Prepared Meals Production in Australia - Industry Market Research Report

Always prepared: Demand from time-poor consumers has aided industry revenue growth

The Prepared Meals Production industry has increased its revenue over the past few years, as consumers have increasingly signed up to ready meal delivery services like My Muscle Chef and Lite n' Easy. Demand for prepared meals has been strong from time-poor consumers, as many have reduced time spent on meal preparation. Producers that promote health as a core benefit have reported strong revenue growth over the period. However, the expanding range of private-label prepared meals offered by major supermarkets has increased the availability of substitute products. Some operators have struggled to compete against private-label products launched by big brand supermarkets like Coles and Woolworths, as these products are often priced substantially lower compared to industry goods. This trend has contributed to strong price competition and has constrained industry revenue growth over recent years. Overall, industry revenue is expected to increase at an annualised 0.1% over the five years through 2023-24, to $1.6 billion. This includes an anticipated revenue rise of 2.6% in the current year.

Industry firms primarily manufacture prepared meals, which usually require only heating for consumption. Firms cook purchased ingredients, package the final product and sell it to grocery wholesalers, supermarkets and other food outlets.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry's key players and their market shares.