Market Size of Ready Meals Industry
| Study Period | 2018 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.62 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Ready Meals Market Analysis
The Ready Meals Market is projected to record a CAGR of 4.62% over the next five years.
The major factor driving the market is the convenience provided in terms of time-saving, less effort of cooking, and ease of handling and storage. Chilled and frozen meals held a significant demand in recent years. The increasing demand for its huge variety of ready meals with a high shelf life is expected to drive the market during the forecast period. Consumer interest in new products and ingredients is significantly increasing and is expected to witness positive developments. However, with the current trend of adopting a western lifestyle and consuming ready meals, people are keen to try different meals from other ethnicities such as Indian, Thai, and Italian. Therefore, in ethnic ready meals, frozen pizza is the most preferable and highly consumed frozen ready meal globally, which contributes to global revenue and accelerates the market.
Due to urbanization and the increase in disposable income in the world and the increasing no. of working women, people do not have time to cook. Therefore they prefer ready meals over traditional meals during working hours. Also, college-going students have very less time to eat during their breaks therefore they need their food to be easy to access and convenient. market players have been preparing many products according to consumer preferences. For instance, in July 2021, J.M. Smucker Co.'s Uncrustables brand launched uncured pepperoni roll-ups and pepperoni bites for lunch times. Bread bites are made with marinara sauce, natural uncured pepperoni, and mozzarella cheese while roll-ups are made with natural uncured pepperoni and 100% real provolone and Neufchâtel cheeses with seasoning. It takes less than 60 seconds to prepare.
