Ready Meals Market Revenue Reach $294.70 Billion | Global Industry Report Forecast 2025 | Market Research Report
The global ready meals market size is expected to reach USD 294.70 billion by 2025 registering a CAGR of 4.3%, according to a new report by Grand View Research, Inc. Ready meals are highly convenient and help save time and efforts required for meal preparation. This has led to the increased demand for such meals, especially by the working population and students across the globe.
In addition, these meals are a cost-effective and convenient alternative as they are precooked and thus require less preparation time. Moreover, rapidly expanding food packaging industry will drive the market growth. Rising demand for high-quality and additive-free food with extended shelf life is expected to fuel the market growth further. In addition, companies in the market are introducing nutritious ready meals along with attractive packaging, which, in turn, is boosting the product sales.
However, increasing safety concerns associated with ready meals might affect the growth of the key companies. Moreover, rising cases of obesity and other lifestyle diseases are anticipated to hinder the market growth. In the product type segment, the frozen and chilled segment holds the largest share in the market. Frozen and chilled food products have high demand owing to their extended shelf life as compared to the other product types.
The canned product segment is estimated to register the fastest CAGR from 2019 to 2025. North America held the largest share of the global market in 2018 and will continue growing at a healthy CAGR during the forecast years owing to increasing target population. Asia Pacific is the second-largest regional market owing to rising population, consumer disposable income, and rapid industrialization in emerging economies, such as India and China.
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Further key findings from the study suggest:
- The canned product type segment is projected to ascend at the fastest CAGR of 4.84% over the forecast years
- North America is estimated to be the dominant regional market by 2025; however, Central & South America is projected to expand at the maximum growth rate of 5.7% from 2019 to 2025
- Some of the key companies in the ready meals market are ConAgra Brands, Inc.; Nestle S.A.; Kraft Heinz Company; Chao Xiang Yuan Food Co. Ltd.; Dr. Oetker; BRF S.A.; Berkshire; General Mills; Massa Leve; and Tyson Foods
- Most of these manufacturers focus on product development and capacity and portfolio expansion to estimate existing and future demand patterns from upcoming application segments
Grand View Research has segmented the global ready meals market on the basis of product type, distribution channel, and region:
Ready Meals Product Type Outlook (Revenue, USD Billion, 2015–2025)
- Frozen and chilled
- Canned
- Dried
Ready Meals Distribution Channel Outlook (Revenue, USD Billion, 2015–2025)
- Retail & Supermarket
- Online Platform
