Global Ready Meals Market By Type (Vegetarian, Non-Vegetarian, and Vegan), By Product (Canned, Chilled, Frozen, and Dried), By Distribution Channels (Supermarkets, Hypermarkets, Online Retailers, and Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Ready Meals Market size is expected to be worth around USD 244.6 Billion by 2032 from USD 149.2 Billion in 2022, growing at a CAGR of 5.20% during the forecast period from 2023 to 2032.

Instant foods are becoming more popular in advanced countries where ready meals consumption is higher than in developing countries. Increasing numbers of workers in emerging markets such as China and India and the trend towards more extended and different working hours are gradually shifting away from the traditional methods of everyday cooking.

A ready meal is prepackaged and cooked and requires less time to cook at home. Ready meals are economical alternatives that take less time to prepare because they are pre-cooked and available year-round.

The change in consumers’ food preferences for ready-to-eat food products due to the busy lifestyles of workers as well as the busy work schedules of students is likely to spur the growth of the ready meals Market.

Key Takeaways

1. Market Growth: The Ready Meals Market is expected to grow at a Compound Annual Growth Rate (CAGR) of roughly 5.2%. It is projected to reach USD 244.6 billion in 2032, a significant increase from USD 149.2 billion in 2022.
2. Shift Towards Instant Foods: Instant foods, particularly ready meals, are gaining popularity in advanced countries where people have busier lifestyles. This shift is driven by factors such as an increase in the number of workers in emerging markets like China and India and the trend toward longer working hours, which reduces the time available for traditional cooking.
3. Consumer Food Preferences: Changes in consumer food preferences, driven by busy lifestyles and work schedules, are boosting the ready meals market. People are turning to ready-to-eat food products as a convenient and time-saving option.
4. Non-Vegetarian Dominance: Among the different types of ready meals, the non-vegetarian segment holds the largest share of the market. Consumer demand for protein-rich non-vegetarian products like chicken nuggets and sausages is a contributing factor.
5. Rise of Vegan Segment: The vegan segment is expected to register the fastest growth. Today’s health-conscious millennials are willing to pay for vegan products, leading to the launch of more vegan meals and snacks.
6. Canned Ready Meals: Canned ready meals dominate the market among various product categories. This category includes canned fruits, vegetables, beans, and seafood. Canned meals have a longer shelf life, making them popular.
7. Supermarkets Lead in Distribution: Supermarkets are the dominant distribution channel for ready meals, followed by hypermarkets. Online retail is gaining traction, especially as consumers look for a wide range of options online.
8. Factors Driving Growth: Increased demand for convenience food and the penetration of various food manufacturers into the market are driving growth. Population growth and cost-effectiveness of ready meals further contribute to market expansion.
9. Challenges in Fresh Food Competition: Fresh foods are a significant competition to ready meals, with health-conscious consumers opting for fresh options over prepared ones.
10. Regional Analysis: North America leads the global market, holding the largest market share of 41.0%. The Asia Pacific region is also expected to witness significant growth, with countries like India, Singapore, and Australia showing strong potential.
11. Key Market Players: Key players in the ready meals market include Nestlé SA, General Mills, Inc., Kellogg Company, Conagra Brands, Inc., Tyson Foods, Inc., and others. These players are adopting various strategies, including product innovation and mergers and acquisitions, to remain competitive.

Type Analysis

Non-Vegetarian Segment Holds Largest Share

By type, ready meals are classified into Vegetarian, Non-vegetarian, and Vegan. The non-vegetarian segment will hold a dominant share of the prepared food market in 2022 and is expected to maintain its lead over the forecast period.

Consumer demand for value-added, protein-rich foods such as chicken nuggets, sausages, and salami benefits the non-vegetarian population as hygiene issues with fresh products on the market increase. There is a growing consumer preference for frozen, non-vegetarian packaged foods.

In recent years, key players have introduced new products to the market. For example, India-based The Taste Company expanded its product portfolio in January 2022 to include vegetarian-ready meals. They are made using traditional home-cooking methods, without preservatives or artificial coloring.

The vegan segment is expected to register the fastest growth during the forecast period. Today’s millennials are becoming increasingly conscious of their health and animal welfare and are willing to pay reasonable prices for vegan products and ingredients. We are launching corresponding meals and snacks.

For example, BOSH in September 2022 Launched its first line of vegan packaged foods at Morrison’s. The range includes Shepherd’s Pie and Chili No Carne, created in collaboration with prepared food expert Oscar Mayer.

Product Analysis

Canned Ready Meals are Dominant in the Market

The ready meals market is widely divided by products globally into canned, dried, frozen, and chilled ready meals. Commonly canned meals include fruits, vegetables, beans, and other seafood. Dried-ready meals are long-lasting, so they have high demand in the market.

Frozen meals are popular with consumers for their versatile menu options and ease of preparation. Frozen foods include meat appetizers, vegetables, and starch-based foods such as pasta and gravy.

Some frozen meals are specially prepared for vegetarians and people with special dietary needs. Chilled meals are generally made from high-quality ingredients, like powdered milk, jerky, potatoes in a box, dried beans & peas, pasta, dried fruits & vegetables, and rice.

Canning is a food preservation method in which food is processed and stored in airtight containers (jars such as mason jars, steel cans, and tin cans). Shelf life is typically 1-5 years but may be longer in some circumstances.

Distribution Channel Analysis

Supermarkets Segment Dominating

Depending on the distribution channels, the market is segmented into supermarkets, hypermarkets, online retail, and others. Supermarkets and hypermarkets are easy to reach, so consumers can quickly visit specific stores.

Online retailing is grabbing more markets because online retailers provide consumers with a wide range of ready meals. An online sales channel will likely exhibit the highest CAGR during the forecast period.

Prepackaged food brands are seeing increased gross demand across online platforms. Supermarkets and hypermarkets like Walmart, Target, and Aldi also offer online delivery to consumers, which is driving this segment’s growth.

Many supermarkets are launching their brands of packaged meals or partnering with Cloud Kitchen to provide the same. They have partnered with Insta Cart to launch a new series of prepackaged food.

Kroger Co. offers fried chicken, sushi, wraps, salads, coleslaw, mashed potatoes, and more for delivery in 30 minutes or less. The supermarkets and retail segment will account for a large share of the global prepared food market in the forecast period.

It will remain dominant during the forecast period as people prefer to purchase groceries in stores over online portals.

Key Market Segments

Based on Type

• Vegan
• Vegetarian
• Non-vegetarian

Based on Product

• Canned
• Frozen
• Chilled
• Dried

Based on the Distribution Channel

• Supermarkets
• Hypermarket
• Online Retailers
• Others

Driving Factors

Increased Demand for Convenience Food and Penetration of Several Food Manufacturers Driving the Market Growth

Ready meals have proven a good alternative for foods that require more time to cook and have small durability. Changes in people’s hectic lifestyles have increased the need for packaged, ready meals products.

Population growth and the cost-effectiveness of these meals are other factors driving the market’s growth. According to the National Institutes of Health (NIH), more than 90% of the US population consumes convenience foods daily, further fueling the market growth.

Manufacturers now place more emphasis on packaging, which plays a vital role in preserving product texture, quality, food color, shelf life, and flavors. Manufacturers work with packaging companies to manufacture innovative and advanced packaging, such as biodegradable barrier trays, which are expected to drive demand in the ready-to-eat food market shortly.

Restraining Factors

Increasing Popularity Among Fresh Food

Fresh foods are the most superior alternatives for ready meals. Recent developments in fresh foods due to COVID-19 indicate rising popularity for fresh foods other than ready meals. Growing consciousness regarding health and lifestyle disorders is the primary factor behind the increasing popularity of fresh food.

The nutritional value of ready meals is comparatively less than fresh foods; this negatively impacts prepared meals. However, health concerns and negative customer perceptions about the health effects of prepared foods hinder the ready meals market growth.

Growth Opportunities

Growing Population and Increasing Eating Habits

Globally, the demand for ready-to-eat foods, especially instant noodles, rice, snack foods, and meat products, is growing due to changing social and economic patterns, increased spending on food & beverages, and health awareness of healthy foods.

The ready meals market is growing due to changing existing food habits, the growing population of foreign settlements around the world, alternatives to junk food, and the desire to try new products. Easy-to-prepare snacks and convenience foods are trendy, especially among working-class people, teens, dorm residents, and singles.

Furthermore, the important concept is closely related to the ease of consumption and handling of products that ready meals can provide. The demand for ready food is increasing due to the associated consumption convenience and, at the same time, being supported by single-use packaging.

Trending Factors

Increase in the Popularity of Prepared Food due to its Nutritional Values

Rising disposable incomes of many consumers across the globe, coupled with an increase in the popularity of ready meals, are expected to offer lucrative growth opportunities over the forecast period.

Additionally, the growing popularity of prepared foods with nutritional benefits will increase growth opportunities. All these aspects will bring significant growth to the ready meals market.

Millennials and younger generations are the easiest targets for convenience food, as they spend most of their income on such foods. Therefore, the convenience level of such products increases the overall demand in the global ready meals market.

Regional Analysis

North America Holds Largest Market Share

North America is estimated to be the most lucrative market in the global ready meals market, with the largest market share of 41.0%, during the forecast period. In North America, the advancements in lifestyle As such, the need for ready meals is anticipated to grow.

Furthermore, introducing more exotic products and pushing towards an easy lifestyle is estimated to increase in Europe.

Asia Pacific region is likely to witness significant growth in the forecast period. Developing countries like India, Singapore, the Philippines, and Australia exhibit strong growth and less saturation. Increasing awareness regarding ready meals and increasing research and development facilities ready meals market is expected to grow in the Middle East and Africa region.

Key Regions and Countries

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

Emerging key players are focused on various strategic policies to develop their respective businesses in foreign markets. Key market players are undergoing product innovation, new product launches, mergers and acquisitions, geographic expansions, etc., as part of critical strategies to remain competitive in the market.

Several ready meals market companies are concentrating on improving their product quality and nutritional values. Furthermore, the prepared meals market firms are developing new products and portfolio expansion strategies through investments, mergers, and acquisitions.

In addition, several key players are now focusing on different marketing strategies, such as spreading awareness about their products’ nutritional values and boosting the target products’ growth.

Due to the high profitability of the industry, manufacturers are formulating robust competitive strategies and intensifying competition among existing market players. Companies also position their products based on various marketing efforts to gain a competitive advantage in the market.

Market Key Players

• Nestlé SA
• General Mills, Inc.
• Kellogg Company
• Conagra Brands, Inc.
• Tyson Foods, Inc.
• Oetker
• Nomad Foods
• Green Mill Foods
• Unilever
• 2 Sisters Food Group
• M. Smucker Co
• Greencore Group Plc
• British food plc
• Other Key Players

Recent Developments

• In August 2021, major food company Nestle launched new vegan products such as cheese, burritos, and healthy burgers. Conagra Brands Inc. introduced new plant-based frozen food product innovations such as Healthy Choice Max.
• In October 2022, Campbell Soup company launched four new mealtime soups with different flavors.

Report Scope