LONDON--(BUSINESS WIRE)--Technavio’s latest food and beverage industry report covers the present scenario and growth prospects of the global ready meals market for the period 2016-2020.
In this report, Technavio’s food research experts announce their key market highlights for the global ready meals market. Their findings include:
Frozen ready meals held over 52% of the ready meal market share in 2015
The global frozen ready meals market was valued at just over USD 50 billion in 2015 and is expected to reach USD 63.6 billion in 2020. Frozen meals comprise a large portfolio, including frozen pizza, chicken meals, beef meals, and various types of frozen vegetarian meals, providing consumers a variety of options to choose from. They are convenient alternatives to cooking and are increasingly being preferred by the working population worldwide.
“A rise in the adult population between those aged 25 to 49 is also driving the market for frozen ready meals as this population segment increasingly feels the pressure of parenthood and a busy lifestyle, which pushes them towards convenience to achieve a work-life balance,” said Technavio lead food industry analyst Vijay Sirathi. Frozen meals are free from microbial attacks and therefore considered healthier compared to other ready meals.”
Some of top brands for frozen ready meals are Ristorante, DiGiorno, Stouffer's, McCain, Healthy Choice, Weight Watchers, and Banquet.
Europe is the largest market for ready meals, accounting for over 40% of the global market in 2015
Europe dominated the global ready meals market in 2015 and was valued at nearly USD 39 billion. The European market is expected to surpass USD 48 billion by 2020, growing at a CAGR of 4.5%.
An increase in awareness about health and wellness among consumers in Europe is driving the ready meals market in this region. Vendors are introducing several healthy ready meals such as frozen vegetables, salads, and gluten-free meat to meet consumer requirements. Germany, the UK, France, Spain, and Russia are among the largest markets for ready meals in Europe.
Despite the region’s current dominance, the European market is slow compared to the Americas and APAC. The 2013 Horsemeat scandal in European countries, such as the UK, breached the trust of many ready meals consumers. This scandal had a very negative impact on the sales of ready meals in the region. Rising economic uncertainties will also likely lead to slow market growth in Europe from 2018 onwards.
APAC is the fastest growing region for the global ready meals market with an expected CAGR of over 5% through 2020. In 2015, Japan was the leading ready meals consuming country in the region, followed by China and Taiwan. Vendors are localizing their ready meals in order to adopt to the taste and preferences of the consumers of this region.
Vendors are also launching new product lines that cater to consumers belonging to all echelons of society, including upper, middle and lower middle class. In 2014, China Xiamen Yinlu Food, launched a brand named Hou Zhou Dao ready meals targeted at the upper middle class consumers. The product is a nutritious ready meal made of several nutrients such as oats, black rice, red beans, and corns. The core products of Yinlu focus on the middle and lower middle class population.
There is a high demand for premium ready meals
With growing concerns over health and wellness among consumers, the demand for premium meals is increasing. Premium ready meals promise extravagance in product quality, packaging, taste, color, freshness, vitamin content, texture, taste, and shelf life.
Consumers are seeking products that contain natural and organic ingredients that are procured locally since they go through fewer processing cycles than other ready meals. This trend is expected to become an important factor in the future of ready meals innovation.
In November 2015, a company named Nom Noms Word Food introduced a new line of chilled meals packed with ingredients that are authentic and healthy. The company manufactures chilled ready meals using a unique balanced blend of spices, herbs, and flowers to give each meal a unique and authentic flavor.
Top vendors covered in this report:
- 2 Sisters Food Group
- Fluery Michon
- Kraft Heinz
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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