Market Overview
Ready-to-eat meals market 2020 can potentially garner a strong valuation of USD 150 billion by 2024, claims Market Research Future (MRFR). MRFR also anticipates the market to procure a significant CAGR of close to 10.5% over the forecast period (2019–2024). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Primary Drivers and Challenges
The COVID-19 outbreak resulted in massive panic worldwide, with the lockdown leading to shut down of retail stores to curb the spread of the pandemic. This led to stockpiling of foods that have extended shelf life, such as ready-to-eat meals like salads, rice & noodles, pasta & pizzas, soups and gravies & curries. However, SARS-CoV-2 has still managed to slow down the growth of the food and beverage industry due to the scarcity in labor. Some other challenges posed by the novel coronavirus include movement restrictions; weakened supply chains and the reduced supply of raw materials such as vegetables and wheat. These factors have given a massive blow to the ready-to-eat meals market.
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On the brighter side, the lockdown has accelerated the transition to e-commerce, with online shopping growing in popularity among people. This has been quite favorable for the ready to eat meals market in these uncertain times. Rising preference for ready-to-eat meals due to hectic lifestyle of working professionals, students and college grads remains one of the top factors contributing to the market growth. The spike in the preference for additive-free and minimally processed foods with longer shelf life also benefits the ready to eat meals industry.
Ready to eat meals are more cost-effective compared to other alternatives in the market, since they are precooked. Their easy availability all year round also bolsters their demand, while media and print advertisement helps fosters brand awareness among people. Leading market participants are constantly launching new ready meals to cater to the evolving demand of the consumers, with the primary aim of strengthening their global position.
To cite a reference, in August 2020, Kerry Foods’ brand Richmond Sausages launched a new range of frozen ready to eat meal products in the United Kingdom. This line-up will have two family-based meals, namely Sausage Casserole and Sausage and Tomato Pasta.
Segmental Analysis
The ready-to-eat meals industry has been dissected with regard to type as well as distribution channel.
The main types of ready to eat meals in the market include soups, salads, rice & noodles, pasta & pizzas, gravies & curries, and more.
Store-based and non-store-based are the key distribution channels in the worldwide market. The sub-segments, depending on the store-based type, are convenience stores, supermarkets & hypermarkets, to name a few.
Regional Insight
The market for ready to eat meals has been reviewed with respect to four regions, namely Europe, North America, Asia Pacific or APAC as well as RoW/ rest of the world.
Since 2018, Europe has been leading the ready-to-eat meals market can continue to do so throughout the duration of the evaluation period. Europe’s dominance is the outcome of the hectic lifestyle followed by the consumers and the growing preference for ready-to-eat meals due to their convenience and easy to cook nature. The UK/United Kingdom is the most lucrative market in the region, as several vendors in the country are focused on fortifying their distribution channels to capture a bigger share in the market and also boost their customer base at a global level.
However, it is North America that can post the highest expansion rate in the coming period, with the US at the vanguard of the said growth. The strong demand for convenience food and the rising use of healthy ingredients in ready to eat meals are cited to be the top growth inducers in the market. With more and more manufacturers introducing creative packaging and adhering to the regulations, the market growth in the region has been extensive in recent years. The frozen pizza segment notes intense demand in the region, and is a highly popular junk food among the youth and working professionals leading busy lifestyles.
The market growth in APAC is the result of the expanding target population and the dramatic surge in the disposable incomes of the consumers. Improving living standards along with the fast industrialization in India and China also enhances the market size in the region. Rising introduction of new and innovative products, like frozen salads and vegetables paired with the mounting preference for gluten-free meat also fuels the demand rate in the region.
Top Market Firms
Greencore Group plc (Ireland), General Mills Inc. (US), Kerry Group (Ireland), Grupo Bimbo S.A.B. de C.V. (Mexico), Conagra Foods Inc. (US), Associated British Foods PLC (UK), Tyson Foods, Inc (US), McCain Foods Limited (Canada), Unilever (UK), Bakkavor Group plc (UK), Premier Foods Plc (UK), are few of the top market firms profiled in the MRFR study.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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