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FO_172636
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Pages: 195
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Aug 2017 | 5983 Views
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Author(s) :
Akhila Prasannan
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Tables: 108
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Charts: 33
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Global Ready Meals Market was valued at $72,257 million in 2016, and is expected to reach $146,247 million by 2023, registering a CAGR of 10.6% from 2017 to 2023. Ready meals are considered as a cost-effective alternative meal and their preparation requires less time, as they are precooked. These meals are available throughout the year and are safe to consume. Though processed food cause loss of nutrition, various methods utilized to prepare ready meals ensure that the loss of nutrients is minimal in most cases.
The growth of the ready meals market is driven by increase in convenience offered in terms of time saving and little efforts required for the preparation of these meals. Moreover, preference for these meals by the working population and students has increased, owing to the fact that it requires only heating before consumption, which reduces the overall effort. In addition, these meals serve as low-cost alternatives to junk food, which is anticipated to boost their demand in the near future. However, increase in health awareness and negative perceptions pertaining to health effects of these products among the consumers restrain the market growth.
Segment Review
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The report segments the global ready meals market based on type, distribution channel, and geography. On the basis of type, the market is divided into canned/preserved ready meals, chilled pizza, chilled ready meals, dried ready meals, frozen pizza, frozen ready meals, and prepared salads. By distribution channel, it is classified into store-based retailing and online retailing. The store-based retailing segment is broadly classified into supermarkets/hypermarkets, discounters, convenience stores, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Top Investment Pockets
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In 2016, frozen pizza and prepared salads segments accounted for one-third share of the global ready meals market
The frozen pizza segment is the top investment pocket, as they are considered as most popular junk food. In addition, improvements in nutritional value of frozen pizza, interesting ingredient profiles, and ease with which it can be cooked fuel its demand among young population. Leading frozen pizza brands include DiGiorno (Kraft), Ristorante (Oetker-Gruppe), Tombstone (Kraft), Red Baron (Schwan's Food Co), McCain (McCain Foods), Freschetta (Schwan's Food Co), Tony's (Schwans Food Co), Dr. Oetker (Oetker-Gruppe), and Totino's (General Mills).
Asia-pacific Ready Meals Market
The consumption of ready meals in Asia-Pacific is expected to rise, owing to growth in population, development in the food & beverage industry, and stable economic growth. Ready meals are widely accepted by the Australian customers, as they are relatively cheaper and convenient option than junk food. Changes in standard of living, increase in number of working women, and rise in number of single-person households are primary factors that drive the growth of the ready meals market in Japan.
Asia-pacific Ready Meals Market For Prepared Salads, 2016-2023 ($Million)
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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.
Key Benefits
Ready meals market has witnessed significant growth, owing to change in lifestyles & food habits, variations in demographics, upsurge in organized retail, rise in disposable income, and increase in urbanization. Consumers are inclined towards packaged food due to concern about food safety and ease of handling. Surge in demand for convenience food, ongoing impact of high inflation, and premiumization of products have been pivotal to boost sales in ready meals market. Intense competition in ready-meals market demands frequent product launches and high degree of product innovation from brand manufacturers to offset the intense competition.
Europe is anticipated to account for significant share in the global ready meals market. Hectic lifestyle in Germany has fueled the demand for convenient solutions in all life areas, including dietary habits of Germans, which in turn is anticipated to boost the ready meals market in the near future. Manufacturers focus on increased usage of grains and vegetables in their product formulations to cater to the rising demands of Italian consumers of higher nutrition value.
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