Global Ready Meals Market size is expected to be worth around USD 297 Billion by 2033
from USD 147 Billion in 2023, growing at a CAGR of 7.3% during the forecast period from
2023 to 2032.
The ready meals market refers to the segment of the food industry that focuses on the
production, distribution, and sale of pre-prepared meals that require minimal preparation by
consumers. These meals are typically ready to eat after being heated or thawed, offering
convenience and time-saving benefits for individuals with busy lifestyles or those who prefer
not to cook.
The market encompasses a wide range of products, including frozen meals, chilled meals,
canned meals, and shelf-stable meals, catering to various tastes, dietary preferences, and
nutritional needs. Ready meals can be found in grocery stores, supermarkets, and through
online retailers, reflecting the increasing demand for quick and easy meal solutions.
The growth of the ready meals market is driven by several factors, including changing
consumer lifestyles, increasing urbanization, and the rise in the number of working
professionals. Additionally, advancements in food technology and packaging have improved
the quality, taste, and shelf life of ready meals, making them more appealing to consumers.
Health-conscious consumers also have a growing selection of healthier ready meal options,
including organic, low-calorie, and gluten-free varieties. The market is highly competitive,
with both established food manufacturers and new entrants continuously innovating to
capture market share and meet evolving consumer preferences.
Key Market Segments
By Product
● Chilled
● Frozen
● Shelf-stable
● Canned
By Meal Type
● Vegan
● Vegetarian
● Non-vegetarian
By Age Group
● 18-24 Years
● 25-34 Years
● 35-44 Years
● 45-54 Years
● Above 55 Years
By End-use
● Residential
● Food Services
By Distribution Channel
● Convenience Stores
● Supermarkets & Hypermarkets
● Online
● Others
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In 2023, chilled ready meals led the market with a 45.6% share, driven by their freshness
and minimal processing, appealing to consumers seeking convenient and nutritious options
with a shorter shelf life. Vegan ready meals held a 40.3% share, driven by growing interest
in plant-based diets for health and environmental reasons, appealing to those seeking
cruelty-free and sustainable food options.
The 18-24 years age group dominated the ready meals market, securing a 45.3% share, as
young adults and college students prioritize convenience and quick meal solutions due to
busy lifestyles and limited cooking skills. Food services emerged as the dominant segment,
capturing a 65.4% share, including restaurants, cafeterias, catering services, and other food
service providers catering to a wide range of consumers.
Supermarkets and hypermarkets dominated the retail segment of the ready meals market
with a 46.7% share, offering a wide variety of ready meals and catering to diverse consumer
preferences due to their convenient locations, extensive product range, and one-stop
shopping experience.
Market Key Players
● Nestlé
● General Mills, Inc.
● Kellogg Company
● 2 Sisters Food Group
● Conagra Brands Inc.
● Dr. Oetker
● Green Mill Foods
● Hormel Foods Corporation
● Iceland Foods Ltd
● McCain Foods Limited
● Nomad Foods
● The Campbell Soup
● The JM Smucker Co.
● The Kraft Heinz
● Tyson Foods Inc
● Tyson Foods, Inc.
● Unilever
Driver: The primary driver for the ready meals market is the shift in consumer lifestyles
towards more hectic and busy schedules, increasing the demand for convenient and
time-saving meal options. Additionally, rising disposable incomes globally contribute to the
growing popularity of ready meals, as consumers are more willing to spend on convenience.
Restraint: Fresh foods are considered superior alternatives to ready meals, and the rising
popularity of fresh foods due to health consciousness and lifestyle disorder concerns serves
as a significant restraint. The preference for fresh over packaged ready meals has been
accelerated by recent developments during the COVID-19 pandemic.
Opportunity: The increasing popularity of ready meals, coupled with rising disposable
incomes, presents lucrative growth opportunities for the market over the forecast period.
Manufacturers can capitalize on this trend by introducing a variety of ready meal options
that cater to diverse consumer preferences and dietary needs.
Challenge: The main challenge for the ready meals market is balancing convenience with
health and nutritional value. As consumers become more health-conscious, ready meal
producers must innovate to offer healthier options that compete with the perceived benefits
of fresh foods. Ensuring high-quality, nutritious, and appealing ready meals is crucial to
overcoming this challenge.