|Market Size in 2019||Market Forecast in 2026||CAGR (in %)||Base Year|
|USD 233.68 Billion||USD 387.7 Billion||7.5%||2019|
Ready Meals Market
The ready meals market is set for a rapid growth over the forecast period. In terms of revenue, the global ready meals market size was worth around USD 233.68 Billion in 2019 and is expected to reach USD 387.7 Billion by 2026, growing at a CAGR of 7.5% from 2020 to 2026.
Ready meals are precooked and prepackaged meals that can be consumed with minimum or no preparation. It is readily available in the metropolitan cities around the global. The ease of convenience provided by it in today’s busy lifestyle of people is the major driver for the ready meals market.
The global ready meals market is anticipated to observe significant growth over the years. The consumer preference for ready meals over home-cooked food is mainly due to its high-speed cooking time, which is the major factor that is driving the market. This growing trend has even compelled the key players in the market to launch new innovative ready meals based products. The inclusion of healthy ingredients in the ready meals has surged its demand from the target audience of health-conscious consumers, who are mostly working professionals. The hectic lifestyle and less time available for cooking food at home have incited the need for ready meals. Moreover, cost-effectiveness, as compared to food from restaurants, is another factor that drives the overall ready meals market. Rapid urbanization in emerging economies such as India, China, Japan, etc. has great opportunities for the ready meals market and will witness humongous growth in the upcoming years.
The ready meals save time which would have been instead used for the preparation of the food. The students all across the globe coupled with the working population have the ease of convenience at their first priority. This changing lifestyle has boosted the overall demand for convenience foods as the ready meals provide ease of convenience and save time. The rising per capita income is one more factor that will augment the overall market for the upcoming years.
Based on product type, the ready meals market is segmented into frozen ready meals, chilled ready meals, canned ready meals, and dried ready meals. The frozen ready meals are high in demand and dominate the entire market with the largest share. Based on the distribution channel, the ready meals market is segmented into the supermarkets/hypermarkets, convenience stores, online retail stores, and others. The hypermarket & supermarket have the largest share of the market in terms of distribution channels of ready meals. Food products come under common household entities and therefore are bought along with the other home essentials from the supermarkets by most of the consumers.
|Report Attributes||Report Details|
|Report Name||Ready Meals Market Research Report|
|Market Size in 2019||USD 233.68 Billion|
|Market Forecast in 2026||USD 387.7 Billion|
|Growth Rate||CAGR of 7.5%|
|Number of Pages||214|
|Key Companies Covered||Nomad Foods Ltd, Nestle SA, McCain Foods Ltd., Premier Foods plc, Conagra Brands Inc., Oetker Group, Findus Group Ltd.,|
|Segments Covered||By Product Type, By Distribution Channel, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2015 to 2018|
|Forecast Year||2020 - 2026|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Based on regions, the global ready meals market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North America region held a notable share in 2019.
The Asia Pacific region is one of the most lucrative regions for market players. This surge is due to the increasing adoption of ready meals in the developing economies such as India, China, etc.
Some of key players in ready meals market are
By Product Type
By Distribution Channel
The global ready meals market was valued at USD 233.68 Million in 2019.
The global ready meals market is expected to reach USD 387.7 Million by 2026, growing at a CAGR of 7.5% between 2020 to 2026.
Some of the key factors driving the global ready meals market growth are the preference for ready meals over cooking at home entirely, and rising demand from the Europe. Moreover, extensive promotional activities by market players and growing awareness about the ease of convenience provided by it are further driving the importance of ready meals in Asia-Pacific.
North America region is anticipated to hold a substantial share in the ready meals market. This is attributable to the presence of major players such as McCain Foods, Nomad Foods, and Premium Foods, among others. Asia Pacific region is projected to grow at a significant rate owing to the rising demand for ready meals in developing economies such as China and India.
Some of the major companies operating in the ready meals market are Nomad Foods Ltd, Nestle SA, McCain Foods Ltd., Premier Foods plc, Conagra Brands, Inc., Oetker Group, and Findus Group Ltd. among others.