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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
Report ID: MRFB - 104635 Pages: 185 Jul-2022 Formats*: PDF Category: Food and Beverages Delivery: 24 to 72 Hours Download Free Sample ReportThe 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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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:
The Frozen Ready Meals Market refers to the industry segment that manufactures, distributes, and sells pre-cooked, ready-to-eat meals that are frozen for preservation. These meals are designed for convenience, requiring minimal preparation before consumption.
The Frozen Ready Meals Market is expected to reach $130.67 billion by 2029.
The market is projected to grow at a CAGR of 5.4% from 2022 to 2029, reaching $130.67 billion by 2029.
In 2022, the market size is estimated to be substantial, with the forecasted market size reaching $130.67 billion by 2029.
Key players in this market include:
Key trends include:
The main drivers include:
The market is segmented by:
The global outlook is positive, with Europe expected to hold the largest market share, and Asia-Pacific projected to witness the fastest growth. The market is driven by increased consumer demand for convenience foods, changing lifestyles, and urbanization across regions.
The market is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2022 to 2029.
The Frozen Ready Meals Market is projected to grow at a CAGR of 5.4% during the forecast period of 2022 to 2029.
Europe holds the largest share of the Frozen Ready Meals Market, driven by lifestyle changes, increasing consumption of frozen foods, and favorable regulations in the region.
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Published Date: Jul-2024
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