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Ready Meals Market Size to Reach USD 297+ Billion by 2033 – Rise with Steller CAGR 7.3%

Updated · May 17, 2024

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Table of Contents

Introduction
Key Takeaways
Ready Meals Statistics
Emerging Trends
Use Cases
Key Players Analysis

Introduction

The Global Ready Meals Market is set for significant expansion, forecasted to grow from USD 147 billion in 2023 to around USD 297 billion by 2033, with a compound annual growth rate (CAGR) of 7.3%. This growth is propelled by several key factors including increasing consumer demand for convenience, rising health awareness, and innovations in food packaging and preservation technologies.However, the market faces challenges such as the need to maintain food safety and quality, manage supply chain complexities, and address the environmental concerns associated with packaging waste.

Despite these hurdles, the industry is witnessing considerable development through strategic initiatives by key players. For instance, companies are diversifying their product offerings to include healthier options with longer shelf lives and are investing in eco-friendly packaging solutions to attract sustainability-conscious consumers.

Recent developments indicate a shift towards more nutritious ready meal options as evidenced by the increasing popularity of vegan and vegetarian meals. This trend is aligned with the growing global shift towards plant-based diets, driven by health, environmental, and ethical considerations. Additionally, the rise of online grocery shopping has significantly boosted the market by making ready meals more accessible to a broader audience.

Nestlé has been particularly active, focusing on portfolio optimization and strategic acquisitions to enhance its market presence. In 2023, Nestlé continued to shape its product portfolio through significant transactions such as the divestment of its peanut allergy treatment business and the creation of a joint venture for its frozen pizza business in Europe, retaining a non-controlling stake. Moreover, Nestlé has expanded its footprint in the premium chocolate market in Brazil by acquiring a majority stake in Grupo CRM, demonstrating its commitment to growth in high-potential markets.

Key Takeaways

Market Growth Projection: The ready meals market is set to reach USD 297 billion by 2033, growing at 7.3% CAGR from 2023.
Consumer Preferences: Increasing interest in plant-based diets drives demand for vegan-ready meals, capturing a 40.3% market share.
Product Dominance: Chilled ready meals hold over 45.6% market share, favored for freshness and minimal processing.
Demographic Trends: The 18-24 years age group leads in consumption, accounting for a 45.3% share, driven by convenience.
Distribution Channels: Supermarkets & Hypermarkets dominate with 46.7% share, followed by Convenience Stores and Online platforms.
Regional Market Analysis: North America leads with 42.4% market share; Asia Pacific shows significant growth potential.

Ready Meals Statistics

Percentage of Adults Buying Organic for Health: 76% of adults purchase organic food, mainly for health reasons, according to a Pew Research survey.
Availability in Natural Food Stores: Organic food is found in nearly 20,000 natural food stores, reflecting increased demand and accessibility.
Number of Americans Using Organic Foods (2020): 94.38 million Americans used organic foods, indicating a substantial consumer base.
Sales of Organic Berries in 2022: Organic berries surpassed $1 million in sales this year, indicating strong consumer demand for fresh produce.
Genetically Engineered Ingredients in Processed Foods: 75% or more of processed foods contain genetically engineered ingredients, a prevalent factor in the food industry.
Royal Gobball meat increases strength permanently by 25.
Dragon Pig meat boosts strength permanently by 50.
Wa Wabbit meat grants a permanent strength increase of 80.
Ready-to-Eat Meals Market Revenue (2024): $0.59 trillion
Projected Market Volume (2028): 98.87 billion kg
Expected Market Growth (2024-2028): 6.88% annually
China’s Revenue (2024): $149 billion
Average Revenue per Person (2024): $76.49
Average Volume per Person (2024): 11.1 kg
Market Revenue Change (2024): 7.9%
Total Market Key Market Indicators (2024): $1.94 trillion

Emerging Trends

Organic and Health-Conscious Offerings: There’s a growing inclination toward organic ready meals, which cater to health-conscious consumers looking for safe, natural, and nutritious food options. This trend is supported by increasing consumer awareness about the health impacts of food choices and a general shift towards organic products. The demand for these meals is further boosted by their convenience and the trust consumers place in them as healthy options.

Technological Innovations in Food Processing: Technological advancements are revolutionizing the Ready Meals industry. Innovations in food preservation, packaging, and the development of new, sustainable production methods are key factors driving growth. These technologies help in extending the shelf life of products and maintaining their nutritional value, making ready meals more appealing to a broader consumer base.

Expansion in Vegan and Plant-Based Options: The vegan segment of the ready meals market is expanding rapidly, driven by millennials’ increasing health consciousness and concern for animal welfare. Manufacturers are responding by introducing a variety of vegan-ready meals that do not compromise on taste or quality, such as plant-based versions of traditional dishes.

E-commerce and Home Delivery: The online sales channels for ready meals are witnessing significant growth. This trend is fueled by the convenience of home delivery services and the expansion of online platforms by major supermarkets and food manufacturers. E-commerce allows consumers to access a wider variety of ready-meal options without the need to visit a physical store.

Customization and Premiumization: There is a noticeable trend towards premium-ready meals that offer gourmet ingredients, international cuisines, and customization options to meet specific dietary requirements. This shift is particularly prominent in regions with high consumer spending power where there is a demand for high-quality, convenient eating options that align with personal health and dietary preferences.

Use Cases

Emergency and Disaster Preparedness: Ready Meals, especially MREs (Meals, Ready-to-Eat), are essential in emergency preparedness kits. They are designed to be durable and shelf-stable, providing necessary nutrition without the need for cooking facilities. These meals are used widely by military personnel but are also available for civilian use during natural disasters or other emergencies, ensuring individuals have access to balanced meals in times of need.

Convenience for Busy Lifestyles: With the growing number of working professionals and the fast pace of modern life, many individuals seek convenient, quick meal solutions. Ready Meals meet this demand perfectly as they are often pre-cooked and only require heating. This makes them ideal for busy individuals who may not have time to prepare meals from scratch but still wish to enjoy a nutritious and tasty meal.

Diet-Specific Offerings: There has been a significant rise in the availability of diet-specific Ready Meals, such as keto, vegan, and gluten-free options. This caters to the dietary needs of various consumers, providing them with convenient food choices that adhere to their dietary restrictions or preferences. For instance, Factor provides a range of diet-specific meals designed by chefs and dietitians to ensure both nutritional value and flavor.

Technological Innovations: Advances in food technology have improved the quality of Ready Meals significantly. Innovations in packaging and preservation not only extend the shelf life of these products but also help in maintaining nutritional content, making Ready Meals a viable option for everyday consumption without compromising health.

Key Players Analysis

Nestlé plays a pivotal role in the Ready Meals sector, leveraging its global brand presence to innovate and expand its product offerings. The company focuses on enhancing its ready-meal solutions with an emphasis on nutrition and convenience. Nestlé continuously adapts to consumer preferences with a variety of options that cater to different dietary needs, including organic and plant-based meals. This strategy is part of Nestlé’s broader commitment to health and sustainability, which helps to strengthen its market position.

General Mills, Inc. has made significant strides in the Ready Meals market by launching innovative meal preparation kits that cater to the convenience sought by modern consumers. These kits range from fully prepared meals to components for easy home cooking, reflecting the company’s adaptive approach to changing consumer tastes and lifestyles. General Mills’ focus on variety and ease of preparation ensures its products remain attractive to a diverse customer base, thereby maintaining its competitiveness in the sector.

Kellogg Company has diversified its offerings within the Ready Meals sector by incorporating a range of convenient, ready-to-eat options that cater to modern lifestyles. The company has a strong focus on nutritious and quick meal solutions that align with consumer demand for healthy and convenient eating. This strategy is evidenced by their active role in launching new product lines that address these consumer preferences.

2 Sisters Food Group is a significant player in the Ready Meals market, primarily known for its strong presence in the UK. The company specializes in high-quality meat products and various ready-meal options. 2 Sisters Food Group has been focusing on streamlining its operations and enhancing product quality to meet the dynamic demands of consumers, emphasizing innovation and sustainability in its product offerings.

Conagra Brands Inc. is enhancing its position in the Ready Meals sector by launching an extensive array of new products aimed at addressing diverse consumer needs. Their focus is on delivering convenience through a variety of modern, easy-to-prepare meals that include everything from single-serve frozen dishes to new plant-based options. Conagra’s commitment to innovation is evident in its broad product rollout, which spans numerous popular brands, catering to a wide range of tastes and dietary preferences.

Dr. Oetker is recognized in the Ready Meals market primarily for its convenience foods that blend traditional quality with modern eating habits. The company offers a variety of ready-to-eat meal solutions that emphasize ease of preparation, appealing to busy consumers looking for quick and tasty food options. Dr. Oetker’s ready meals often focus on quality ingredients and a home-cooked meal experience, aligning with the needs of contemporary consumers who prioritize both convenience and quality in their dietary choices.

Green Mill Foods has made a notable mark in the Ready Meals sector by offering a variety of easy-to-prepare, restaurant-quality meals for home cooking. Their product line extends from sauces and soups to pizzas and pasta, emphasizing ease of preparation and authentic flavors. Green Mill Foods stands out for bringing the distinctive taste of Green Mill Restaurants to the grocery aisles, allowing consumers to enjoy high-quality meals conveniently at home. This approach has been key in catering to families and individuals looking for quick yet delicious dining options.

Hormel Foods Corporation is a major player in the Ready Meals market, known for its wide range of products that cater to various consumer needs for convenience and quality. Hormel has been proactive in evolving its offerings to include a diverse array of ready-to-eat meals that align with modern dietary trends and preferences. The company’s commitment to quality and innovation has helped it maintain a strong position in the market, continually meeting the dynamic demands of today’s consumers.

Iceland Foods Ltd has firmly established itself in the Ready Meals sector by offering a wide range of affordable and convenient meal solutions. The company primarily focuses on frozen foods, which include a variety of ready meals that cater to diverse tastes and dietary preferences. Iceland Foods is known for its significant innovations in product offerings and packaging, aimed at enhancing customer convenience and appeal. The company continuously expands its product lines to include new and exciting flavors, ensuring that there are options available for every palate. Iceland Foods’ commitment to value and convenience, combined with a robust distribution network, makes it a prominent player in the Ready Meals market.

McCain Foods Limited is a leading name in the Ready Meals sector, renowned for its extensive range of frozen potato products. As the world’s largest manufacturer of frozen potato specialties, McCain not only provides traditional products like French fries but has also expanded into other ready-meal categories, including pizzas and appetizers. The company emphasizes innovation and sustainability in its operations, striving to meet the evolving dietary preferences and convenience needs of global consumers. McCain’s commitment to quality and convenience makes it a strong player in the ready meals market.

Nomad Foods operates prominently within the European ready meals market, focusing on frozen foods. The company is known for its strong portfolio of brands, including Birds Eye, Findus, and Iglo, which offer a variety of ready meals ranging from vegetables and fish to poultry and meals for special dietary needs. Nomad Foods is committed to sustainable practices, emphasizing responsible sourcing and preparation of its products. Their strategic initiatives often involve enhancing product offerings and improving their operational footprint to better serve evolving consumer preferences.

Nomad Foods is a prominent entity in the European Ready Meals market, recognized for its strong portfolio of frozen food brands like Birds Eye, Findus, and Iglo. The company focuses on providing quality frozen meals that cater to the convenience and health preferences of modern consumers. With a strategic emphasis on sustainable sourcing and preparation, Nomad Foods has positioned itself as a leader in the industry by innovating its product offerings and expanding its market presence through targeted acquisitions and organic growth strategies.

The Campbell Soup Company plays a significant role in the Ready Meals sector, primarily through its vast array of soup products that cater to convenience-minded consumers. Campbell’s has expanded its ready meal offerings beyond soups to include more diverse meal solutions under various brand lines. This expansion reflects the company’s strategy to meet the growing demand for quick and easy meal options that do not compromise on taste or quality. Campbell’s commitment to innovation and quality in the ready meals market continues to strengthen its brand and attract a loyal consumer base.

The J.M. Smucker Co. is notably engaged in the Ready Meals sector, extending its traditional portfolio beyond its well-known spreads and beverages to include a variety of convenient meal solutions. With its strategic focus on driving commercial excellence and increasing market reach, particularly through enhanced e-commerce capabilities, J.M. Smucker adapts to contemporary consumer demands for quality and convenience. The company’s commitment to leveraging digital platforms for better market penetration illustrates its proactive approach in the evolving food industry landscape.

The Kraft Heinz Company is a significant player in the Ready Meals sector, known for its diverse array of food products that cater to quick and easy meal solutions. The company leverages its strong portfolio of brands, including many household names, to meet the convenience needs of modern consumers. Kraft Heinz’s strategic initiatives often focus on innovation and market adaptation to enhance its offerings in the ready meals space, ensuring it remains competitive and relevant in the rapidly changing food industry.

Tyson Foods Inc. has made significant strides in the Ready Meals sector by focusing on diversifying its product offerings and enhancing its market presence. Known primarily for its meat products, Tyson Foods has adapted to evolving consumer preferences by including a variety of ready-to-eat options that prioritize convenience and quality. This strategic diversification is part of Tyson’s broader goal to address the growing demand for quick and nutritious meal solutions in the global market.

Unilever has expanded its footprint in the Ready Meals sector by introducing a range of high-quality, chilled ready meals under well-known brands like Knorr, Colman’s, and Bertolli. This move targets the growing market for convenient, yet quality-focused meal options. Unilever’s entry into this market leverages its strong brand reputation and extensive distribution network to meet consumer demands for convenience and flavor in ready meals. These initiatives are part of Unilever’s broader strategy to adapt to consumer lifestyles that demand healthier and quicker eating options.

Conclusion

The Ready Meals market is poised for substantial growth, driven by increasing consumer demand for convenience and variety in dietary choices. By 2032, the market is expected to grow significantly, demonstrating the impact of current trends and innovations. Several factors contribute to this promising outlook:

In conclusion, the Ready Meals market is set to expand significantly by 2032, supported by technological advancements, changing consumer preferences, and strategic initiatives by key players. The focus on health, convenience, and variety will continue to shape the market, offering numerous opportunities for growth and innovation.

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Tajammul Pangarkar is a tech blogger that frequently contributes to numerous industry-specific magazines and forums. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and in raising a general awareness of technical know-how. When he’s not ruminating about various happenings in the tech world, he can be usually found indulging in his next favorite interest - table tennis.

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