The global ready meals market size was US$ 21.9 billion in 2021. The global ready meals market is forecast to grow to US$ 141.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.
Ready meals come in various forms that include frozen food, chilled, canned, etc. Ready meals are a low-cost alternative to prepared meals. These meals require comparatively less time to prepare because they are precooked. Apart from that, they have a longer shelf life and can be prepared anytime.
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The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
Growing consumer demand for ready-to-cook meals will primarily drive the demand for the ready-meals market. In addition, the busy lifestyle of people and growing disposable income will also contribute to the growth of the ready meals market during the study period.
The working population is rising globally, which will substantially increase the demand for precooked food. As a result, it will benefit the ready meals market during the study period.
The growing number of launches related to the organic ready meal will bring promising opportunities for the industry growth. In addition, the presence of low-cost and healthy alternatives for junk food will also escalate the growth of the ready meals market during the study period.
Rising awareness related to the benefits of ready meals, such as growth in shelf life, ease of cooking, and time-saving, will accelerate the growth of the ready meals market during the forecast period. On the contrary, negative health effects of ready meals may limit the growth of the ready meals market during the forecast period.
COVID-19 Impact Analysis
Since the emergence of COVID-19, practically all the governments in the world introduced country-level lockdowns, which have resulted in limited travel. As a result, it led to the closure of public spaces, including restaurants and other eateries. Thus, the demand for ready-to-cook meals has raised due to their longer shelf life and ease of preparation. In addition, other reasons why customers began purchasing and storing up packaged meals were the closure of local markets and long queues in super markets. As a result, people started making bulk orders to avoid further problems. Thus, it has been beneficial for the ready meals market.
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Regional Analysis
The Asia-Pacific ready meals market is forecast to register the highest growth rate. The high population in the region and a growing employment rate is driving the growth of this regional market. In addition, increasing customer disposable income and rising awareness related to the benefits of ready-to-eat meals will also contribute to the growth of the ready meals market during the study period.
Competitors in the Market
? Nestle 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
? Other Prominent Players
Market Segmentation
The global ready meals market segmentation focuses on Product, Meal Type, Distribution Channel, and Region.
Product Outlook
? Frozen
? Chilled
? Canned
? Shelf-stable
Meal Type Outlook
? Vegetarian
? Non-vegetarian
? Vegan
Distribution Channel Outlook
? Supermarkets & Hypermarkets
? Convenience Stores
? Online
? Others
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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