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Ready Meals Market Report Plus 2011
Key Note Publications Ltd, Aug 2011, Pages: 107
This Key Note Market Report Plus analyses the chilled and frozen UK ready meals market. 2010 was a strong year for the ready meals market, after a decline of 0.7% was seen in 2008 and a growth of just 1.8% in 2009. The combined ready meals market was worth £1.74bn in 2010, up 5.5% on 2009.
After suffering 3.6% decline in value during 2008, the chilled ready meals sector has been the main driver of growth for the overall market in recent years. Major retailers have invested heavily in new product developments (NPDs) and promoting their premium ready meals. ‘Dine in for...’ deals have also resulted in supermarkets boosting profits by attracting consumers reluctant to spend money in restaurants. These types of promotions have thus helped maintain sales of premium ready meal products.
In comparison, the frozen ready meals sector declined following the recession, after experiencing strong growth in 2008, when the sector grew by 4.1%. The inherent lower price of frozen ready meals also helped during the recession, but the growth observed in 2008 was all but wiped out in 2010, when value dropped by 3.9%. Lack of product development has, however, had a negative impact on the frozen sector in recent years, while its unhealthy image has not helped matters either.
The ready meals market faces significant pressure from the healthy eating lobby and manufacturers have had to reduce the fat and salt levels of their products, while also maintaining flavour and reducing costs. This places increased pressure on manufacturers. Major retailers often account for a significant proportion of a manufacturer’s business and, as a result, the loss of a supply contract can cause serious problems. Other third-party industries, such as haulage companies, are also under pressure as they are required to carry extra loads at short notice due to increased demand for ready meal promotions.
Key Note has forecast that the ready meal market will grow by 20.8% between 2011 and 2015. The majority of this growth will be driven by the chilled ready meals sector, as the frozen ready meals sector continues to struggle. However, 2011 will be a tough year for the sector, with economic growth likely to remain stagnant. Consumers have become accustomed to buying ready meals on offer and, although this has maintained value during the recession, it cannot persist. As the economy continues to recover gradually, the volume of ready meals sold on offer will need to be reduced in order for the market to remain profitable. However, with continued product development and increased sophistication, the ready meals market is on course for a strong future.
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