Ready-to-Eat Meals Market to Hit $802.69Bn Globally by 2030 – Exclusive Report by The Insight Partners
The global ready-to-eat meals market size to expand at a CAGR of 6.9% from 2022 to 2030.
Pune, India, Nov. 08, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Ready-to-Eat Meals Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Category, End User, and Geography,” the ready-to-eat meals market is expected to grow from $472.23 billion in 2022 to $802.69 billion by 2030; it is estimated to grow at a CAGR of 6.9% from 2022 to 2030.
Competitive Landscape and Key Companies:
Tyson Foods Inc., SK Chilled Foods, Fresh Grill Foods LLC, Dandee Sandwich Co., Taylor Farms, Calavo Growers Inc., Hearthside Food Solutions LLC, EA Sween, FreshRealm, and TripleSticks are a few leading players operating in the ready-to-eat meals market. These players focus on developing innovative products to meet the changing requirements of consumers.
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Ready-to-eat meals come in fresh or frozen form and can be purchased from retail stores or served in restaurants and institutions. Since ready-to-meals are pre-cooked, it is prone to contamination by microbes and requires suitable packaging that provides prolonged shelf life to the product. Innovations in ready-to-eat meal packaging include microwavable packaging, vacuum skin packaging, resealable packs, smart packaging, edible packaging, portion-controlled and single-serve packaging, and biodegradable packs. Food packaging innovations have significantly impacted the ready-to-eat meals market by increasing convenience, freshness, and sustainability. Manufacturers also offer ready-to-eat meals in retort-packaging due to their shelf-life enhancement of up to 18 to 24 months without refrigeration.
Escalating Sales of Ready-To-Eat Meals through Online Channels Propels Ready-to-Eat Meals Market Growth
In recent years, the emergence of e-commerce has revolutionized consumer shopping and spending habits. Smartphone and Internet penetration, emerging technologies, rising purchasing power, and convenience provided by online retail shopping platforms from anywhere at any time are among the key factors favoring the e-commerce industry. According to the “2020 Food and Health Survey,” conducted by the International Food Information Council in 2020, of 1,011 Americans (aged between 18 to 80 years), 33% of consumers shopped for food products online, indicating an increase in online shopping compared to 27% in 2019.
People are increasingly preferring online retail channels for buying ready-to-eat meals. The online sales of food and beverages grew significantly during the COVID-19 outbreak due to the closure of brick-and-mortar stores and the imposition of several social restrictions by governments of various countries across the globe. With the rising penetration of e-commerce across multiple geographies, the manufacturers of ready-to-eat meals are also enhancing their online presence by selling products through Amazon, Tesco, Walmart, and other well-known e-commerce platforms. For instance, Dutch startup Lazy Vegan launched a new Thai Green Curry frozen packaged meal in September 2020. It further plans to strengthen its presence in the European market by offering these products offline and online. The products are available in all Whole Foods Markets, such as Planet Organic, As Nature Intended, and UK-based online food store Ocado.
Many supermarkets have also launched their own packaged meal brands or partnered with cloud kitchens to cater to the growing demand for ready-to-eat meals. For instance, Kroger Co. launched a new line of pre-packaged dishes in January 2022 in collaboration with the online grocery platform Instacart. Kroger Co. will offer products such as roasted sushi, chicken, wraps, coleslaw, mashed potatoes, and salads, which can be delivered to customers within 30 minutes.
The growing adoption of e-commerce platforms is eliminating the dependency on offline retail stores. Thus, the increasing prevalence of online channels and rising food product sales are contributing to the growth of the ready-to-eat meals market.
Ready-to-Eat Meals Market: Segmental Overview
Based on type, the ready-to-eat meals market is segmented into rice bowls, wraps, salads, burritos, gravies and curries, noodles and pastas, pizza, soups, and stews, meet entrees, burgers, sandwiches, and others. The noodles and pasta segment held a significant market share in 2022. Ready-to-eat pasta meals are available in various types, such as spaghetti, penne, fettuccine, and macaroni. Pasta meals include protein sources such as shrimp, meatballs, chicken, and plant-based protein sources. Packaged pasta meals are designed for quick-serve and require minimal cooking. Ready-to-eat pasta meals are served in single-serving containers, thereby making portion control and reheating easier. Changing food consumption habits, busy lifestyles, exposure to diverse cultures, and increased demand for varied cuisine and convenience food are key factors driving the demand for ready-to-eat noodles. Manufacturers launch ready-to-eat noodles in several categories, such as vegan, gluten-free, or organic noodles, making it a more convenient meal option.
Based on category, the ready-to-eat meals market is segmented into gluten-free and conventional. The conventional segment held a significant market share in 2022. The demand for conventional ready-to-eat meals is expected to decrease as consumers are becoming more health-conscious and prefer healthy alternatives such as gluten-free ready-to-eat meals. However, conventional ready-to-eat meals are easily available in the market; thus, many customers prefer them based on their high availability. Further, the high demand for regular meals and the comparatively low price of conventional ready-to-eat meals drives the market for conventional ready-to-eat meals.
Based on end user, the ready-to-eat meals market is segmented into HoReCa, institutions, households, and others. The HoReCa segment accounted for the largest share in 2022. hotel, restaurant, and catering (HoReCa) encompasses the food service industry comprising hospitality and food service restaurants. HoReCa includes hotels, cafes, restaurants, and bars, generally providing a wide range of cuisines and a diversified menu of food and beverages. Hotels and restaurants also require customized meal options for specific customer requirements. Customer requirements have further prompted significant market players to develop varied products, thereby encouraging innovation and diversification in the market. High product offerings by major manufacturers enable quick-service restaurants to offer consumers convenient dining options and extensive menus.
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Impact of COVID-19 Pandemic on Ready-to-Eat Meals Market
The COVID-19 pandemic adversely affected economies and industries in various countries. Lockdowns, travel restrictions, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) hindered the growth of various industries, including the food & beverages industries. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and various essential and nonessential product sales. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the bans imposed by various governments in Europe, Asia Pacific, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. Moreover, the closure of slaughterhouses due to the lockdown negatively impacted the market growth. All these factors hampered the food & beverages industry in 2020 and early 2021, thereby restraining the growth of the ready-to-eat meals market.
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