Market – Overview
Ready to eat meals have emerged as the next big trend in the food and beverage sector. The market has developed rapidly due to the prevalence of a fast paced lifestyle, especially in urban areas. Market Research Future, which focusses on market reports associated to Food, Beverages & Nutrition sector among others, have lately made available a report on this industry. The sector is expected to grow at a CAGR rate of 6% approx. from the year 2016 to 2022.
Amplified development in terms of food preparation and processing have been a positive stimulant to the expansion of the market. Heightened preference of working professionals for easy to make meal options has fuelled the evolution of the market at a swift pace. Health based meals have also been of the quickly growing areas of the market as individuals are on the lookout for meals that are precooked.
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Industry Segments
The market for ready to eat meals has been divided on product types into bakery, ready meals and mixes, non-alcoholic beverages, herbs and spices, soups, noodles and pasta among others. The packaging segment of the industry includes of box, can, vacuum pack sachet, bag and others. The cuisine type divides the market into Italian, Indian, Continental, Chinese and others. The specialty type segment of the market is categorized into preservative free, vegetarian, natural, non-vegetarian and others. The form segment divides the market into frozen, dried, cooked, instant, fresh and others.
Detailed Regional Analysis
The industry for global ready to eat meals is divided into Europe, North America, Asia Pacific, and Rest of the World (RoW). Among the different regions, the North American region has the main market share trailed by Europe and Asia Pacific. Rising population and increase in disposable income in Asia Pacific region is boosting the demand for ready to eat meals in this particular region.
Global Competitive Analysis:
With the entrance of new companies, existing companies are trying to achieve an extensive share of the industry share urgently with operative business plans that can fill the void and settle the dynamics of the rivalry in the market. The segment players are trying to attain a huge share in the market segment, which is quickly – evolving. Solid growth trends have also been perceived for the industry with the development of diverse assortments of products. The best growth opportunities for the long term in this sector can be captured by warranting ongoing process improvements and financial elasticity to capitalize on optimal strategies.
The important players profiled in ready to eat meals market are Bakkavor Group Ltd (U.K.), Premier Foods Group Ltd (U.K.), General Mills (U.S.), (British Virgin Islands), Nomad Foods Ltd and McCain Foods (Canada) to name a few.
Latest Industry News:
Jan 2018 Anoki, Nottingham’s Indian restaurant has fashioned a range of ready to eat meals for consumers to eat at home or as per their convenience. They have debuted the new variety of pre-cooked meals after an enormously positive pilot scheme last year. The range comprises few of the restaurant’s best and popular dishes, with an assortment of seven main courses, starters, naan breads and rice. The meals are prepared fresh every day by the chefs.
Jan 2018 Plate Up which is a new ready to eat meal brand aims to service New Zealanders who want to consume healthy food, but have time on hand to cook. The firm will contend in an already swarming convenience food industry with the brands like Woop, FoodBox and My Food Bag. There are five prepared meal services that can be home-delivered operating in the market, though they only deliver ingredients.
Jan 2018 The plant-based food business, Urban Remedy which concentrates on organic snacks, cold pressed juices and meals which are ready-to-eat meals, has sealed a main investment from 301 INC of $17m series B fundraising round. The company which acquired Urban Remedy is General Mills’ venture arm entity. Their kiosks are their rapidly developing operation.
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