Americas Ready-to-Eat Meals Market Size and Forecasts 2020-2030, Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type, Category, and End User

Americas ready-to-eat meals market is expected to grow from US$ 177.81 billion in 2022 to US$ 266.44 billion by 2030. It is expected to grow at a CAGR of 5.2% from 2022 to 2030.

In the past few years, the lifestyle of consumers has evolved due to hectic work schedules and rising dependency on convenience food, ready-to-eat products, ready-to-cook products, and frozen food products. The food industry is witnessing a surge in the consumption of high-quality convenience food. Convenience food, ready-to-eat, and ready-to-cook products allow consumers to save time and effort associated with ingredient shopping, meal preparation, cooking, consumption, and post-meal activities. People prefer ready-to-eat meals to avoid cooking time and efforts. This factor has significantly contributed toward the growth of ready-to-eat meals market across the Americas.

Based on end user, the Americas ready-to-eat meals market is segmented into HoReCa, institutions, households, and others. In 2022, HoReCa segment held a significant market share, and is expected to be the fastest growing segment during the forecast period. HoReCa (Hotel, Restaurant, Catering) encompasses the food service industry comprising hospitality and food service restaurants. HoReCa includes hotels, cafes, restaurants, and bars, generally providing a wide range of cuisines and a diversified menu of food and beverages. Hotels and restaurants also require customized meal options for specific customer requirements. Customer requirements have further prompted major market players to develop varied products, thereby encouraging innovation and diversification in the market. High product offerings by major manufacturers enable quick service restaurants to offer consumers with convenient dining options and extensive menus.

Americas ready-to-eat meals market growth is attributed to the growing sales of ready-to-eat meals through online channels. The emergence of e-commerce has transformed how people shop and purchase food products. The growing penetration of the internet and smartphones, quick access to emerging technologies, rising purchasing power, and convenience provided by online retail shopping platforms are among the key factors bolstering e-commerce. According to the US Department of Commerce Retail Indicator Division, e-commerce sales in the US reached US$ 870 billion in 2021, up by 14.2% from 2020. Furthermore, online grocery sales grew by 170% in 2021 than 2020, accounting for 9.6% of total grocery sales in the US. People are increasingly preferring online retail channels for buying ready-to-eat meals. The online sales of food and beverages grew significantly during the COVID-19 outbreak due to the shutdown of brick-and-mortar stores and the imposition of several social restrictions by governments of various countries across the globe. Thus, the increasing prevalence of online channels and rising food product sales are contributing to the growth of the ready-to-eat meals market.

Closures of restaurants, institutions and universities, and initiation of home schooling and work from home during pandemic increased the frequency of home cooking. Pandemic also affected eating and buying behavior of customers and led to growing interest for home cooking and baking. A report by Agri-Food Analytics Lab at Dalhousie University revealed that 55.9% people prepared most of the meals themselves in Canada in 2020. Therefore, lockdowns resulted in initial decline in the ready-to-eat meals sales in America. The sales of ready-to-eat meals increased with the resumption of services by quick service restaurants, cafes, at the end of 2021. The revival of supermarkets, food service, and food retail increased the sales of ready-to-eat meals, further amplified by growing food product sales from e-commerce platforms.

Tyson Foods Inc, SK Chilled Foods Ltd, Fresh Grill Foods LLC, Dandee Sandwich Co, Taylor Fresh Foods Inc, Calavo Growers Inc, and Hearthside Food Solutions LLC, are among the leading players in the Americas ready-to-eat meals market. These companies are adopting strategies such as mergers & acquisitions and product launches to expand their geographic presence and consumer bases.

The overall Americas ready-to-eat meals market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants, including valuation experts, research analysts, and key opinion leaders-specializing in the Americas ready-to-eat meals market.

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