Ready Meals Market 2023 Industrial Trends, Consumption Volume, Key Tactics and Competitive Strategies by 2032

The Global Ready Meals Market size is projected to reach USD 244.6 Billion by 2032 from USD 149.2 Billion in 2022, expanding at a compound annual growth rate of 5.20 % from 2023-2032.

Oct 16, 2023 - 10:01

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Ready Meals Market 2023 Industrial Trends, Consumption Volume, Key Tactics and Competitive Strategies by 2032

Market Analysis

The Ready Meals Market is projected to experience steady growth over the coming years due to rising consumer demand for convenience food as well as urbanization and working population expansion. This market can be divided by type, end user and distribution channel with each segment having their own definition. By type alone it includes canned/preserved ready meals; chilled pizza; chilled ready meals; dried ready meals; frozen pizza and ready meals as well as prepared salads as categories within it.

The Global Ready Meals Market size is projected to reach USD 244.6 Billion by 2032 from USD 149.2 Billion in 2022, expanding at a compound annual growth rate of 5.20 % from 2023-2032.

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Ready Meals Market Analysis:

Drivers of Demand:

Changing consumer lifestyles: Rising consumer lifestyles have put increasing strain on meal time management,ready meals provide a quick and effortless solution that puts food on the table without planning, shopping and cooking efforts required in traditional methods.
Online grocery shopping: With its vast array of products, online grocery shopping makes purchasing ready meals much simpler for consumers. By browsing a vast array of available products, they can easily locate meals which meet both their dietary requirements and personal tastes.
An increase in disposable income: As disposable incomes increase, consumers become more inclined to purchase prepackaged and packaged meals as an affordable and hassle-free solution for getting meals on the table quickly and conveniently.
Increase in Urbanization: Urbanization has led to an explosion in demand for ready meals, with people having less time or space available for making homemade meals from scratch.

Restrictions:

Health Concerns: Ready meals tend to contain high quantities of calories, fats, sodium and preservatives which is why there have been concerns raised regarding their long-term consumption.
Limited selection: Ready meal offerings may be limited in smaller stores and rural areas, making it hard for consumers to find meals that suit their dietary requirements or preferences.
Price: Ready meals may be more costly than cooking at home, particularly for healthier options.
Environmental Impact: Packaging and production processes associated with ready meal production have an adverse impact on the environment.

Opportunities:

Rising demand for convenience: People today are becoming busier and have less time to spend cooking, leading them to seek easy meal solutions like ready meals as an effortless way to put nutritious meals on their plates quickly and effortlessly.
Consumer awareness of healthful eating: People are becoming more health-minded and searching for ready meals with nutritious and high-quality ingredients. Many ready meal brands now provide healthier options such as low-cal, low-fat, and low-sodium options for their customers.
Distribution Channel Expansion: Ready meals are now widely distributed via supermarkets, convenience stores and online retailers, making it easier for consumers to locate and buy ready meals.
Healthier ready meals: There is an increasing demand for healthier ready meals made from top-quality ingredients and with lower calories, fat and sodium content. Ready meal brands can capitalize on this trend by expanding their healthy offerings or making existing ones healthier.

Challenges:

Health Concerns: Ready meals have the reputation of being unhealthy due to high levels of fat, salt and sugar content in some products; this perception may even be accurate in certain instances. But recently there has been an emerging trend towards offering healthier ready meals from manufacturers who offer options with reduced levels of these harmful components while simultaneously increasing protein and fiber intake.
Food Safety: Ready meals pose a potential food safety threat if not stored or handled appropriately, making this an issue for both manufacturers and retailers. They need to make sure their products are safe for consumption by consumers.
Competition: The ready meals market is highly competitive, with an extensive range of products from both established and new entrants. Manufacturers may find it challenging to differentiate their offerings and stand out from the crowd due to this fierce rivalry.
Packaging: Ready meals are typically packaged in plastic, which has environmental implications. There has been an increased interest for more sustainable solutions for ready meal packaging.