Market Overview
The global prepared meals market size was valued at USD 166.62 billion in 2023 and is projected to grow from USD 177.58 billion in 2024 to USD 305.68 billion by 2032, exhibiting a CAGR of 7.02% during the forecast period.
This information is provided by Fortune Business Insights, in its report titled, “Prepared Meals Market, 2024-2032.”
List of Key Players Covered in the Report
- General Mills (U.S.)
- NestleA.(Switzerland)
- Tyson Foods (U.S.)
- ConAgra Brands (U.S.)
- Dr Oetker (Germany)
- Green Mill Foods (U.S.)
- Unilever (U.K.)
- M. Smucker Co. (U.S.)
- McCain Foods (Canada)
- Kellogg Company (U.S.)
Segments
Rising Consumer Preference for Frozen and Chilled Meals to Trigger the Demand Growth
Based on product, the global market is segmented into frozen meals, chilled meals, and canned meals. Frozen meals segment accounted for the largest share in the market and is among the most popular product categories globally.
Supermarkets & Hypermarkets to hold Substantial Market Share, Owing to Availability of Multiple Brands
Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment dominated the market, owing to the availability of a wide options of ready meals and ease of accessibility.
Based on geography, the global market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Source: https://www.fortunebusinessinsights.com/prepared-meals-market-105002
Report Coverage
The report presents a holistic study of the market along with current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified and their strategies to bolster the prepared meals market growth are shared in the report.
Driving Factors
Convenience Food Demand Rises, Supporting Market Growth
Since convenience food allows busy working professionals with demanding schedules to save time and effort, the demand for ready-to-eat and convenience foods has risen quickly. Through their increased interest in cutting-edge packaged meals, millennials and members of Generation Z are driving the launch of high-quality items. Additionally, those who consider themselves “foodies” have a greater demand for more upscale and nutrient-dense ready-to-eat foods. Additionally, the increased need for portable foods enables manufacturers to create new products that satisfy popular consumer demands wherever customers are present.
Regional Insights
Europe Dominated Backed by Increasing Premiumization
In 2021, Europe overtook Asia as the largest market. The introduction of more exotic items, the drive toward premiumization, and the influence of private labels are just a few of the causes that are predicted to cause the industry to expand dramatically.
Due to rising processed food demand and rising income levels among the populace, the market in North American nations such as the U.S. and Canada is anticipated to experience significant growth.
The Asia Pacific region is anticipated to experience tremendous growth in the near future. Other developing nations such as India, the Philippines, Singapore, and Australia are growing quickly due to their great potential and low saturation. Japan and China still hold a sizable prepared meals market share.
Competitive Landscape
Key Players Sign Significant Contracts to Make Remarkable Changes in Market
The players operating in the market often employ numerous tactics that will aid the market growth and product demand. Among the pool of strategies, one such notable strategy to expand the business prospect is signing multimillion contracts with government bodies and securing a profitable revenue for their own company.
Key Industry Development
December 2021: Strong Roots is a new company that produces frozen plant-based foods, and McCain Foods invested USD 55 million in it. Strong Roots specializes in producing frozen food items such bean burgers, beat roots, and mixed fruit & vegetable browns.