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The overseas ready meal market is expected to grow at a CAGR of 4.62% between the forecast period of (2021-2026).
It is divided into precooked and pre-packaged meals; that are highly convenient to consume with minimal preparation and can be consumed directly. In today’s world the lifestyle led by the people mostly makes their schedule busy and this type of ready meals are helping them to get their daily nutrition. These meals have become a healthier alternative option to junk food, thereby raising its popularity amongst the new generation and the people who lead a busy life.
This market has gained exponential growth since the COVID-19 pandemic has begun. Pandemic has resulted in close-downs of restaurants, hotels, motels, and other culinary places, leaving a dark spot in the daily consumption of food, which eventually didn’t leave the people with the option of dining out. This has turned out to be an excellent opportunity for the ready meal market as people are looking forward to this industry to get their daily food requirements done. During the outbreak of COVID-19, people were stressed and scared of the lack of food, so they found ready meal foods to be a better option during this pandemic rather than fresh food.
The online retail segment of this industry is likely to show the fastest growth at a CAGR of 6.2% between the forecast period of 2020 to 2026. The rise in the use of smartphone usage, partnered with the rising use of internet, has provided e-commerce a high growth. Due to the various advantages of e-commerce, many developed and developing countries are trying to promote e-commerce shopping portals. Online shopping is convenient and easy to get products, unlikely the offline retail shops. Moreover, the decrease in the prices of internet packages have also encouraged the people all around the globe to shop more online.
Markets like supermarkets and hypermarkets held the largest revenue share of 59.4% in 2019 and expected to keep their lead position in the forecast period. Some of the largest chains of hypermarkets and megamarkets like Walmart, Tesco, 7eleven, Aldi and Apar have been expanding their stores in all around the globe. They have been increasing their product offerings to attract a mass number of people. To increase the growth of the ready meal industry, many companies are adopting market strategies, including collaboration, merger, and acquisition with food delivering companies at the country level to deliver their product. This will lead to more convenience for the citizens as they will get their ready meal foods at their doorsteps.
The market is also hindered because consumers have begun to value on food that comes with functional benefits apart from taste, hence increasing the demand for healthy, natural, and safe ready meals. The rapid spread of awareness regarding health and rising concerns for food safety are leading to the consumers being more careful in selecting their ready meals, to avoid harmful health diseases. Thus, organic ready meals are getting a lot of value due to consumer trust and their belief in healthy products.
North America accounted for the largest share of the revenue, more than 35.0% in 2019. Food references among the consumers are raising the demand for ready meal foods in the region. The U.S. is the largest consumer of ready-to-eat food products.
Asia-Pacific is hence the second-largest regional market in 2019 and is expected to be the fastest-growing region with a CAGR of 5.9% between the forecast period (2020 - 2027). Due to the following factors like rapidly increasing population, rising disposable income, and the rapidly spreading awareness among the people in this region has put more fuel to the growth of the ready meal industry.
The growth of Europe in the ready meals market is mainly driven by the countries such as Spain, France, Germany, the U.K., and Russia. It is expected to witness considerable growth in the market due to the new products launched by the region like frozen vegetables, salads, and gluten-free meat.
The rising standards in people's lifestyles in countries like India, China is anticipated to show positive growth in the ready meal market.
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The report offers a comprehensive insight on the Ready Meal Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
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