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What Are the Key Market Size Trends Shaping the Future of the Ready Meals Market?
In the last few years, the size of the ready meals market has experienced vigorous growth. The market is projected to expand from $184.38 billion in 2024 to $200.68 billion by 2025, reflecting a compound annual growth rate (CAGR) of 8.8%. The historic growth trend is primarily due to transforming consumer lifestyles, heightened urban development, an increase in single-person households, changes in eating patterns, and innovations made in packaging and preservatives.
Anticipations of a swift expansion are underway for the ready meals market size in the upcoming years. The market is set to soar to a value of “$299.71 billion by 2029 with a compound annual growth rate (CAGR) of 10.5%. Factors contributing to this growth during the forecast period include the sustained focus on convenience, the global influence of diverse cuisines, considerations of health and wellness, the development of e-commerce platforms, and shifts in dietary preferences. Key trends looking into the forecast period involve technology-enabled cooking and meal preparation, a focus on health assertions and transparency, customizing and personalizing, evolution of meat substitutes, and an increase in breakfast and snacking options.
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What Are the Most Influential Drivers Shaping the Ready Meals Market Outlook?
The increasing knowledge about food items with longer shelf lives is majorly driving the expansion of the ready meals market. The product’s shelf life is defined as the duration during which it can be safely eaten whilst maintaining its intended attributes such as sensory, functional, chemical and microbiological qualities. Folks are seeking long shelf life food like ready meals because they are handy, low cost, quick and come with pre-portioned extended shelf lives.
For example, in April 2023, as per World Technology Ingredients, Inc., a United States-based manufacturer of food ingredients, food shelf-life expansion can diminish about 50% of consumer food waste. Annually, approximately 2.8 trillion pounds of food are thrown away worldwide, with the United States alone wasting 80 billion. Therefore, the increasing consciousness about food items that have longer shelf lives is fuelling the expansion of the ready meals market.
What Are the Key Segments Driving Growth in the Global Ready Meals Market?
The ready mealsmarket covered in this report is segmented –
1) By Product: Frozen, Chilled, Canned, Dried
2) By Distribution Channel: Supermarket / Hypermarket, Convenience Store, Online
3) By End-User: Residential, Food Services
Subsegments:
1) By Frozen: Frozen Dinner Meals, Frozen Snacks, Frozen Breakfast Items
2) By Chilled: Chilled Pasta Dishes, Chilled Rice Meals, Chilled Meat And Fish Dishes
3) By Canned: Canned Soups, Canned Stews, Canned Pasta
4) By Dried: Dried Pasta Meals, Dried Soup Mixes, Dried Rice Meals
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What Are the Most Prominent Trends Impacting the Ready Meals Market Landscape?
The growing trend in the ready meals market is the rise of pre-packaged foods. Corporations are centering their attention on providing fresher and more convenient nutritional compliant dietary standards, which have become a major trend in the ready meals industry. Take, for example, Kitchen Prep UK, a UK-based producer of ready meals, which in January 2022 introduced their line of frozen gourmet healthy pre-packaged meals. They cater to customers who are aiming for a healthy diet but either lack the time or would rather opt for the convenience of ready-to-heat frozen meals. They work under the guidance of experts from the University of Nottingham’s Food Innovation Centre, obtaining invaluable advice on things like labelling, food hygiene training, and other aspects of the business.
Who Are the Major Companies Shaping the Ready Meals Industry Landscape?
Major companies operating in the ready meals market include Nestlé S.A., PepsiCo Inc., JBS S.A., Unilever Group, Tyson Foods Inc., Mars Incorporated, Kraft Foods Group Inc., General Mills Inc., Kellogg Company, Smithfield Foods Inc., Conagra Brands Inc., Ajinomoto Co Inc., BRF Global Market S.A., Kerry Group plc, Campbell Soup Company, 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.
Which Region Is Expected to Dominate the Ready Meals Industry by 2029?
Western Europe was the largest region in the ready meals market in 2024. 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.
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