The global ready meals market was valued at USD 135 billion in 2022 and grew at a CAGR of 5% from 2023 to 2032. The market is expected to reach USD 219.90 billion by 2032. The increasing demand for ready meals, given the busy lifestyles, will drive the growth of the global ready meals market.

Market Introduction:

A meal that has already been prepared, cooked, and packaged is said to be "ready to eat" or “ready meal”. It is often heated in the oven briefly before being consumed. These foods are also called prepared foods, such as ready-to-eat pizza, pasta, or lasagna. However, the Preserved or canned ready meals are the earliest examples of ready meals being marketed. They are found in the closest supermarket stores. Ready meals save time, which is perhaps the most obvious advantage. Given the convenient packaging, they are also practical because they can be consumed at home or while travelling. They are more nutritious than fast food options. Preparing meals can help reduce food waste by eliminating leftovers and items that are only sometimes utilized before going bad. By eliminating leftovers and components that are only used once before going bad, ready meals are an effective approach to reducing food waste. Additionally, introducing sustainable and eco-friendly packaging materials augments the market's growth by overcoming the plastic packaging and waste generated by the ready meals market.

Get an overview of this study by requesting a free sample

Recent Development

• September 2023 - Nucleus Gene Technology is joining China's expanding pre-cooked food business. According to information Yicai Global discovered in the National Enterprise Credit Information Publicity System, the Shenzhen-based company recently registered various agriculture businesses and food trademarks. According to the information, Nucleus Gene established Wuhan Nucleus Gene Agricultural Science and Technology, which is involved in agricultural production, sales, transportation, and experimental agricultural research and development. It also creates rice-based rapid meals and snacks. The company wants to construct facilities with a total area of 3,392 square metres for molecular biological breeding, rice index detection, and rice processing machinery. The company is looking for funding for research and development of rice products in the provinces of Jiangxi and Hubei.
• July 2023 - The fast-casual restaurant company DIG in New York has introduced meal boxes with a unique entrée and side dish. The brand claims these boxes offer an "affordable" alternative, although that claim may be stretching it. These meals are less expensive than eating in a restaurant, which costs in the mid-teens per person.  

Market Dynamics:

Drivers

The busy lifestyles – the modern world are associated with hustle culture. Everyone is busy managing work, health, relationships and hobbies. The increasingly stressful and busy schedules leave no time to prepare and cook three healthy meals daily. Furthermore, the rising cost of living has increased the remuneration of cooks or maids, which are out of budget for most salaried employees who are just starting and students who stay away from home. The increasing woman workforce has also created a need for ready meals. The increasing awareness about eating fast food and its negative consequences on the body has led to an increasing demand for ready meals that are more nutritious than fast food, quick, easy, affordable and convenient. The market players have identified the growing need for quick solutions for nutritious meals without compromising on taste and quality within an affordable range, encouraging them to innovate and create a wide variety of options for the consumer market. Therefore, busy lifestyles will contribute to the global ready meals market's growth.

• July 2023 - The meal kit company Kevin's Natural Foods, which sells its goods through its direct-to-consumer (D2C) online shop as well as through more than 17,000 retail locations, has been acquired by Mars Food & Nutrition for an unknown fee. Customers across North America appreciate Kevin's goods because they are of the highest quality, are filling and practical, without sacrificing flavour, and are loved by a committed and devoted following. The announcement of this newest acquisition coincides with Mars' search for new omnichannel distribution channels that go beyond simple eCommerce.

Restraints:

The low nutritional value of ready meals – ready meals aren't always as nutritious as cooking a meal from scratch as they do not provide the right amount or quality of nutrients it needs to stay healthy. Ready meals can be high in salt and fat and low in nutrients. The majority of ready meals lack a basic sense of balance of nutrients. There is either an excess or deficiency of something. Additionally, Variety can be a barrier as not all meals can be converted to prepackaged ready-to-eat format. The portion sizes can also be problematic, given the standard sizes offered. Ready meals have added Flavors or starch that make them tastier, so the consumer keeps coming back, which is detrimental to human health in the long run. Ready meals make one dependent if consumed over a long period and prevent the development of life skills like cooking. Therefore, the low nutritional value of ready meals and other associated reasons will hamper the market's growth.

Opportunities:

The introduction of new variety – the market players have identified the need to diversify their product portfolio to capture new market share. Market players curate new products catering to specific audiences according to their tastes and preferences. For instance, the introduction of ready-to-eat poha, upma, dhokla, etc., was done for the Indian audience. Similarly, introducing ready meals featuring Mexican, Japanese, Chinese and other staple dishes has garnered a new market for the industry players. Therefore, introducing new varieties in the ready meals market will augment the market's growth in the forecast period.

• September 2023 - Samworth Brothers and General Mills collaborated to introduce a line of chilled ready meals under the Old El Paso name. The variety, which is only available at Tesco, includes two serves for two meals, four serves for one supper, and two sides. The introduction comes after General Mills spent recent weeks utilizing innovation for Old El Paso to attract health-conscious consumers. In July, it introduced a burrito bowl meal package, and in August, it released Extra Thin tortillas, which it marketed to people searching for "light" lunchtime options. With the introduction of its Las Chicas meal kit brand into Asda, Kraft Heinz is also expecting to benefit from consumers' appetite for Mexican food.
• July 2023 - Srsly expanded its repertoire with several low-carb ready meals. Five "vegan proud" ready meals are available, including Chick'n Teriyaki Noodles, Chick'n Chow Mein Noodles, Chick'n Pad Thai, Chick'n Vegetable Thai Red Noodles, and Chick'n Mexican Rice. Each recipe combines low-carb noodles or rice with flavorful spices, fresh vegetables, and salty peanuts. Each serving has 15g of carbs and about 300 calories. The ready meals offered by Srsly include konjac noodles, a reportedly more and more well-liked plant-based flour made from the root of the konjac yam plant. For those looking for a respectable substitute to wheat-based noodles, konjac-based noodles are "a cult stalwart of Asian cuisine" that " quickly generate a loyalist following."

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Europe emerged as the most significant global ready meals market, with a 37% market revenue share in 2022.

The UK and France are some of the top countries that consume most ready meals. The high per capita income, busy lifestyles, and increasing number of students, singles, and working women have contributed to the increasing demand for ready meals. Additionally, the growing number of industry players introducing new varieties of ready meals to cater to the migrant student population or the native European market has augmented the market's growth. Furthermore, Europeans' food habits or staple diets can be easily replicated in ready-meal formats, which drives the market's growth.

Check the geographical analysis of this market by requesting a free sample

• May 2023 - With the introduction of three frozen plant-based ready meals at Tesco supermarkets, Beyond Meat has expanded its product line in the UK. Each meal has less than ten minutes to prepare and at least 14 grammes of protein. Additionally, the company previously collaborated with Wicked Kitchen in 2021 to introduce a line of ready meals at Tesco. These featured the Naked Burrito and the Korean-Inspired Bowl. The unveiling of the new ready meals follows the UK debut of Beyond's plant-based chicken.

Product type Segment Analysis

The product type segment is divided into canned/preserved ready meals, chilled ready meals, frozen pizza, prepared salads, chilled pizza, dried ready meals, and frozen ready meals. The frozen pizza segment dominated the market, with a market share of around 37% in 2022. A frozen pizza is essentially a pizza that has been baked or assembled, quickly frozen, and packaged for sale. It can be found in grocery shops or supermarkets. The customer simply has to unwrap and cook it for a stipulated amount of time, any time they want. Students, employees or any other demographic group find frozen pizzas convenient, quick, delicious, and affordable. Pizzas are very popular globally. Furthermore, the consistency in taste, quality and price offered by frozen pizzas make them dominant in the product type segment. The easy accessibility, availability and affordability are the driving factors.

End-user Segment Analysis

The end-user segment is divided into residential and food services. The residential segment dominated the market, with a market share of around 54% in 2022. The increasing number of working women has contributed to the rising demand for ready meals. Furthermore, students and working professionals living alone prefer easy, quick, affordable meals, better than fast foods. Furthermore, the rising awareness about healthy diets has prompted consumers to subscribe to healthy ready meals given the busy lifestyles which leave no time for cooking. The easy availability of ready meals and supermarkets also augments the segment's growth. Additionally, the increasing number of market layers offering a wide variety of options catering to the tastes and preferences of the audience will bode well for the segment's growth.

• August 2023 - HelloFresh is launching its ready-meal service Factor in Europe, with Belgium and the Netherlands getting the first look. The company wants to dominate the market and expand into other European nations. Factor has enjoyed ten years of success in the US market and currently holds a 60% market share for ready meals. The company was acquired by HelloFresh in 2020, and it has huge plans for it. Factor has been active in Canada since the beginning of this year and aims for all of Europe, starting with the Netherlands and the northern part of Belgium. Customers can choose from flexitarian, pescatarian, vegetarian, or ketogenic menu selections, and 25% of the available meals are vegan or vegetarian.

Distributional Channel Segment Analysis

The distribution channel segment is divided into supermarkets/hypermarkets, convenience stores, online and others. The supermarkets/hypermarkets segment dominated the market, with a market share of around 55% in 2022. They have the necessary infrastructure to store ready meals at the specified temperatures and conditions. They offer a wide variety of ready meals with dedicated aisles and sections, giving consumers a choice, easy accessibility and enabling them to make informed decisions. The growing presence of supermarkets/hypermarkets in suburban areas tier two and three cities will also augment the market's growth.

• October 2023 - To break out from the sea of black that has taken over store shelves everywhere, My Muscle Chef has made its latest step to release the brand-new red tray. This change aligns with My Muscle Chef's recent 'Take Back Sunday' campaign, highlighting a brand update that boosts the company's position as a lifestyle platform for those with aspirations other than fitness. This update acknowledges My Muscle Chef's new status while continuing to serve the Fit Individual. As the go-to, on-the-go option for a far bigger market of consumers, the brand now delivers even more value. Those who want a no-compromise solution that is quick, fresh, inexpensive, and of high quality.

Some of the Key Market Players:

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

Report Description: