Ready Meals Market Outlook 2024-2033: Growth Trends & Forecast Analysis Report

The ready meals market size has grown strongly in recent years. It will grow from $168.44 billion in 2023 to $184.38 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to changing consumer lifestyles, increased urbanization, rise of single-person households, evolving eating habits, innovation in packaging and preservatives.

The ready meals market size is expected to see rapid growth in the next few years. It will grow to $272.76 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to continued emphasis on convenience, globalization of cuisine, health and wellness considerations, expansion of e-commerce platforms, innovations in dietary preferences. Major trends in the forecast period include tech-driven cooking and meal preparation, focus on health claims and transparency, customization and personalization, innovations in meat alternatives, expanding breakfast and snacking options.

Market Overview -
The ready meals are convenient, inexpensive, fast, and pre-portioned. The ready meals are complete meals that only require heating before eating. They are ready to eat and already cooked or prepared. They are priced at a lower price and hence are cheap and convenient to use.

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The Role Of Extended Shelf Life In Fostering Growth Within The Ready Meals Market
The growing awareness of food products with extended shelf lives is significantly contributing to the growth of the ready meals market. The shelf life of a product is described as the amount of time it may be safely consumed while retaining its desired features such as sensory, functional, chemical, and microbiological properties. People are on the lookout for food with a long shelf life such as ready meals as they are convenient, inexpensive, fast, and pre-portioned with extended shelf lives. For instance, in April 2023, according to World Technology Ingredients, Inc., a US-based manufacturing company of food ingredients, food shelf-life extension can reduce around 50% of consumer food waste. Every year, roughly 2.8 trillion pounds of food are discarded globally, with the United States alone wasting 80 billion. Therefore, the growing awareness of food products with extended shelf lives is driving the growth of the ready meals market.

Competitive Landscape -
Major companies operating in the ready meals market report are Nestlé S.A., PepsiCo Inc., JBS S.A., Unilever Group, Tyson Foods Inc., Mars Incorporated, The Coca-Cola Company, Mondelez International Inc., Danone S.A., Kraft Foods Group Inc., General Mills Inc., Kellogg Company, Smithfield Foods Inc., Conagra Brands Inc., The Hershey Company, Ajinomoto Co Inc., BRF Global Market S.A., Kerry Group plc, Campbell Soup Company, McCormick & Company Inc., Post Holdings Inc., Fleury Michon S.A., Beyond Meat Inc., Eat Just Inc., Gobble Inc., Impossible Foods Inc., Sakara Life Inc., Dr. Oetker GmbH, Chao Xiang Yuan Food Co Ltd.

Revolutionizing Convenience And Nutrition With Pre-Packaged Gourmet Healthy Frozen Meals
Pre-packaged foods is a key trend gaining popularity in the ready meals market. Companies are focusing on offering fresher and more convenient nutritionally compliant dietary standards are key trend gaining popularity in the ready meals market. For instance, in January 2022, Kitchen Prep UK, a UK-based ready meal manufacturing company, launched frozen gourmet healthy pre-packaged frozen meals. Kitchen Prep UK specializes in chef-prepared ready meals for consumers who want to consume healthily but are short on time or prefer the simplicity of pre-prepared frozen choices that heat in the microwave in minutes. The new company has received assistance from specialists at the University of Nottingham's Food Innovation Centre, who have provided free advice on labeling, food hygiene training, and other facets of the venture.

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Key Segments -
The ready meals market covered in this report is segmented -
1) By Product: Frozen, Chilled, Canned, Dried
2) By Distribution Channel: Supermarket / Hypermarket, Convenience Store, Online
3) By End-User: Residential, Food Services

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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