From 2021 to 2026, the market for frozen ready meals is projected to increase by USD37.98 billion. Technavio predicts that the market’s growth velocity would slow down during the projected period at a CAGR of 5.78%.
During the projection period, the frozen entree category will significantly contribute to market growth. This market is expanding as a result of the increased demand for frozen entrees from major suppliers like Nestle, Tyson Foods Inc. (Tyson Foods), Conagra Brands Inc. (Conagra Brands), The Kraft Heinz Company (Kraft Heinz), Nomad Foods, and Sigma Alimentos.
Due to the vast number of small and major sellers, the frozen ready meal market is fragmented. To compete in the market, the vendors are implementing growth methods include the introduction of new products. Changes in customer wants and preferences impact the market. Consumer living standards are impacted by shifting economic situations, which has an impact on vendors’ companies.
Based on factors including quality, pricing, reputation, innovation, and distribution, the vendors compete. The increasing level of manufacturer rivalry may force businesses to reduce the price of their goods, which would have a detrimental effect on vendors’ profit margins and the expansion of the market as a whole throughout the projection period.
According to his report, one of the key factors driving the market growth for frozen ready meals over the coming few years would be the rising popularity of private-label frozen prepared meals. The market’s expansion has been significantly aided by the introduction of new products. However, issues with frozen food warehousing could limit market expansion.