What Has Been The Historical And Current Growth Of The Ready Meals Market?
The ready meals market has seen considerable growth due to a variety of factors.
• In the last few years, the ready meals market has seen robust growth. This market is projected to escalate from $184.38 billion in 2024 to around $201.82 billion in 2025, with a compound annual growth rate (CAGR) of 9.5%.
The expansion during the historic period has been mainly due to changes in consumer lifestyles, higher levels of urbanization, an increase in single-person households, changes in dietary preferences, and advances in packaging and preservatives.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Ready Meals Market?
The ready meals market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for ready meals is predicted to experience a swift expansion in the upcoming years, reaching $303.09 billion in 2029 with a compound annual growth rate (CAGR) of 10.7%.
The estimated growth for the mentioned forecast period is tied to factors such as the ongoing focus on convenience, the globalization of food preferences, attention to health and wellness, the growth of online shopping platforms, and shifts in dietary preferences. The key trends projected to leave a mark on this period include the use of technology in cooking and meal prepping, an emphasis on health statements and transparency, a push for customization and personalization, innovations in substitute meats, and the broadening of breakfast and snack options.
What Main Forces Are Fueling Expansion In The Ready Meals Market?
The increased consciousness about the longevity of food products is a significant driver for the expansion of the ready meals sector. Shelf life refers to the duration that a product can be safely consumed while still preserving its sensory, functional, chemical, and microbiological characteristics. Consumers are constantly seeking food products with substantial longevity like ready meals, owing to their convenience, affordability, quick preparation, and their pre-portioned, extended shelf life. For example, as per World Technology Ingredients, Inc., a US-based food ingredients production firm, in April 2023, extending the shelf life of food can lead to a drastic decrease of consumer food waste by about 50%. Approximately 2.8 trillion pounds of food are wasted on a global scale annually, with the United States solely contributing to 80 billion of this waste. As such, the rising consciousness about food products with extended shelf lives is fueling the expansion of the ready meals market.
What Are The Key Segments Within The Global Ready Meals Market?
The ready meals market covered in this report is segmented –
1) By Product: Frozen, Chilled, Canned, Dried
2) By Distribution Channel: Super market / Hyper market, 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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How Are New Trends Impacting The Size Of The Ready Meals Market?
The trend of pre-packaged foods is rapidly gaining traction in the ready meals market. Firms are concentrating on providing fresher and more convenient meals that meet nutritional guidelines, and this has become a prominent trend in the prepared meals market. For example, Kitchen Prep UK, a ready meal producer based in the UK, introduced frozen gourmet health-focused pre-packaged meals in January 2022. Kitchen Prep UK is known for its chef-made ready meals designed for consumers seeking healthy options but lack the time or prefer the convenience of already prepared frozen meals that can quickly be heated in the microwave. The new venture has gotten guidance from experts at the Food Innovation Centre at the University of Nottingham, offering free advice on food labelling, food hygiene training, and other components of the business.
Who Are the Key Players in the Ready Meals Market?
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.
What are the Regional Insights into the Ready Meals Market?
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.
