The global Ready Meals Market is projected to reach USD 294.70 billion by 2025, according to a new report by Million Insights. The market is expected to grow at a CAGR of 4.3% over the forecast period. Ready meals can be prepared with ease in a short span of time. Owing to this, the demand for ready meals is gaining traction, especially among the working-class and students.
Further, these meals are cost-effective and have a longer shelf life. The growing food-packaging industry is expected to supplement the market growth for such meals during the forecast period. Considering the growing demand for healthy meals, companies are focusing on introducing nutritious meals with quality packaging for longer shelf life. This factor, in turn, is propelling the growth of the ready meals market.
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However, issues associated with the quality of these foods and growing concern over food safety are estimated to hinder the market growth in the near future. Rising obesity and related diseases are expected to adversely affect market growth.
Among different product types, the frozen & chilled segment is estimated to occupy the largest market share over the forecast period, 2019 to 2025. Frozen foods are highly popular owing to their longer shelf life. On the other hand, the canned meal segment is likely to register the highest CAGR over the forecast years.
In 2018, North America was the largest region in terms of revenue and it is expected to continue its steady growth over the forecast period. Changing food habits and hectic work schedule are encouraging the consumers to opt for ready meals. Asia Pacific was second largest market in 2018 owing to increasing number of women workforce in emerging countries such as China and India.
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Further key findings from the report suggest:
• The frozen & chilled segment held the largest market share in 2018. However, the canned food segment is estimated to grow at the highest CAGR of 4.84% over the forecast period.
• North America held the largest market share, in 2018 followed by Asia Pacific. Central & South America is likely to be the fastest growing market.
• Retail & supermarket is likely to dominate the sales and the segment is projected to expand at a CAGR of 5.2% over the forecast period.
• Key players operating in the market are Nestle S.A, Chao Xiang Yuan Food Co. Ltd, Berkshire, Massa Leve, Dr. Oetker, ConAgra Brands, Inc. and General Mills among others.
Million Insights has segmented the global ready meals market on the basis of product type, distribution channel, and region:
Ready Meals Product Type Outlook (Revenue, USD Billion, 2015 – 2025)
• Frozen and chilled
Ready Meals Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
• Retail & Supermarket
• Online Platform
Ready Meals Regional Outlook (Revenue, USD Billion, 2015 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa
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