Prepared Meals Market
Prepared Meals Market Forecasts to 2028 - Global Analysis By Product (Frozen Meals, Canned Meals, Chilled Meals, Prepared Salads and Dried Ready Meals), Type (Vegetarian, Non-vegetarian and Vegan), Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail and Other Distribution Channels), End User (Residential and Food Services) and Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $159.98 BN |
|
Projected Year Value (2028) |
US $265.36 BN |
|
CAGR (2022 - 2028) |
8.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Europe |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Prepared Meals Market is accounted for $159.98 billion in 2022 and is expected to reach $265.36 billion by 2028 growing at a CAGR of 8.8% during the forecast period. Fresh and frozen packaging is used for prepared meals. They need to be prepared a little in addition to being heated. The demand for high-pressure processing (HPP) technology has increased due to consumers' preference for packaged "ready meals" with fewer preservatives and a longer shelf life. This technology eliminates pathogens and other spoilage microorganisms by applying pressure that is spread by water. Using this cutting-edge technology, shelf life can be increased by two to three times without the use of preservatives.
According to the British Federal Association, in April 2021, the frozen category grew ahead of the retail channel at 11.5% and also ahead of its chilled and fresh categories.
Market Dynamics:
Driver:
Increased Demand for Convenience Foods
Since they save time and effort for working professionals with busy schedules, the demand for ready-to-eat and convenience foods has rapidly increased. Because of their growing fascination with cutting-edge packaged foods, Millennials and Generation Z are driving the introduction of high-end products. Furthermore, those who consider themselves "foodies" are driving up demand for higher-quality, more nutrient-dense ready-to-eat foods.
Restraint:
Health concerns
Because of consumer concerns about their health and their misconceptions about the effects of ready meals, this further hinders the market growth. Consumers have also been turned off to these meals as a result of incidents like the UK's horse meat scandal. Additionally, the market for ready meals has restricted growth prospects because manufacturers cannot assure consistency and quality using the current transportation and storage systems.
Opportunity:
Increasing Penetration of Several Food Manufacturers
For consumers with hectic schedules require food options that combine quality, flavour, nutrition, and fuss-free preparation, prepared meals are an easy and convenient lifestyle alternative. After convenience, health is the most significant trend driving market innovation. Manufacturers are emphasising pre-made meals with ingredients that have clear health benefits, like oats and antioxidants. Producers are currently introducing natural and healthier ready meals as a result of rising consumer demand for prepared meals.
Threat:
Availability of counterfeit products
Due to the widespread use of food products that have been inaccurately branded, adulteration of ready meals containing fake ingredients causes significant financial loss to major players. Counterfeiting is the issue the sector faces. Additionally, the reputation and brand loyalty of well-known brands are frequently tarnished by counterfeiting, and as a result, leading market players encounter obstacles in widening their markets.
Covid-19 Impact:
Due to the COVID-19 pandemic pressuring many consumers to stay at home and necessitating the purchase of prepared meal products, demand for prepared meals has increased and currently outperforms supply. The pandemic ramped up this growth by deterring people from dining out and encouraging them to switch to online grocery stores. Demand was seen for both ready-made meals purchased online and for delivery of meals from restaurants. More online meal options and more intense competition resulted from consumers' demand for convenience and food products that can be consumed while on the go.
The frozen meals segment is expected to be the largest during the forecast period
The market segment for frozen meals held the largest share globally during the forecast period because, when compared to chilled products, the product has a longer shelf life, which helps maintain the product's nutritional value and freshness. Additionally, frozen ready meals are a more practical alternative to chilled products, driving up demand for frozen prepared meals.
The non-vegetarian segment is expected to have the highest CAGR during the forecast period
The non-vegetarian segment held the highest CAGR for ready meals in 2021, and it is anticipated that it will continue to hold this position throughout the forecast period as the non-vegetarian demand has benefited from consumer demand for protein-rich foods like chicken nuggets with added value, sausages, and salami. Due to growing hygienic concerns with fresh products on the market, frozen non-vegetarian packaged food is becoming more popular among consumers.
Region with largest share:
Owing to aspects like the introduction of more exotic products, the drive toward premiumization, and the influence of private labels, Europe is predicted to account for the largest market share during the projection period. Additionally, the U.K. dominates the consumption of these meals in Europe. Half of the ready meal sales in Europe are composed of the U.K., France, and Germany. Moreover, the hectic lifestyles of consumers are fueling an increase in the demand for convenience food products, which is boosting market expansion in this region.
Region with highest CAGR:
Due to the region's growing target population, the Asia-Pacific region is predicted to experience the highest growth during the forecast period. The market is expanding as a result of rising consumer disposable income and increased awareness of ready-meal products. Furthermore, the demand for pre-packaged meals will also grow as a result of rising living standards and rapid industrialization in emerging economies like India. Additionally, the increased participation of women in the Japanese labour force has aided the development of ready meals by increasing demand for reducing the time and effort required to prepare breakfast and dinner meals.
Key players in the market
Some of the key players in Prepared Meals market include Green Mill Foods, Tyson Foods, McCain Foods, Nestle S.A., ConAgra Brands, Millennium Foods, Sister Food Group, Kellogg Company, Nomad Foods, Unilever, Fridge Foods Group, General Mills, Gourmet Foods, Dr. Oetker and J.M. Smucker Co.
Key Developments:
In September 2021, BOSH launched its first range of vegan packaged eatables in Morrisons. The product range includes Shepherd’s Pie and Chilli Non-Carne, which have been made in collaboration with packaged meal specialist Oscar Mayer.
In January 2021, India-based The Taste Company expanded its product portfolio to include non-vegetarian pre-packed meals. These are made with traditional home-style cooking methods to eliminate the need for preservatives or artificial colors.
Products Covered:
• Frozen Meals
• Canned Meals
• Chilled Meals
• Prepared Salads
• Dried Ready Meals
Types Covered:
• Vegetarian
• Non-vegetarian
• Vegan
Distribution Channels Covered:
• Supermarkets & Hypermarkets
• Convenience Stores
• Online Retail
• Other Distribution Channels
End Users Covered:
• Residential
• Food Services
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Prepared Meals Market, By Product
5.1 Introduction
5.2 Frozen Meals
5.3 Canned Meals
5.4 Chilled Meals
5.5 Prepared Salads
5.6 Dried Ready Meals
6 Global Prepared Meals Market, By Type
6.1 Introduction
6.2 Vegetarian
6.3 Non-vegetarian
6.4 Vegan
7 Global Prepared Meals Market, By Distribution Channel
7.1 Introduction
7.2 Supermarkets & Hypermarkets
7.3 Convenience Stores
7.4 Online Retail
7.5 Other Distribution Channels
8 Global Prepared Meals Market, By End User
8.1 Introduction
8.2 Residential
8.3 Food Services
9 Global Prepared Meals Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Green Mill Foods
11.2 Tyson Foods
11.3 McCain Foods
11.4 Nestle S.A.
11.5 ConAgra Brands
11.6 Millennium Foods
11.7 Sister Food Group
11.8 Kellogg Company
11.9 Nomad Foods
11.10 Unilever
11.11 Fridge Foods Group
11.12 General Mills
11.13 Gourmet Foods
11.14 Dr. Oetker
11.15 J.M. Smucker Co.
List of Tables
1 Global Prepared Meals Market Outlook, By Region (2020-2028) ($MN)
2 Global Prepared Meals Market Outlook, By Product (2020-2028) ($MN)
3 Global Prepared Meals Market Outlook, By Frozen Meals (2020-2028) ($MN)
4 Global Prepared Meals Market Outlook, By Canned Meals (2020-2028) ($MN)
5 Global Prepared Meals Market Outlook, By Chilled Meals (2020-2028) ($MN)
6 Global Prepared Meals Market Outlook, By Prepared Salads (2020-2028) ($MN)
7 Global Prepared Meals Market Outlook, By Dried Ready Meals (2020-2028) ($MN)
8 Global Prepared Meals Market Outlook, By Type (2020-2028) ($MN)
9 Global Prepared Meals Market Outlook, By Vegetarian (2020-2028) ($MN)
10 Global Prepared Meals Market Outlook, By Non-vegetarian (2020-2028) ($MN)
11 Global Prepared Meals Market Outlook, By Vegan (2020-2028) ($MN)
12 Global Prepared Meals Market Outlook, By Distribution Channel (2020-2028) ($MN)
13 Global Prepared Meals Market Outlook, By Supermarkets & Hypermarkets (2020-2028) ($MN)
14 Global Prepared Meals Market Outlook, By Convenience Stores (2020-2028) ($MN)
15 Global Prepared Meals Market Outlook, By Online Retail (2020-2028) ($MN)
16 Global Prepared Meals Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
17 Global Prepared Meals Market Outlook, By End User (2020-2028) ($MN)
18 Global Prepared Meals Market Outlook, By Residential (2020-2028) ($MN)
19 Global Prepared Meals Market Outlook, By Food Services (2020-2028) ($MN)
20 North America Prepared Meals Market Outlook, By Country (2020-2028) ($MN)
21 North America Prepared Meals Market Outlook, By Product (2020-2028) ($MN)
22 North America Prepared Meals Market Outlook, By Frozen Meals (2020-2028) ($MN)
23 North America Prepared Meals Market Outlook, By Canned Meals (2020-2028) ($MN)
24 North America Prepared Meals Market Outlook, By Chilled Meals (2020-2028) ($MN)
25 North America Prepared Meals Market Outlook, By Prepared Salads (2020-2028) ($MN)
26 North America Prepared Meals Market Outlook, By Dried Ready Meals (2020-2028) ($MN)
27 North America Prepared Meals Market Outlook, By Type (2020-2028) ($MN)
28 North America Prepared Meals Market Outlook, By Vegetarian (2020-2028) ($MN)
29 North America Prepared Meals Market Outlook, By Non-vegetarian (2020-2028) ($MN)
30 North America Prepared Meals Market Outlook, By Vegan (2020-2028) ($MN)
31 North America Prepared Meals Market Outlook, By Distribution Channel (2020-2028) ($MN)
32 North America Prepared Meals Market Outlook, By Supermarkets & Hypermarkets (2020-2028) ($MN)
33 North America Prepared Meals Market Outlook, By Convenience Stores (2020-2028) ($MN)
34 North America Prepared Meals Market Outlook, By Online Retail (2020-2028) ($MN)
35 North America Prepared Meals Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
36 North America Prepared Meals Market Outlook, By End User (2020-2028) ($MN)
37 North America Prepared Meals Market Outlook, By Residential (2020-2028) ($MN)
38 North America Prepared Meals Market Outlook, By Food Services (2020-2028) ($MN)
39 Europe Prepared Meals Market Outlook, By Country (2020-2028) ($MN)
40 Europe Prepared Meals Market Outlook, By Product (2020-2028) ($MN)
41 Europe Prepared Meals Market Outlook, By Frozen Meals (2020-2028) ($MN)
42 Europe Prepared Meals Market Outlook, By Canned Meals (2020-2028) ($MN)
43 Europe Prepared Meals Market Outlook, By Chilled Meals (2020-2028) ($MN)
44 Europe Prepared Meals Market Outlook, By Prepared Salads (2020-2028) ($MN)
45 Europe Prepared Meals Market Outlook, By Dried Ready Meals (2020-2028) ($MN)
46 Europe Prepared Meals Market Outlook, By Type (2020-2028) ($MN)
47 Europe Prepared Meals Market Outlook, By Vegetarian (2020-2028) ($MN)
48 Europe Prepared Meals Market Outlook, By Non-vegetarian (2020-2028) ($MN)
49 Europe Prepared Meals Market Outlook, By Vegan (2020-2028) ($MN)
50 Europe Prepared Meals Market Outlook, By Distribution Channel (2020-2028) ($MN)
51 Europe Prepared Meals Market Outlook, By Supermarkets & Hypermarkets (2020-2028) ($MN)
52 Europe Prepared Meals Market Outlook, By Convenience Stores (2020-2028) ($MN)
53 Europe Prepared Meals Market Outlook, By Online Retail (2020-2028) ($MN)
54 Europe Prepared Meals Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
55 Europe Prepared Meals Market Outlook, By End User (2020-2028) ($MN)
56 Europe Prepared Meals Market Outlook, By Residential (2020-2028) ($MN)
57 Europe Prepared Meals Market Outlook, By Food Services (2020-2028) ($MN)
58 Asia Pacific Prepared Meals Market Outlook, By Country (2020-2028) ($MN)
59 Asia Pacific Prepared Meals Market Outlook, By Product (2020-2028) ($MN)
60 Asia Pacific Prepared Meals Market Outlook, By Frozen Meals (2020-2028) ($MN)
61 Asia Pacific Prepared Meals Market Outlook, By Canned Meals (2020-2028) ($MN)
62 Asia Pacific Prepared Meals Market Outlook, By Chilled Meals (2020-2028) ($MN)
63 Asia Pacific Prepared Meals Market Outlook, By Prepared Salads (2020-2028) ($MN)
64 Asia Pacific Prepared Meals Market Outlook, By Dried Ready Meals (2020-2028) ($MN)
65 Asia Pacific Prepared Meals Market Outlook, By Type (2020-2028) ($MN)
66 Asia Pacific Prepared Meals Market Outlook, By Vegetarian (2020-2028) ($MN)
67 Asia Pacific Prepared Meals Market Outlook, By Non-vegetarian (2020-2028) ($MN)
68 Asia Pacific Prepared Meals Market Outlook, By Vegan (2020-2028) ($MN)
69 Asia Pacific Prepared Meals Market Outlook, By Distribution Channel (2020-2028) ($MN)
70 Asia Pacific Prepared Meals Market Outlook, By Supermarkets & Hypermarkets (2020-2028) ($MN)
71 Asia Pacific Prepared Meals Market Outlook, By Convenience Stores (2020-2028) ($MN)
72 Asia Pacific Prepared Meals Market Outlook, By Online Retail (2020-2028) ($MN)
73 Asia Pacific Prepared Meals Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
74 Asia Pacific Prepared Meals Market Outlook, By End User (2020-2028) ($MN)
75 Asia Pacific Prepared Meals Market Outlook, By Residential (2020-2028) ($MN)
76 Asia Pacific Prepared Meals Market Outlook, By Food Services (2020-2028) ($MN)
77 South America Prepared Meals Market Outlook, By Country (2020-2028) ($MN)
78 South America Prepared Meals Market Outlook, By Product (2020-2028) ($MN)
79 South America Prepared Meals Market Outlook, By Frozen Meals (2020-2028) ($MN)
80 South America Prepared Meals Market Outlook, By Canned Meals (2020-2028) ($MN)
81 South America Prepared Meals Market Outlook, By Chilled Meals (2020-2028) ($MN)
82 South America Prepared Meals Market Outlook, By Prepared Salads (2020-2028) ($MN)
83 South America Prepared Meals Market Outlook, By Dried Ready Meals (2020-2028) ($MN)
84 South America Prepared Meals Market Outlook, By Type (2020-2028) ($MN)
85 South America Prepared Meals Market Outlook, By Vegetarian (2020-2028) ($MN)
86 South America Prepared Meals Market Outlook, By Non-vegetarian (2020-2028) ($MN)
87 South America Prepared Meals Market Outlook, By Vegan (2020-2028) ($MN)
88 South America Prepared Meals Market Outlook, By Distribution Channel (2020-2028) ($MN)
89 South America Prepared Meals Market Outlook, By Supermarkets & Hypermarkets (2020-2028) ($MN)
90 South America Prepared Meals Market Outlook, By Convenience Stores (2020-2028) ($MN)
91 South America Prepared Meals Market Outlook, By Online Retail (2020-2028) ($MN)
92 South America Prepared Meals Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
93 South America Prepared Meals Market Outlook, By End User (2020-2028) ($MN)
94 South America Prepared Meals Market Outlook, By Residential (2020-2028) ($MN)
95 South America Prepared Meals Market Outlook, By Food Services (2020-2028) ($MN)
96 Middle East & Africa Prepared Meals Market Outlook, By Country (2020-2028) ($MN)
97 Middle East & Africa Prepared Meals Market Outlook, By Product (2020-2028) ($MN)
98 Middle East & Africa Prepared Meals Market Outlook, By Frozen Meals (2020-2028) ($MN)
99 Middle East & Africa Prepared Meals Market Outlook, By Canned Meals (2020-2028) ($MN)
100 Middle East & Africa Prepared Meals Market Outlook, By Chilled Meals (2020-2028) ($MN)
101 Middle East & Africa Prepared Meals Market Outlook, By Prepared Salads (2020-2028) ($MN)
102 Middle East & Africa Prepared Meals Market Outlook, By Dried Ready Meals (2020-2028) ($MN)
103 Middle East & Africa Prepared Meals Market Outlook, By Type (2020-2028) ($MN)
104 Middle East & Africa Prepared Meals Market Outlook, By Vegetarian (2020-2028) ($MN)
105 Middle East & Africa Prepared Meals Market Outlook, By Non-vegetarian (2020-2028) ($MN)
106 Middle East & Africa Prepared Meals Market Outlook, By Vegan (2020-2028) ($MN)
107 Middle East & Africa Prepared Meals Market Outlook, By Distribution Channel (2020-2028) ($MN)
108 Middle East & Africa Prepared Meals Market Outlook, By Supermarkets & Hypermarkets (2020-2028) ($MN)
109 Middle East & Africa Prepared Meals Market Outlook, By Convenience Stores (2020-2028) ($MN)
110 Middle East & Africa Prepared Meals Market Outlook, By Online Retail (2020-2028) ($MN)
111 Middle East & Africa Prepared Meals Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
112 Middle East & Africa Prepared Meals Market Outlook, By End User (2020-2028) ($MN)
113 Middle East & Africa Prepared Meals Market Outlook, By Residential (2020-2028) ($MN)
114 Middle East & Africa Prepared Meals Market Outlook, By Food Services (2020-2028) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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