The global ready meals market, valued at USD194.06bn in 2016 is expected to register a CAGR of more than 13.6% during the forecast period. Nestle, one of the prominent vendors of ready meals, has a global market value of more than USD7bn. This according to the latest report by ReasearchandMarkets (RMR).
“Convenience, due to high-speed cooking time, makes ready meals ideal for working professionals. Cost-effectiveness as compared to restaurant food, urbanization, and an increase in population drives this market. Though health concerns restrain the market, the perception of consumers towards ready meals has been improving constantly. The introduction of healthy ready meals and low carbon, biodegradable barrier tray packaging – which maintain the quality and increase the shelf life of products are supporting the market. The need for constant innovation is a challenge for the manufacturers,” said RMR in the report.
The global ready meals market has been segmented on the basis of product type into frozen ready meals, chilled, canned, and dried ready meals. Frozen ready meals dominate the global market with a share of more than 52%. On the basis of price, the standard ready meals segment is dominant. Supermarkets/hypermarkets lead the distribution channel in the global scenario.
Europe dominates the global market with a predicted market value of more than USD45bn, due to the introduction of healthy ready meals. The U.K., Germany, France, Spain, and Russia are the major markets for ready meals in Europe. North America is the next big market with the U.S. being the major consumer. In the Asia-Pacific region, the ready meals market is expected to grow rapidly with India and China becoming the major markets in the region.