 2031, growing at a CAGR of 10.5%, in terms of value. Asia-Pacific is anticipated to witness the highest growth during the forecast period.
• The store-based retailing segment is estimated to occupy more than half share of the total market in 2021.
• China is expected to occupy more than half share of the total Asia-Pacific ready meal market Trends by 2031.
• In the global ready meal market, India is expected to grow at a CAGR of 12.6%, in terms of value, from 2022 to 2031.

In 2021, Europe accounted for approximately one-third share in terms of ready meal market analysis, and is expected to continue to be dominant during the forecast period. Development of the food & beverage sector and increase in demand for packaged food are the major reason for the ready meals market growth in Europe.

The prominent players have adopted product launch as their key strategy to gain significant share in the market. The key players profiled in the report include Bakkavor Foods Ltd., ConAgra, Greencore Group Plc., JH Heinz Company Ltd., Nestle SA, Fleury Michon, Unilever Group, Northern Food Ltd., Kerry Foods Ltd., and Premier Foods Group Ltd.

Other players not profiled in the report include Oetker-Gruppe, Frosta AG, Campbell Soup Co, Bofrost Dienstleistungs GmbH & Co KG, Iglo Bird's Eye Frozen Foods, Freiberger Lebensmittel GmbH & Co KG, Hilcona AG, Gartenfrisch Jung GmbH, Bonduelle Groupe SA, and General Mills Inc.