Ready Meals Market To Reach $244.29 Billion By 2027 – Exclusive Report Covering Pre And Post COVID-19 Market Analysis And Forecast | Grand View Research, Inc.

Ready Meals Market To Reach $244.29 Billion By 2027 - Exclusive Report Covering Pre And Post COVID-19 Market Analysis And Forecast | Grand View Research, Inc.

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The sustained increase in the global working and student population, coupled with the advent of the coronavirus pandemic, have combined to create positive developments in the ready meals market, as per a study by Grand View Research.

The global ready meals market size is expected to reach USD 244.29 billion by 2027, according to a report by Grand View Research, Inc. The industry is projected to advance at a CAGR of 5.5% over the forecast period. The continued increase in working population around the globe has necessitated the presence of ready meal manufacturers, with companies continuously innovating in terms of offering high-quality food. The working demographic has shown a high preference for food products that require minimum time to prepare, while also possessing higher shelf life. Furthermore, companies are working with top-level dietitians in order to maintain nutritional value of their offering, while also involving organic aspects, as a means to drive market share. Besides the working population, the continued growth of the student population that has to live on their own for long stretches of time also presents a major revenue-generating avenue for the ready meals industry.

Ready meals are a cost-effective and time-efficient alternative to conventional meals as they are precooked. Furthermore, high quality and innovative packaging solutions make it easy for manufacturers to make these products available to consumers throughout the year, which has a positive impact on their demand. Consumers are always on the lookout for healthy food that can be prepared in a matter of minutes at home, due to increasing focus on healthy lifestyle. Ready meals check all these boxes, and hence they are gaining popularity among youngsters across the globe. Manufacturers are launching a wide range of products in order to cater to the rising customer demand, which is increasing the scope of ready meals in the global market. Additionally, print and media advertisement has played a key role in creating awareness about ready meals, thereby augmenting the overall market growth. The COVID-19 pandemic proved to be a mixed bag for the market; on the one hand, innovations and nutritious offerings saw companies steer through the pandemic. On the other hand, lockdown restrictions and stay-at-home orders meant more time on hand for people to prepare new dishes, which proved to be detrimental to the demand for ready meals. 

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Ready Meals Market Report Highlights

 The market for ready meals has been significantly expanded by the presence of notable companies, which are extensively investing in R&D to bring out nutritious and economical products that require minimal preparation time; Ready-to-Eat (RTE) foods have become a popular consumer trend in recent years

In terms of product, the frozen and chilled meals segment held the largest share of more than 50.0% in 2019 in the ready meals market, and is expected to maintain its lead through 2027, owing to a wide range of products with high shelf life

By distribution channel, the online retail segment is anticipated to expand at the fastest CAGR of 6.2% from 2020 to 2027, owing to the rising trend of online shopping among consumers; the COVID-19 pandemic is expected to serve as a significant enabler to the segment growth

North America accounted for the largest share of more than 35.0% in 2019. Food preferences among the consumers are increasing the demand for ready meals in the region. The early months of the COVID-19 pandemic accelerated the regional industry growth, with local sources stating that the demand for ready meals and frozen food products increased by around 300% in the 2nd week of March 2020

Key players in the global ready meals market include Nestlé, ConAgra Brands, Kraft Heinz Company, Chao Xiang Yuan Food, Dr. Oetker, BRF, Berkshire, Green Mill Foods, General Mills, and Tyson Foods. The competitors are involved in acquisitions and innovative offerings, as a means to drive their revenue growth

In October 2020, Nestlé completed the acquisition of Freshly, a notable name in the fresh-prepared meal delivery services sector in the U.S. At the time of the acquisition, Freshly had been shipping more than 1 million meals per week to customers in 48 states

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Ready Meals Market Segmentation

Grand View Research has segmented the global ready meals market on the basis of product, distribution channel, and region:

Ready Meals Product Outlook (Revenue, USD Billion, 2016 – 2027)

     Frozen & Chilled

Ready Meals Distribution Channel Outlook (Revenue, USD Billion, 2016 – 2027)

     Supermarket & Hypermarket
     Convenience Stores

Ready Meals Regional Outlook (Revenue, USD Billion, 2016 – 2027)

     North America
        • U.S.
        • Germany
        • U.K.
        • France
     Asia Pacific
        • China
        • Japan
     Central and South America
        • Brazil
     Middle East & Africa
        • South Africa

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About Grand View Research

Grand View Research is a market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services. The company’s reports and services cater to a number of critical global industries, such as healthcare, energy and power, technology, chemicals, and F&B, to name a few.

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