Ready Meals Market Size Worth $244.29 Billion By 2027
The
global Ready
Meals Market size is expected to reach USD 244.29 billion by
2027, expanding at a CAGR of 5.5% over the forecast period, according to a new
report by Grand View Research, Inc. Rising consumers’ preference for food
products with minimum preparation or cooking time and higher shelf life is the
key factor for the market growth. Moreover, growing busy schedule and hectic
lifestyle among the working-class population and young generation is
anticipated to offer new avenues for the market over the forecast period.
With
the increasing busy work schedules among working-class people as well as
students, they find less time for proper cooking at home. Moreover, consumers
are cooking healthy food at home due to increasing focus on healthy lifestyle.
Ready meals significantly complete all these requirements, and hence they are
gaining popularity among youngsters across the globe.
Manufacturers
are launching a wide range of products in order to cater to the rising customer
demand, which is increasing the scope of ready meals in the global market. For
instance, in July 2019, JBS S.A., the largest meat processing Brazilian
company, launched a new range of low calories ready meals with no
preservatives. These products are available in six different flavor options
under the brand name of ‘Seara Foods’.
The
unexpected breakdown of COVID-19 pandemic across the globe has significantly
increased the demand for ready meals owing to their higher shelf life and least
cooking time as compared to the fruits, fresh veggies, and meat. Furthermore,
nearly all the countries in the world have proposed a country level lockdown in
order to prevent the spread of this infectious disease. This has propelled the
product demand across the globe.
North
America held the largest share of more than 35.0% in 2019. Demand for ready
meals is increasing in this region as it is one of the most severely affected
regions by this pandemic. According to some local news of U.S., demand for
ready meals and frozen food products has increased by around 300% in the second
week of March 2020. These market trends are anticipated to surge the product
demand in this year and are expected maintain a high demand over the forecast
period.
Ready
Meals Market Report Highlights
- By product,
frozen and chilled meals held the largest share of more than 50.0% in 2019
and are expected to maintain their lead over the forecast period owing to
a wide range of products with high shelf life
- Canned
products are anticipated to register the fastest CAGR of 6.1% from 2020 to
2027 owing to rising popularity among young consumers across the globe
- By
distribution channel, online retail is anticipated to expand at the
fastest CAGR of 6.2% from 2020 to 2027 owing to growing trend of online
shopping among the consumers
- North
America accounted for the largest share of more than 35.0% in 2019. Food
preferences among the consumers are increasing the demand for ready meals
in the region
- Key market
players include Nestlé S.A.; ConAgra Brands Inc.; Kraft Heinz Company;
Chao Xiang Yuan Food Co. Ltd.; Dr. Oetker; BRF S.A.; Berkshire; Green Mill
Foods; General Mills; and Tyson Foods.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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