Ready Meals Market Poised for Strong Growth, Expected to Reach USD 276 Billion by 2030

According to Next Move Strategy Consulting, the global Ready Meals Market is experiencing robust growth, the market is expected to reach USD 276 billion by 2030, growing at a compound annual growth rate (CAGR) of 9%. Ready meals, also known as convenience meals or ready-to-eat meals, are pre-packaged, fully cooked food products that offer quick and easy solutions for consumers seeking convenience and time-saving options. These meals are typically found in supermarkets, convenience stores, and available for delivery through food services, coming in various forms such as frozen, chilled, or shelf-stable.

Ready meals are designed to cater to busy lifestyles by eliminating the need for meal planning and cooking. With a wide range of options available—including vegetarian, vegan, and gluten-free meals—ready meals provide not only convenience but also diverse dietary choices, contributing to a more balanced, health-conscious approach to eating. The growing awareness of health and well-being among consumers has further fueled the demand for nutritious and balanced ready-to-eat food options, promoting a shift in dietary habits toward plant-based and healthier choices.

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Market Dynamics and Trends

The demand for ready meals is being driven by several key factors, including increasingly hectic lifestyles, which make quick meal solutions more appealing. According to a 2021 survey by Eating Better, 86% of UK adults reported consuming ready meals, with a significant portion indulging in chilled ready meals on a weekly basis. As the pace of life accelerates globally, ready meals offer a convenient, time-efficient option without the need for preparation.

The rising preference for nutritious foods is another critical driver for the market. As awareness of healthy eating continues to grow, there is an increasing shift toward ready meals that are not only convenient but also nutritious. According to a 2021 report from the Food Institute, plant-based ready meals are becoming particularly popular due to the growing demand for plant-based diets and the increasing preference for vegetarian and vegan meal options.

Furthermore, the availability of various ready meal products—ranging from meal kits to frozen dinners—further fuels market growth. These products reduce the overall effort of cooking, making meal preparation even easier for consumers.

However, challenges such as the relatively high cost of ready meals compared to non-packaged foods, as well as potential issues related to the degradation of taste and freshness during storage, pose constraints to market growth. Despite these challenges, the continued advancements in food technology, such as microwave-assisted thermal sterilization (MATS), retort processes, and high-pressure processing (HPP), have significantly improved the quality and shelf life of ready meals, making them more appealing to health-conscious consumers.

Market Segmentation

The ready meals market is segmented by type, meal type, distribution channel, and region.

• Type: Frozen & chilled meals, prepared meals, dried prepared meals, canned prepared meals, shelf-stable meals, and others.
• Meal Type: Vegetarian, non-vegetarian, and vegan options.
• Distribution Channel: Supermarkets/hypermarkets, convenience stores, online retailers, specialty stores, and others.

Each of these segments plays a crucial role in shaping the market landscape, with frozen and chilled meals being some of the most popular options due to their convenience and long shelf life. The rise of e-commerce has also provided a significant boost to the online retail segment, offering consumers a wider variety of ready meals that can be delivered directly to their homes.

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Geographical Analysis

North America is currently the dominant region in the ready meals market, and it is expected to maintain its leadership through 2030. The increasing focus on healthier eating habits, with more consumers opting for nutritious ready meals, is contributing to the growth of this market in the region. A recent report by the World Economic Forum stated that around 50% of the U.S. population is categorized as healthy eaters, further fueling the demand for nutritious meal options.

Major companies like Kellogg Company, McCain Foods, General Mills, and Bakkavor Foods Ltd. are leading the charge in the North American ready meals market by launching new products that cater to the rising demand for healthier, ready-to-eat options. For example, in August 2022, General Mills introduced a series of meal kits designed to offer consumers either fully prepared meals or the essential ingredients to create quick, homemade dishes.

Asia-Pacific is also seeing steady growth in the ready meals market, driven by both local and global companies capitalizing on changing consumer preferences and the increasing demand for convenient meal solutions. Countries such as China, Japan, and India are witnessing an uptick in the working population, which is creating a significant demand for ready-to-eat packaged foods. In May 2022, Wilmar International launched a ready-to-eat meal business in China, tapping into the growing demand for convenient meal solutions in the region.

Competitive Landscape

Key players in the global ready meals market include Nestlé SA, General Mills Inc., Kellogg Company, Conagra Brands Inc., Tyson Foods Inc., McCain Foods, Nomad Foods Ltd, Unilever, Bakkavor Foods Ltd, and 2 Sisters Food Group. These companies are continually innovating and expanding their product offerings to maintain a competitive edge. For instance, in April 2022, Conagra Brands launched a series of carbon-neutral frozen meals, certified by the Carbonfree Product Certification Program, making them the first frozen offerings in this category to receive this designation.

In another significant move, Green Mill acquired TNT Crust in May 2022 to strengthen its position in the rapidly growing frozen baked goods segment, further consolidating its position in the ready meals market.

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