The frozen ready meals market will grow by USD37.98bn, as per the latest market outlook from Technavio. However, the report predicts the market to witness a decelerating growth momentum at a CAGR of 5.78% during the forecast period. The new product launches is notably driving the frozen ready meals market growth, although factors such as challenges in warehousing of frozen foods may impede market growth.
35% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for frozen ready meals in APAC. The increasing consumption of frozen appetizers, such as frozen dumplings, frozen sandwiches, side dishes, and breakfast items will fuel the market growth during the forecast period.
By product typ, the frozen entree product segment held the largest frozen ready meals market. The segment will continue to account for the largest share throughout the forecast period. The growth is attributed to the high demand for frozen entree by key vendors such as Nestle, Conagra Brands Inc. (Conagra Brands), Tyson Foods Inc. (Tyson Foods), Nomad Foods, The Kraft Heinz Company (Kraft Heinz), and Sigma Alimentos.