Ready Meal Market

Ready Meal Market Highlights

The global ready meal market is expected to cross a value of USD 328.6 billion by the end of 2032. The market was valued at USD 197.7 billion in 2023 and is expected to expand at a CAGR of 9.1% between 2024-2032.

• Over the mid-term, the rapid shift in preferences of consumers towards ready-to-eat food products is the primary factor anticipated to drive the global ready meal market.
• The rapid competition from fresh and home-cooked meals is a major factor to challenge the market growth.
• The North America ready meal market is projected to dominate the global market.

Ready Meal Market Outlook

A packaged meal that is pre-cooked, pre-prepared and is ready to eat is known as a ready meal. Also popularly known as convenience meal or prepared meal, these meal options require no additional cooking, and are available in frozen, chilled, or shelf-stable forms.

Our analysts at KD Market Insights have analyzed that the rapid shift in preferences of consumers towards ready-to-eat food products is one of the primary factors associated with the growth of ready meals market globally. The changing consumer lifestyles, designated by busy lifestyles, urbanization, and the rise of dual-income households have led to increased demand for convenient and time-saving food solutions. According to the statistics by the United Nations Conference on Trade and Development (UNCTAD), in 2022, the share of urban population was projected to touch 56.9% as compared to 52.5% in 2012. Ready meals offer consumers a quick and hassle-free option for meals, catering to their busy schedules and desire for convenience. As more consumers seek convenient food options, the demand for ready meals is expected to grow. Potato Company bvba, Royal Cosun, and Farm Frites, are some of the significant parties in the global market for ready meal.

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Ready Meal Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global ready meal market are:

• Growing Working Population Worldwide: The world has been witnessing an upsurge in the number of working population. Our researchers have found that the worker population ratio (WPR) during 2022-2023 reached nearly 58%, witnessing an increase by around 4 percentage points over its previous year. The working population are usually time-strapped consumers who look for quick and easy meal solutions. This is majorly as a result of longer working hours and limited time for preparing meals. Hence, ready meals provide a convenient option for on-the-go consumption among these working population, which is expected to contribute to the growth of the market in the coming years.
• Increasing Influence of Globalization: One another significant factor expected to drive the growth of the global ready meal market is as a result of globalization and growing cultural influences. Consumers nowadays are increasingly exposed to a diverse range of health and wellness food cuisines and flavors. This, as a result, is leading to a greater acceptance and demand for ready meals inspired by different culinary traditions. As ready meal manufacturers cater to diverse taste preferences and dietary habits, the market expands to encompass a wider consumer base, including those seeking authentic international flavors and experiences. Such a factor is therefore expected to create promising opportunities for market growth in the coming years.

Which Probable Factors Could Hamper the Growing Ready Meal Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of ready meal are:

• Increasing Perception Among Consumers Regarding Poor Health and Nutrition of Ready Meals: One of the primary restraint factors for the ready meals market is the perception of many ready meals as being unhealthy or lacking in nutritional value. Some ready meals are high in sodium, saturated fats, and preservatives, which can contribute to health issues such as obesity, heart disease, and diabetes. This, as a result, is expected to lower the demand for ready meals during the forecast period.
• Rapid Competition from Fresh and Home-Cooked Meals: With the increasing availability of freshly prepared meals from restaurants and the rapid expansion of quick service restaurants globally, in addition to the availability of meal kit delivery services and home-cooked meals, the competition for serving meals to consumers is very fierce, which is expected to hinder the market growth in the coming years.

How is the Global Ready Meal Market Segmented?

Our experts at KD Market Insights have segmented the global ready meal market as:

What are the Probable Factors Influencing the North America Ready Meal Market Forecast?

The North America ready meal market is majorly driven by the rise in demand for convenient food options and the increase in availability of variety of ready meal products that ranges from healthier options, such as organic, gluten-free, plant-based, and low-sodium meals, to the availability of these meals in different portion sizes packaging. In addition to this, the changing eating habits among the consumers in the region, such as snacking, on-the-go eating, and smaller, more frequent meals, are also expected to drive the demand for convenient food options like ready meals, especially among the millennials and Gen Z consumers.

As per our analysts at KD Market Insights, the following five players lead the North America ready meal market growth:

• Nestlé USA
• Conagra Brands, Inc.
• Campbell Soup Company
• Hormel Foods Corporation
• Kraft Heinz Company

Which Key Players Top the Global Ready Meal Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global ready meal market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with ready meal market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global ready meal market share:

• The Hain Celestial Company
• AGRARFROST GMBH & CO. K.G. (Germany)Agristo (Belgium)
• Bart’s Potato Company bvba
• Royal Cosun
• Farm Frites
• Greenyard
• Himalaya Food International Ltd.
• J.R. Simplot Company
• McCain Foods Ltd.
• Lamb Weston Holdings, Inc.
• General Mills, Inc.
• Mondelez International, Inc.
• THE KRAFT HEINZ COMPANY

What are the Recent Developments Observed in the Ready Meal Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global ready meal market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, The Vegan Kinda shared that it has launched 100% plant-based ready meals by partnering with plant-based meat pioneers. These meals would contain chicken cooked with vegetables, herbs and spices.

Further, Kitchen Prep stated that it has launched its ready meal services in the United Kingdom. The company would offer frozen healthy gourmet pre-packaged dishes, which would include beef and green beans pasta among others.