Ready Meals Global Market Report 2024

The ready meals market size has grown strongly in recent years. It will grow from $168.44 billion in 2023 to $184.38 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to continued emphasis on convenience, globalization of cuisine, health and wellness considerations, expansion of e-commerce platforms, innovations in dietary preferences. Major trends in the forecast period include tech-driven cooking and meal preparation, focus on health claims and transparency, customization and personalization, innovations in meat alternatives, expanding breakfast and snacking options.

The ready meals market size is expected to see rapid growth in the next few years. It will grow to $272.76 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The projected growth in the forecast period can be attributed to a sustained emphasis on convenience, the globalization of cuisine, considerations for health and wellness, the expansion of e-commerce platforms, and innovations in dietary preferences. Notable trends anticipated in the forecast period include tech-driven cooking and meal preparation, a focus on health claims and transparency, customization and personalization, innovations in meat alternatives, and the expansion of breakfast and snacking options.

The expansion of the ready meals market is significantly driven by the growing awareness of food products with extended shelf lives. The shelf life of a product is defined by the duration during which it remains safe for consumption while retaining desired features such as sensory, functional, chemical, and microbiological properties. Consumers are increasingly seeking food items with prolonged shelf lives, and ready meals fit this criterion as they are convenient, cost-effective, quick, and pre-portioned. In April 2023, World Technology Ingredients, Inc., a US-based manufacturing company of food ingredients, reported that food shelf-life extension could potentially reduce consumer food waste by approximately 50%. Globally, around 2.8 trillion pounds of food are discarded annually, with the United States alone accounting for 80 billion pounds of waste. This underscores the significance of the growing awareness of food products with extended shelf lives in propelling the ready meals market.

The rising trend of busy working schedules is expected to be a key driver of the ready meals market in the foreseeable future. Busy work schedules refer to the time-consuming and demanding nature of an individual's professional commitments. Individuals with hectic work schedules often face jobs or occupations that require a significant portion of their free time and attention. In such busy work environments, ready meals offer a practical, time-efficient, and nutritionally fulfilling alternative for those coping with demanding professional schedules. In June 2022, according to the Australian Bureau of Statistics, between April and May 2022, hours worked increased by 0.9% (in seasonally adjusted figures), while employment increased by 0.5%. Similarly, in October 2022, ZoomShift, a US-based employee scheduling software, reported that 58% of American employees felt so occupied with daily tasks that they had little time to think about anything other than their daily to-do list. Thus, the increasing trend of busy working schedules is a driving force behind the ready-meals market.

Pre-packaged foods represent a significant trend gaining traction in the ready meals market. Companies are increasingly focusing on providing convenient and nutritionally compliant dietary options that cater to the growing demand for healthier and time-saving meal solutions. An illustration of this trend is observed in Kitchen Prep UK, a UK-based ready meal manufacturing company, which introduced a line of frozen gourmet healthy pre-packaged frozen meals in January 2022. Specializing in chef-prepared ready meals, Kitchen Prep UK addresses the needs of consumers seeking nutritious options that can be quickly heated in the microwave, offering a convenient solution for those with busy lifestyles. The company received support from specialists at the University of Nottingham's Food Innovation Centre, receiving guidance on labeling, food hygiene training, and other aspects of their venture.

Major players in the ready-meals market are adopting a strategic partnership approach to introduce innovative products. This collaborative strategy allows companies to leverage each other's strengths and resources for mutual benefits. For instance, Myprotein, a UK-based brand of online sports nutrition and bodybuilding supplements, announced a strategic partnership with Iceland Foods Ltd., a UK-based frozen foods and prepared meals manufacturer, in September 2022. The collaboration aims to create a new line of Myprotein products, including fully cooked meals, ingredients, wraps, pizzas, desserts, and ice cream. These offerings are designed to be high in protein and nutritionally balanced. The five-year agreement covers Iceland shops in the United Kingdom, worldwide franchisees, and online platforms, marking a significant step as Myprotein licenses its brand for the first time.

In August 2023, LIVEKINDLY Collective (LKC), a US-based plant-based food brand, made an undisclosed acquisition of Alpha Foods, a US-based manufacturer of ready-to-eat breakfasts. This strategic move not only extends LKC's distribution in the United States but also allows the company to enter the ready-to-eat breakfast and burrito snacking categories. With a presence in over 200,000 distribution points across 40+ countries, LKC's expansion in the United States positions it as a leading global plant-based organization, emphasizing its dominance in the category.

Major companies operating in the ready meals market report are Nestlé S.A., PepsiCo Inc., JBS S.A., Unilever Group, Tyson Foods Inc., Mars Incorporated, The Coca-Cola Company, Mondelez International Inc., Danone S.A., Kraft Foods Group Inc., General Mills Inc., Kellogg Company, Smithfield Foods Inc., Conagra Brands Inc., The Hershey Company, Ajinomoto Co. Inc., BRF Global Market S.A., Kerry Group PLC, Campbell Soup Company, McCormick & Company Inc., Post Holdings Inc., Fleury Michon S.A., Beyond Meat Inc., Eat Just Inc., Gobble Inc., Impossible Foods Inc., Sakara Life Inc., Dr. Oetker GmbH, Chao Xiang Yuan Food Co. Ltd.

Western Europe was the largest region in the ready meals market in 2023. Asia-Pacific is expected to be the fastest-growing region in the ready meals market share during the forecast period. The regions covered in the ready meals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the ready meals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The components of the ready meals global market include frozen, chilled, canned, and dried products. Frozen food products, processed to the point of readiness for consumption, may or may not require further heating before consumption. Ready meals are distributed through various channels such as supermarkets/hypermarkets, convenience stores, and online platforms.

The ready meals market research report is one of a series of new reports that provides ready meals market statistics, including ready meals industry global market size, regional shares, competitors with a ready meals market share, detailed ready meals market segments, market trends and opportunities, and any further data you may need to thrive in the ready meals industry. This ready meals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ready meals market consists of sales of pre-cleaned, pre-cooked foods. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.