The Frozen Ready Meals Market is expected to reach $130.67 billion by 2029, at a CAGR of 5.4% during the forecast period of 2022 to 2029. The growing preference for convenience foods, increasing working population, rising number of new product launches, and proliferation of hypermarkets & supermarkets in urban areas are the key factors driving the growth of the frozen ready meals market. Furthermore, the digitalization of the retail industry is expected to provide significant opportunities for the players operating in this market.
The COVID-19 outbreak caused by the SARS-CoV-2 virus created a severe public health emergency globally, with its quick spread in more than 150 countries. Numerous countries worldwide declared emergencies and announced complete nationwide, statewide, or citywide lockdowns to combat & control the spread of this disease, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally.
Moreover, the pandemic positively impacted the frozen ready meals industry, owing to the people becoming more conscious and making healthy choices and buying more frozen ready meals due to its convenience factor. Due to increased penetration of home food, COVID-19 bought out the significance of frozen beef, including its longer shelf life and nutritional values, among consumers. Increased beef consumption during the COVID pandemic was another major factor behind the growing demand for frozen ready meals. The widespread awareness regarding protein rich diet and chicken as a source of protein has majorly influenced consumers across age groups. As a result, there was an upsurge in chicken-based ready meals intake among non-vegetarians during the COVID-19 pandemic.
Further, the frozen ready meals supply chain has been mostly shifted from food service to retail as the demand for frozen ready meals, such as frozen beef and other products, has shifted from food service to household consumption. The biggest misconception about COVID-19 was that empty grocery shelves indicated a shortage of food due to the recent runs on grocery stores; however, these created short-term disruptions as the supply chain worked to catch up and replenish. Sales of frozen foods, especially frozen ready meals, increased as consumers stockpiled food products. Thus, the sales of frozen ready meals witnessed a surge in demand during the COVID-19 pandemic.
Moreover, in 2021, the initiation of mass COVID-19 vaccination drives and a slow revival in economic growth were expected to improve the demand for frozen ready meals from end-users, which, in turn, positively impacted the growth of the frozen ready meals market.
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Growing Preference for Convenience Food to Drive the Growth of the Frozen Ready Meals Market
Consumer demand for convenience food has grown substantially over the past decades. The growing consumer preference for convenience food indirectly benefits the rising demand for frozen ready meals because they take less time and effort to prepare than cooking from scratch. Due to the consumer's hectic lifestyles, the processed food market is driven by a greater need for convenience. According to Eating Better’s Ready Meals Survey, in 2020, 88% of adults in the U.K. consumed ready breakfasts and dinners or ready-to-cook food, and two in five people ate packaged meals weekly. Additionally, the increasing urbanization is likely to boost the growth of this trend.
More than half of the world's population lives in urban areas, and virtually all the countries worldwide are becoming increasingly urbanized. According to the United Nations World Urbanization Report, the urban population of the world has grown rapidly from 439,498,772 in 2015 to 471,031,528 in 2019, which indicates that almost 55% of the world’s population lives in urban areas, a proportion that is expected to increase to 68% by 2050. As a result, urban consumers are gaining exposure to a much wider choice and better food availability than those living in rural areas. Also, this urbanization trend contributes significantly toward improved living standards and rising incomes, which influences the affordability of frozen ready meals to a greater extent.
Furthermore, with increasing urbanization, the demand for convenience food products is increasing rapidly due to the changing lifestyles, the rising number of nuclear families, and a significant increase in faced-paced work environments. These factors accelerate the growth of the frozen ready meals market.
The Vegetarian Meals Segment to Dominate the Frozen Ready Meals Market in 2022
Based on type, 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 encourages suppliers to develop new frozen vegan items, such as vegan frozen bowls, fillets, and veggie balls are being introduced by companies.
The Modern Trade Segment to Witness Highest Demand Through 2029
Based on distribution channel, 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 personalized consumer convenience, availability of greater discounts compared to modern trade, and greater product selection experience.
Asia-Pacific: Fastest-growing Regional Market
Based on geography, in 2022, Europe is expected to account for the largest share of the frozen ready meals market, followed by North America, Asia-Pacific, Latin America, and the Middle East & Africa. 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.
However, the market in Asia-Pacific is slated to register the fastest growth rate during the forecast period. The growth of this regional market is driven by the changing lifestyles of consumers, increasing disposable income, an increasing number of Foreign Direct Investments (FDI) in the retail sector, the rising trend of ready-to-eat food among the working-class population, and the growing demand for processed food products in emerging countries such as India, Indonesia, and Thailand. Additionally, the substantial increase in demand for frozen food due to the decrease in time for preparing and cooking is expected to further boost the market growth in the region.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the frozen ready meals market between 2019 and 2022. The key players profiled in this frozen ready meals market study 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.
Scope of the Report
Frozen Ready Meals Market, by Type
Frozen Ready Meals Market, by Distribution Channel
Frozen Ready Meals Market, by Geography
Key Questions Answered in the Report:
This report covers the market sizes & forecasts of the frozen ready meals market based on type, distribution channel, and geography. This report also provides the value analysis of various segments and subsegments of the frozen ready meals market at the regional and country levels.
The frozen ready meals market is projected to reach a value of $130.67 billion by 2029, growing at a CAGR of 5.4% during the forecast period.
Based on type, in 2022, the vegetarian meals segment is estimated to account for the largest share of the frozen ready meals market.
Based on distribution channel, in 2022, the modern trade segment is expected to account for the largest share of the frozen ready meals market. However, the online stores segment is slated to register the fastest growth rate during the forecast period.
This market is driven by the growing preference for convenience foods, rising 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.
The key players operating in the frozen ready meals market include 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.), Mondel?z International, Inc. (U.S.), Coöperatie Koninklijke Cosun U.A. (Netherlands), and Nomad Foods Limited (U.K.), among others.
Countries from Asia-Pacific and Latin America are projected to offer significant growth opportunities for the vendors in this market due to factors such as the increasing demand for convenience foods, rising per capita income, the increasing number of fast-food chains and food delivery apps, increasing purchasing power, and growing population in these regions with an appetite for innovative food products.
This report provides pre & post COVID-19 market estimates.
1. Introduction
1.1. Market Definition
1.2. Market Ecosystem
1.3. Currency
1.4. Kay Stakeholders
2. Research Methodology
2.1. Research Process
2.2. Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research
2.3. Market Assessment
2.3.1. Market SizeEstimation
2.3.1.1. Bottom-up Approach
2.3.1.2. Top-down Approach
2.3.1.3. Growth forecast
2.4. Assumptions for the Study
2.5. Limitations for the Study
3. Executive Summary
3.1. Introduction
3.2. Segmental Analysis
3.2.1. Frozen Ready Meals Market Analysis: by Type
3.2.2. Frozen Ready Meals Market Analysis: by Distribution Channel
3.3. Regional Analysis
3.4. Key Players
4. Market Insights
4.1. Introduction
4.2. Drivers
4.2.1. Growing Preference for Convenience Foods
4.2.2. Increasing Working Population
4.2.3. Rising Number of New Product Launches
4.2.3. Proliferation of Hypermarkets and Supermarkets in Urban Areas
4.3. Restraints
4.3.1. Negative Mind-sets and Opinions about the Impact of Frozen Food on Health
4.3.2. Stringent Regulation of FDA Regarding Food Freezing
4.4. Opportunities
4.4.1. Digitalization of the Retail Industry
4.5. Challenges
4.5.1. Warehousing of Frozen Food
4.6. The Impact of Covid-19 on the Frozen Ready Meals Market
4.7. Market Share Analysis
5. Global Frozen Ready Meals Market, by Type
5.1. Introduction
5.2. Vegetarian Meals
5.3. Chicken Meals
5.4. Beef Meals
5.5. Other Meals
6. Global Frozen Ready Meals Market, by Distribution Channel
6.1. Introduction
6.2. Modern Trade
6.3. Food Chain Services
6.4. Convenience Stores
6.5. Departmental Stores
6.6. Online Stores
6.7. Other Distribution Channel
7. Frozen Ready Meals Market, by Geography
7.1. Introduction
7.2. Europe
7.2.1. Germany
7.2.2. U.K.
7.2.3. France
7.2.4. Italy
7.2.5. Spain
7.2.6. Rest of Europe (RoE)
7.3. North America
7.3.1. U.S.
7.3.2. Canada
7.4. Asia-Pacific
7.4.1. China
7.4.2. Japan
7.4.3. South Korea
7.4.4. Australia
7.4.5. India
7.4.6. Rest of Asia-Pacific (RoAPAC)
7.5. Latin America (LATAM)
7.5.1. Brazil
7.5.2. Mexico
7.5.3. Argentina
7.5.4. Rest of Latin America (RoLATAM)
7.6. Middle East & Africa
8. Competitive Landscape
8.1. Introduction
8.2. Competitive Benchmarking
9. Company Profiles (Business Overview, Financial Overview, Product Portfolio, and Strategic Developments)
9.1. General Mills, Inc.
9.2. Nestlé S.A.
9.3. Conagra Brands, Inc.
9.4. McCain Foods Limited
9.5. The Kraft Heinz Company
9.6. Tyson Foods, Inc.
9.7. Wiltshire Farm Foods
9.8. Daiya Foods Inc.
9.9. Sigma Alimentos, S.A de C.V.
9.10. Agrarfrost GmbH & Co. KG
9.11. Himalaya Food International Ltd.
9.12. J.R. Simplot Company
9.13. Mondelēz International, Inc.
9.14. Coöperatie Koninklijke Cosun U.A.
9.15. Nomad Foods Limited
10. Appendix
10.1. Questionnaire
10.2. Available Customization
List of Tables
Table 1 Global Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 2 Frozen Vegetarian Meals Market Size, by Country/Region, 2022–2029 (USD Million)
Table 3 Frozen Chicken Meals Market Size, by Country/Region, 2022–2029 (USD Million)
Table 4 Frozen Beef Meals Market Size, by Country/Region, 2022–2029 (USD Million)
Table 5 Other Frozen Meals Market Size, by Country/Region, 2022–2029 (USD Million)
Table 6 Global Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 7 Frozen Ready Meals Market Size for Modern Trade, by Country/Region, 2022–2029 (USD Million)
Table 8 Frozen Ready Meals Market Size for Food Chain Services, by Country/Region, 2022–2029 (USD Million)
Table 9 Frozen Ready Meals Market Size for Convenience Stores, by Country/Region, 2022–2029 (USD Million)
Table 10 Frozen Ready Meals Market Size for Departmental Stores, by Country/Region, 2022–2029 (USD Million)
Table 11 Frozen Ready Meals Market Size for Online Stores, by Country/Region, 2022–2029 (USD Million)
Table 12 Frozen Ready Meals Market Size for Other Distribution Channels, by Country/Region, 2022–2029 (USD Million)
Table 13 North America: Frozen Ready Meals Market Size, by Country, 2022–2029 (USD Million)
Table 14 North America: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 15 North America: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 16 U.S.: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 17 U.S.: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 18 Canada: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 19 Canada: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 20 Europe: Frozen Ready Meals Market Size, by Country, 2022–2029 (USD Million)
Table 21 Europe: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 22 Europe: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 23 Germany: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 24 Germany: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 25 U.K.: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 26 U.K.: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 27 France: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 28 France: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 29 Italy: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 30 Italy: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 31 Spain: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 32 Spain: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 33 RoE: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 34 RoE: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 35 Asia-Pacific: Frozen Ready Meals Market Size, by Country, 2022–2029 (USD Million)
Table 36 Asia-Pacific: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 37 Asia-Pacific: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 38 China: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 39 China: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 40 Japan: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 41 Japan: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 42 South Korea: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 43 South Korea: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 44 Australia: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 45 Australia: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 46 India: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 47 India: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 48 RoAPAC: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 49 RoAPAC: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 50 Latin America: Frozen Ready Meals Market Size, by Country, 2022–2029 (USD Million)
Table 51 Latin America: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 52 Latin America: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 53 Brazil: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 54 Brazil: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 55 Mexico: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 56 Mexico: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 57 Argentina: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 58 Argentina: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 59 RoLATAM: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 60 RoLATAM: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
Table 61 Middle East & Africa: Frozen Ready Meals Market Size, by Type, 2022–2029 (USD Million)
Table 62 Middle East & Africa: Frozen Ready Meals Market Size, by Distribution Channel, 2022–2029 (USD Million)
List of Figures
Figure 1 Key Stakeholders
Figure 2 Research Process
Figure 3 Key Secondary Sources
Figure 4 Primary Research Techniques
Figure 5 Key Executives Interviewed
Figure 6 Breakdown of Primary Interviews (Supply-side & Demand-side)
Figure 7 Market Size Estimation
Figure 8 Vegetarian Meals to be the Largest Segment
Figure 9 Modern Trade to Remain the Largest Segment Through 2029
Figure 10 Asia-Pacific: Fastest-growing Regional Market
Figure 11 Market Dynamics
Figure 12 Global Frozen Ready Meals Size, by Type, 2022 VS. 2029 (USD Million)
Figure 13 Global Frozen Ready Meals Market Size, by Distribution Channel, 2022 VS. 2029 (USD Million)
Figure 14 Frozen Ready Meals Market Size, by Region, 2022 VS. 2029 (USD Million)
Figure 15 Europe: Frozen Ready Meals Market Snapshot (2022)
Figure 16 North America: Frozen Ready Meals Market Snapshot (2022)
Figure 17 Asia-Pacific: Frozen Ready Meals Market Snapshot (2022)
Figure 18 Latin America: Frozen Ready Meals Market Snapshot (2022)
Figure 19 Key Growth Strategies Adopted by Leading Players, 2019–2022
Figure 20 Frozen Ready Meals Market: Competitive Benchmarking, by Type
Figure 21 General Mills, Inc.: Financial Overview (2021)
Figure 22 Conagra Brands, Inc.: Financial Overview (2021)
Figure 23 Nestlé S.A.: Financial Overview (2021)
Figure 24 The Kraft Heinz Company: Financial Overview (2021)
Figure 25 Tyson Foods, Inc.: Financial Overview (2021)
Figure 26 Nomad Foods Limited: Financial Overview (2021)
Figure 27 Sigma Alimentos, S.A de C.V.: Financial Overview (2021)
Figure 28 Himalaya Food International Ltd.: Financial Overview (2021)
Figure 29 Mondelēz International, Inc.: Financial Overview (2021)
Figure 30 Coöperatie Koninklijke Cosun U.A.: Financial Overview (2021)
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
Published Date: Dec-2022
Published Date: Aug-2022
Published Date: Oct-2023
Published Date: Jan-2022
Published Date: Sep-2022
