Ready Meals Market Size Worth $225.28 Billion by 2030

San Francisco, Calif., USA, May 02, 2023 — /EPR Network/ —

Ready Meals Industry Overview

The global ready meals market size is expected to reach USD 225.28 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 5.1% during the forecast period. The rising demand for affordable and convenient pre-prepared dishes is anticipated to drive the market. Minimum preparation or cooking time and higher shelf life as compared to fruits, fresh vegetables, and meat are other key factors fueling product demand.

Moreover, busy schedules and hectic lifestyles of the working-class population and the young generation are anticipated to offer key players new growth avenues over the forecast period. The COVID-19 pandemic has also significantly increased the demand for ready meals. With most parts of the world under lockdown orders to prevent the spread of the novel coronavirus, restaurants and other eateries were shut down, compelling consumers to cook and eat at home. This propelled product demand across the globe.

Ready Meals Market Segmentation

Grand View Research has segmented the global ready meals market based on product, meal type, distribution channel, and region:

Based on the Product Insights, the market is segmented into Frozen, Chilled, Canned, and Shelf-stable

• The frozen segment held the largest market share in 2021 and is expected to maintain its dominance over the forecast period. The convenience of frozen food is the key factor driving the segment growth.
• The shelf-stable segment is projected to register the fastest growth from 2022 to 2030. Shelf-stable meals do not require refrigeration and can be consumed at room temperature.

Based on the Meal Type Insights, the market is segmented into Vegetarian, Non-vegetarian, and Vegan

• The non-vegetarian segment held the dominant share in the ready meals market in 2021 and is expected to retain its lead over the forecast period.
• The demand for protein-rich food items such as value-added chicken nuggets, sausages, and salami among consumers has benefited the non-vegetarian segment.
• Consumer preference for frozen non-vegetarian packaged food is rising owing to rising hygiene issues with fresh products available in the market.
• The vegan segment is projected to register the fastest growth over the forecast period. Millennials nowadays are becoming more conscious about their health and animal welfare and are willing to pay a reasonable price for vegan products and ingredients. In response to these trends, players are launching various vegan ready meals and snacks in the market.

Based on the Distribution Channel Insights, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Online, and Others

• Supermarkets & hypermarkets made the largest contribution to the global market in 2021.
• The online distribution channel is likely to exhibit the highest CAGR over the forecast period.
• Pre-packaged meal brands have been experiencing a growth in the overall demand through online platforms.
• Major supermarkets & hypermarkets such as Walmart, Target, and Aldi also offer online delivery, which is driving the segment growth.

Ready Meals Regional Outlook

• North America
• Europe
• Asia Pacific
• South & Central America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market is fragmented owing to the presence of a large number of global and domestic companies. With consumers demanding more meal varieties within segments like frozen, chilled, vegetarian, and vegan, manufacturers are focusing on product innovation to suit the new go-to health choices of consumers around the world. Players have been increasing their product supplies in supermarkets and hypermarkets amid the COVID-19 pandemic. They are also focusing on strategies such as partnerships, online advertising campaigns, innovation, and new product development to expand their product portfolio and customer base.

Some prominent players in the global Ready Meals market include:

• Nestlé
• General Mills, Inc.
• Kellogg Company
• Conagra Brands, Inc.
• Tyson Foods, Inc.
• Oetker
• Nomad Foods
• Green Mill Foods
• Unilever
• 2 Sisters Food Group

Order a free sample PDF of the Ready Meals Market Intelligence Study, published by Grand View Research.