Ready-to-Eat Meals Market Size was valued at USD 81.7 billion in 2023. The ready-to-eat meals industry is projected to grow from USD 90.6 Billion in 2024 to USD 188.0 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.98% during the forecast period (2024 - 2032). Rising trends relating to convenience food consumption and the increase in consumers' per capita disposable income are the key ready-to-eat meal market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
As individuals seek higher-quality ingredients, greater variety, and quicker delivery, packed meal preferences are continuously shifting. This has increased demand for same-day delivery and ready-to-eat takeaways, which command higher prices. Two in five people in the U.K. consume packaged meals every week, and 88% of adults eat ready breakfasts and dinners or ready-to-cook items, according to Eating Better's Ready Meals 2020 Snapshot Survey. These patterns are positive for ready-to-eat market expansion.
Moreover, the trend toward more plant-based/vegan ingredients and sustainable packaging with less plastic and waste is changing how packaged food boxes are perceived. Brands are under increasing pressure to provide better items for the environment. For instance, Walki, a consumer and industrial packaging business, introduced a line of frozen and packed food trays in September 2021. These trays are said to be recyclable in paper streams. The Walki Pack Tray PET is one of the new trays; it has a thin PET lining that is regarded as a mono-material and may be recycled in paper streams.
Due to the rising demand for ready meals, the supply side of the ready-to-meal industry has also been evolving, forcing restaurants, hotels, and cafes to alter their business models. At the same time, this change presents fresh opportunities for businesses, including grocers, hypermarkets, and supermarkets. Important supermarkets like Walmart, Target, and Aldi have offered packaged breakfast and dinner items or worked with cloud kitchens. For instance, Finnair began selling its products in supermarkets in October 2020 when it introduced "Taste of Finnair" in K-Citymarket Tammisto, a grocery store in Vantaa, Finland. Therefore, the enhancement of restaurants, hotels, and cafes to further drove the ready-to-eat meals market CAGR ly in recent years.
However, to cater to the demand, there have been significant advances in product packaging, another factor driving the growth of the ready-to-eat meals industry revenue.
The ready-to-eat meals market segmentation, based on type, includes rice & noodles, salads, gravies & curries, pasta & pizzas, soups and others. The rice and noodles segment held the majority share in 2021, contributing to around ~30% of the ready-to-eat meals industry revenue. This is primarily due to factors including the increase in the diversity of products and consumer knowledge of the introduction of organic ready-to-eat foods. Besides, the salads category is presumed to witness the fastest growth over the coming years. This is due to the increasing demand for healthy foods among millennials across the globe.
Figure 2: Ready-to-Eat Meals Market, by Distribution Channel, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The ready-to-eat meals market segmentation, based on distribution channel, includes store and non-store based. The store-based category is expected to dominate the growth of the ready-to-eat meals industry over the anticipated timeframe. Moreover, the store-based category is further bifurcated into supermarkets, hypermarkets, convenience stores, and others. In 2021, supermarkets and hypermarkets contributed the most to the market of ready-to-eat meals. In industrialized nations like the U.K. and the U.S., ready meals are becoming more popular. Most supermarkets, hypermarkets, and convenience stores carry their selection of practical ready-to-eat items. For instance, independent retailer Jempson introduced a variety of prepared meals in its neighborhood kitchen in January 2021. These meals include lasagna, toad in the hole, fish pie, and chicken with honey and mustard.
Besides, the non-store-based category is projected to witness the highest growth in the anticipated timeframe due to rising demand for online distribution channels worldwide. Hence, rising demand for online distribution channels is projected to positively impacts the ready-to-eat meals market growth.
By Region, the study provides the ready-to-eat meals market insights into North America, Europe, Asia-Pacific and the Rest of the World. Europe market of ready-to-eat meals accounted for USD 34.8 billion in 2021 and is presumed to exhibit a noteworthy CAGR growth during the study period. This is attributed to several variables, including the augmented popularity of convenience foods along with the availability of a wide variety of ready-to-eat meals. Moreover, the presence of well-known players in a European geographic area may also be a factor in the region's growth.
Further, the major countries studied in the ready-to-eat meals market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: READY-TO-EAT MEALS MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America, ready-to-eat meals market, accounts for the second-largest ready-to-eat meals market share. The region's product demand is driven by customers' changing food tastes due to rising health consciousness and worries about food safety. Additionally, pre-packaged vegan, gluten-free, and organic foods get a lot of value from consumer trust and perceptions of the items' healthfulness. The popularity of ready-to-eat meals is rising due to their mobility, convenience, and accessibility to new options. Further, the United States ready-to-eat meals held the largest market share, and the Canadian ready-to-eat meals industry was the fastest-growing market in the European region
The Asia-Pacific Ready-to-Eat Meals Market is expected to grow at the fastest CAGR from 2022 to 2030. The market is expanding due to rising consumer disposable income and increased awareness of ready-meal goods. Additionally, the demand for pre-packaged meals will benefit from rising living standards and quick industrialization in developing nations like India. Moreover, China ready-to-eat meals held the largest market share, and the India ready-to-eat meals industry is the fastest-growing market in the Asia-Pacific region.
Major market players are investing ample money on research & development to grow their product lines, which is estimated to help the ready-to-eat meals market grow in the coming years. Ready-to-eat meals contributors are taking various planned initiatives to grow their footprint, with key market developments such as increased investments, contractual agreements, new product launches, mergers and acquisitions, and collaboration with other organizations. Participants in the ready-to-eat meals industry must offer lucrative items to expand and continue in a progressively competitive and increasing market environment.
One of the key business strategies accepted by manufacturers in the ready-to-eat meals industry to advantage clients and expand the market sector is to produce locally to reduce operating costs. In recent years, the ready-to-eat meals industry has provided products with some of the most significant benefits. The ready-to-eat meals market major player such as General Mills Inc., Premier Foods Plc, Unilever, Kerry Group, Conagra Foods Inc are working to increase the market demand by investing in R&D activities.
American multinational General Mills, Inc. produces and markets branded processed consumer foods distributed through retail outlets. The enterprise, which was established at Saint Anthony Falls in Minneapolis on the banks of the Mississippi River, first rose to prominence as a significant flour miller. In August 2022, Prepared meal kits were introduced by General Mills Inc. under the Betty Crocker, Old El Paso, Pillsbury, and Annie's Organic brands. It offers customers options for easy homemade recipes that are fully cooked and ready to eat.
Also, Nestlé S.A. is an international food and beverage processing conglomerate firm located in Vevey, Vaud, Switzerland. Some of the baby food, medical food, bottled water, breakfast cereals, coffee, tea, confections, dairy goods, ice cream, frozen foods, pet foods, and snacks are all manufactured by Nestlé. In August 2021, Freshly, the brand owned by Nestlé, just introduced its first line of vegan meals. The chef-prepared meal delivery service's new completely plant menu will feature six selections created to highlight plant-based dishes' health advantages and mouthwatering potential. The meals, which can be prepared in about three minutes, are influenced by a variety of cuisines and include Moroccan Herb Falafel Bowl with Garlicky Hummus & Toasted Quinoa, Indian-Spiced Chickpea Curry Bowl with Basmati Rice, Lentils & Veggies, Farmstead Baked Pasta with Melty Cashew Cheese & Seasonal Veggies, Creamy Buffalo Cauli Mac & Cheese with Garlic-Roa.
Ready-to-Eat Meals Industry Developments
September 2022 witnessed McCain Foods’ acquisition of Scelta Products, a company based in the Netherlands. Consequently, this takeover would consolidate the position of the company in frozen appetizers for further innovation and capacity building.
Similarly, General Mills Inc., in August 2022, launched meal kits made under Betty Crocker, Old El Paso, Pillsbury and Annie’s Organic brands which are ready to eat. It further gives consumers an opportunity to have fully prepared and ready-to-eat meals for simple homemade dishes.
For instance, VegaBytz introduced their plant-based meat that is 100% vegan meat product range in India in February 2022. Other than that point all other things in the line of products from Vegasbytz consist of vegan Meat/Chicken/Tuna ready-to-eat meals as well as curry products totally made out of plants. Furthermore, being led by companies investing in widespread adoption strategies across these regions results in market growth.
In September 2021, Walki – a consumer and industrial packaging specialist – launched a series of trays for packed and frozen foods said to be recyclable within paper streams. These new trays include Walki Pack Tray PET (Polyethylene terephthalate), which has a thin PET lining that is mono-materialized, thereby ensuring easy recyclability within paper streams.
In August 2021, Nestlé-owned Freshly became the first fully vegan meal brand. The new Purely Plant Menu will showcase six chef-prepared meal delivery options highlighting the nutritional benefits and incredible taste possibilities inherent in plant-based food. With inspirations from several cuisines like Indian-Spiced Chickpea Curry Bowl with Basmati Rice, Lentils & Veggies; Farmstead Baked Pasta with Melty Cashew Cheeze & Seasonal Veggies (featuring coconut milk-based vegan cheese); Creamy Buffalo Cauli Mac & Cheeze with Garlic-Roasted Broccoli; Moroccan Herb Falafel Bowl with Garlicky Hummus & Toasted Quinoa, these meals are ready to eat in just about three minutes.
In March 2021, the United States food company General Mills launched ready-to-eat cookies based on its baking brand Pillsbury for the first time. In four flavors, there will be Pillsbury’s Soft Baked Cookies as chocolate chip, confetti sugar with drizzled icing and peanut butter with chocolatey drizzle.
North America
Europe
Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 81.7 billion |
| Market Size 2024 | USD 90.6 billion |
| Market Size 2032 | USD 188.0 billion |
| Compound Annual Growth Rate (CAGR) | 10.98% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019 & 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | General Mills Inc., Premier Foods Plc, Unilever, Kerry Group, Conagra Foods Inc., Associated British Foods Plc, Tyson Foods Inc, Greencore Group Plc, and Grupo Bimbo |
| Key Market Opportunities | Rising demand for ready-to-eat meals among young consumers |
| Key Market Dynamics | Rising trend relating to the consumption of convenience food Increased in the per capita disposable income of consumers |
Ready to Eat Meals Market Highlights:
Frequently Asked Questions (FAQ) :
The ready-to-eat meals market size was valued at USD 81.7 Billion in 2023.
The ready-to-eat meals market is projected to grow at a CAGR of 10.98% during the forecast period, 2024-2032.
Europe had the largest share in the ready-to-eat meals market
The key players in the market are General Mills Inc., Premier Foods Plc, Unilever, Kerry Group, and Conagra Foods Inc.
The rice and noodles ready-to-eat meals category dominated the market in 2023.
The store-based had the largest share in the market.
Assistant Manager - Research High acumen in analyzing complex macro & micro markets with more than 6 years of work experience in the field of market research. by implementing her analytical skills in forecasting and estimation into market research reports, she has expertise in packaging, construction, and equipment domains. she handles a team size of 20-25 resources and ensures smooth running of the projects, associated marketing activities, and client servicing.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
