Global Ready Meals Market - Forecasts from 2022 to 2027

The global ready meals market was evaluated at US$124.013 billion in the year 2020, growing at a CAGR of 6.07% reaching the market size of US$187.305 billion by the year 2027.

The changing lifestyle among the working-class population and the shifting preference towards ready meals owing to the convenience and the easiness associated with it is driving the market growth.

One of the factors driving the market growth is attributed to the increasing workload among the corporate and the working-class individuals in the population, which has left them with lesser time to prepare meals after their hectic work hours. This has led to a change in their preference for ready meals as they are quickly cooked in less time and are more convenient to consume. Moreover, it is increasingly popular among younger individuals and the adolescent population as it acts as a cheaper substitute for junk food, and it is readily available at different convince stores and supermarkets.

There are strict guidelines concerning the quality of the ready meals that must be adhered to.

The different types of ready meals that are available in the market have to go through stringent checks and quality control checks to ensure that the product and its content will not pose harm to the consumers. This encourages the market players to manufacture and provide top-quality products to ensure that their products meet the HACCP (Hazard Analysis and Critical Control Point) guidelines so that the manufacturers do not have heavy penalties for defying the guidelines.

Product Offerings by Major Market Players in the Ready Meals Market

The market players are increasingly participating and involved in the market through offerings and product launches to cater to the rising demand for ready meals among consumers effectively and to contribute to the growth of the market over the forecast period.

Some of the examples of product offerings are as follows:

• Prasuma, a company operating under the parent brand Ample Foods Pvt. Ltd., is considered one of the premium ready-to-cook and ready-to-eat meal providers and offers different types of momos/dim sums products under its portfolio. The products include original chicken, spicy chicken, original pork, and vegetables. The products are ready in 2 minutes and can be cooked in the microwave by pan-frying, deep-frying, or steaming them. In addition, there are no preservatives present in this product.
• McCain Foods Limited - one of the leading companies involved in providing fried food and ready-to-eat meals globally under their different brand names, offers different products under its product portfolio. One of their brands, Celta Vita, offers Blanched potatoes in packaging sizes 2kg, 5kg, and 10kg bags. They also offer ready-to-heat potatoes. Some of the products McCain offers include “McCain French Fries,” “McCain Smiles,” “McCain Potato Bites, and “McCain Super Wedges,” among others.

Frozen Food is estimated to hold a considerable share over the forecast period because it is increasingly popular among the younger generation and is available in different types of food variations.

Frozen food or frozen ready meals are types of meals that have been frozen to preserve them so that it does not get contaminated or spoilt. Frozen food has quickly gained popularity among the different sections of society, particularly among the younger and college-going population, as it is easier to prepare and takes little time. Many popular fast food options are also available such as sausages, french fries, and burger patties, among others. In addition, the middle-aged population prefers it as it saves time and effort to prepare food when they return from their hectic jobs.

The European region is estimated to hold a significant share over the forecast period, while The Asia Pacific region is estimated to experience rapid market growth owing to the presence of many players offering diverse products in the market and launching new products in the countries such as India and China.

The increase in the workload of the working-class individuals in the European region in the countries such as the UK, Germany, and France, among others, has led to a shift in their preference towards ready meals as they take lesser time to prepare and provide increased convenience. Additionally, the demand of the consumers and the vegan population catered to the extensive participation of the market players. For example, in October 2019, Whitworths, which is considered one of the leading seeds and nuts producers in the UK, announced that they had launched their new ready-to-eat meals product range called the “Whitworths Protein by Nature’, which is a plant-based and vegan-friendly product and comes in different varieties in pouches. The product range includes Mediterranean Tabbouleh, Moroccan Tagine, and Indian Lentil Dhal, among others. The products can be prepared easily in 2 minutes.

On the other hand, the Asia Pacific is expected to hold a noteworthy share over the forecast period because there are many foods and beverage industry players involved in the provision of ready meals to the consumers, such as ITC Limited, McCain Foods Ltd., and Venkys, among others coupled with the newly launched enterprises. For example, in January 2020, NuTy, a venture under the company Tulita Adhara Ltd., announced the launch of their new extended shelf life ready to east curries and meals. These products have been made available at local retail stores as well as food delivery platforms such as Swiggy and Zomato.

Recent Developments and expansions

• Success Garden and Grains Blends, the first boil-in-bag product to blend rice with basic ingredients, was introduced in July 2021 by Riviana Foods Inc., a division of Madrid, Spain-based Ebro Foods. White rice, black beans, corn, and bell peppers, and white rice, peas, carrots, and red bell peppers are the two versions of Success Garden & Grains Blends that are offered.
• Freshly, a company owned by Nestlé debuted its first range of entirely vegan meals in August 2021. The gourmet meal delivery service's new Purely Plant menu will feature six items that were created to highlight the dietary merits and mouthwatering potential of plant-based cuisine.
• Whitworths, a company that produces seeds and nuts, debuted plant-based ready meals in November 2020 that are suited for vegan consumers. The product's 20g of plant protein is found in each 250g bag, which comes from grains and pulses such as pinto beans, quinoa, lentils, as well as wheatberries.

COVID-19 Impact

One of the few sectors that experienced a spike in significant demand during the COVID-19 epidemic was the ready-to-eat food industry. Over the past few months, ready-to-cook food items have been selling quickly as a result of countries being placed under lockdown and the majority of people working from home. For instance, one online grocer with operations in India, Grofers, even reported sales increases of 170 percent in the ready-to-eat category, 31 percent in the category of ready-made meals and mixes, and 41 percent in the category of frozen food in 2020, implying a sudden consumption transition from home-cooked food to ready-to-eat products. It is predicted that this shift in consumer pattern will significantly boost the market under study in the coming years.

Segmentation:

By Product

• Frozen Ready Meals
• Chilled Ready Meals
• Canned Ready Meals
• Dried Ready Meals

By Distribution Channel

• Online
• Offline
• Hypermarkets
• Convenience Stores

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• France
• Germany
• Italy
• Spain
• United Kingdom
• Middle East and Africa
• Saudi Arabia
• Israel
• UAE
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Malaysia
• Thailand