Meticulous Research®—a leading global market research company, published a research report titled, ‘Frozen Ready Meals Market by Type (Vegetarian Meals, Chicken Meals, and Beef Meals) and Distribution Channel (Food Chain Services, Modern Trade, Convenience Stores, Departmental Stores, and Online Stores)—Global Forecast to 2029.’
The frozen ready meals market is expected to reach $130.67 billion by 2029, at a CAGR of 5.4% from 2022 to 2029. This market is driven by the growing preference for convenience foods, increasing working population, rising number of new product launches, and proliferation of hypermarkets and supermarkets in urban areas.
Furthermore, the digitalization of the retail Industry is expected to provide significant opportunities for the growth of this market. However, the negative mindsets and opinions about the impact of frozen food on health and stringent regulation of the FDA regarding food freezing hinder the growth of this market to a notable extent. In addition, frozen food warehousing poses a major challenge to players operating in this market.
The market is segmented based on type, distribution channel, and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on type, the frozen ready meals market is segmented into vegetarian meals, chicken meals, beef meals, and other meals. In 2022, the vegetarian meals segment is expected to account for the largest share of the frozen ready meals market. The large market share of this segment is attributed to the increasing consumer preference for vegan frozen food. The demand for plant-based dairy replacements and food products has surged as people become more aware of the health benefits of vegan cuisine. In addition, demand for meat alternatives has surged in developed countries such as the U.K. and the U.S. This has encouraged suppliers to develop new frozen vegan items, such as vegan frozen bowls, fillets, and veggie balls.
However, the beef meals segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the presence of high protein content compared to other meat forms and the high consumption and import of frozen beef by Asian countries and on the global level.
Based on distribution channel, the frozen ready meals market is segmented into modern trade, food chain services, convenience stores, departmental stores, online stores, and other distribution channels. In 2022, the modern trade segment is expected to account for the largest share of the frozen ready meals market. The large market share of this segment is attributed to the growing number of supermarkets in developing countries such as China & India and increasing consumer demand for ready meals, especially in developed countries.
However, the online stores segment is expected to witness significant growth during the forecast period. The rapid growth of this segment is mainly attributed to the growing preference for consumer convenience, availability of greater discounts compared to modern trade, and greater product selection experience.
Based on geography, in 2022, Europe is expected to account for the largest share of the frozen ready meals market. The major market share of Europe is attributed to the changing lifestyle, increasing consumption of frozen beef, increased customer awareness of the benefits of frozen food, rising preference for ready-to-eat food, and favorable regulations. In addition, the retail stores and consumer packaged food service providers in this region are providing value-added frozen ready meals packets to consumers at reasonable prices, thereby accelerating the momentum of market growth in Europe during the forecast period.
The key players operating in the frozen ready meals market are General Mills, Inc. (U.S.), Nestlé S.A. (Switzerland), Conagra Brands, Inc. (U.S.), McCain Foods Limited (Canada), The Kraft Heinz Company (U.S.), Tyson Foods, Inc. (U.S.), Wiltshire Farm Foods (U.K.), Daiya Foods Inc. (Canada), Sigma Alimentos, S.A de C.V. (Mexico), Agrarfrost GmbH & Co. KG (Germany), Himalaya Food International Ltd. (India), J.R. Simplot Company (U.S.), Mondelēz International, Inc. (U.S.), Coöperatie Koninklijke Cosun U.A. (Netherlands), and Nomad Foods Limited (U.K.), among others.
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