The global ready meals market
size is expected to reach USD 244.29 billion by 2027, expanding at a CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. Rising consumers’ preference for food products with minimum preparation or cooking time and higher shelf life is the key factor for the market growth. Moreover, growing busy schedule and hectic lifestyle among the working-class population and young generation is anticipated to offer new avenues for the market over the forecast period.
With the increasing busy work schedules among working-class people as well as students, they find less time for proper cooking at home. Moreover, consumers are cooking healthy food at home due to increasing focus on healthy lifestyle. Ready meals significantly complete all these requirements, and hence they are gaining popularity among youngsters across the globe.
Manufacturers are launching a wide range of products in order to cater to the rising customer demand, which is increasing the scope of ready meals in the global market. For instance, in July 2019, JBS S.A., the largest meat processing Brazilian company, launched a new range of low calories ready meals with no preservatives. These products are available in six different flavor options under the brand name of ‘Seara Foods’.
The unexpected breakdown of COVID-19 pandemic across the globe has significantly increased the demand for ready meals owing to their higher shelf life and least cooking time as compared to the fruits, fresh veggies, and meat. Furthermore, nearly all the countries in the world have proposed a country level lockdown in order to prevent the spread of this infectious disease. This has propelled the product demand across the globe.
North America held the largest share of more than 35.0% in 2019. Demand for ready meals is increasing in this region as it is one of the most severely affected regions by this pandemic. According to some local news of U.S., demand for ready meals and frozen food products has increased by around 300% in the second week of March 2020. These market trends are anticipated to surge the product demand in this year and are expected maintain a high demand over the forecast period.
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Ready Meals Market Report Highlights
Ready Meals Market Segmentation
- By product, frozen and chilled meals held the largest share of more than 50.0% in 2019 and are expected to maintain their lead over the forecast period owing to a wide range of products with high shelf life
- Canned products are anticipated to register the fastest CAGR of 6.1% from 2020 to 2027 owing to rising popularity among young consumers across the globe
- By distribution channel, online retail is anticipated to expand at the fastest CAGR of 6.2% from 2020 to 2027 owing to growing trend of online shopping among the consumers
- North America accounted for the largest share of more than 35.0% in 2019. Food preferences among the consumers are increasing the demand for ready meals in the region
- Key market players include Nestlé S.A.; ConAgra Brands Inc.; Kraft Heinz Company; Chao Xiang Yuan Food Co. Ltd.; Dr. Oetker; BRF S.A.; Berkshire; Green Mill Foods; General Mills; and Tyson Foods.
Grand View Research has segmented the global ready meals market on the basis of product, distribution channel, and region:
Ready Meals Product Outlook (Revenue, USD Billion, 2016 – 2027)
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