Prepared Meals Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the prepared meals market was valued at USD 170.1 billion in 2022, and a CAGR of 8.7% is expected during the forecast period. Prepared meal means packaged, fresh, and frozen. Increasing demand for packaged food during the pandemic is the key factor behind the significant growth in the market. Rising disposable income, increasing urbanization, and rapidly growing world population are driving growth in the market significantly.

Increasing demand from consumers for organic ready meals is driving growth significantly in the market. Industrialization is the key factor behind the migration of people from villages to cities and increasing demand for fresh and frozen prepared meals.

Growth Drivers

As people juggle work, family, and social commitments, they seek convenient meal options that save time and effort. This lifestyle shift boosts demand for ready-to-eat and heat-and-eat meals. Many prepared meal providers now focus on offering healthier options, such as organic, gluten-free, and plant-based meals, catering to health-conscious consumers. With increasing urban population, consumers live in smaller households, often without the time or facilities to cook from scratch, driving demand for pre-prepared meals.

Innovations like vacuum-sealed and modified atmosphere packaging help extend shelf life and maintain food quality, making it easier for consumers to store prepared meals at home. With the rise of online grocery delivery and direct-to-consumer meal services, consumers have more accessible ways to purchase prepared meals. Increasing demand for global cuisine and unique high-quality flavors, which prepared meal companies are tapping into by offering a variety of international options.

Companies are responding to eco-conscious consumers by using sustainable ingredients, eco-friendly packaging, and practices that reduce food waste. Increasing penetration of several food manufacturers is driving the growth in the market. Growing demand for fresh food and rising demand for organic packaged food is driving the market towards significant growth. Increasing demand for frozen foods and chilled meals all over the world is driving growth in the market significantly.

Segmentation

By Product

·         Canned Meals

·         Chilled Meals

·         Frozen Meals

By Distribution Channel

·         Supermarkets and Hypermarkets

·         Convenience Stores

·         Online Retail

·         Others

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Prepared Meals Market by Product Segmentation

On the basis of products, The Prepared Meals Market is segmented into canned meals, chilled meals, and frozen meals. Chilled meals are the leading segment in the market and are expected to dominate the market. Chilled or refrigerated meals tend to be popular in regions with high consumer demand for fresh-tasting, convenient, and healthy options. They are particularly popular in Europe, where they often surpass frozen meals due to freshness.

Frozen meals being the largest and most popular segment is expected to dominate during the forecast period, as they have a longer shelf life and offer convenience and preservatives. They are dominant in North America, with rising popularity in the Asia-Pacific region. Improved freezing technology has led to better texture and flavor in frozen meals, boosting demand. Canned meals are generally more popular in markets that value affordability and longer shelf life. They remain staple in certain regions but are less popular compared to chilled and frozen segments due to a perception that canned meals are lower in quality.

Increasing urbanization and rising disposable income are driving growth in the market significantly. Increasing demand for convenient meal options all over the world is driving growth in the market significantly. The hectic schedule of people has forced them to opt for prepared meals significantly. The increasing number of supermarkets and hypermarkets all over the world and increasing demand for online sales are driving growth in the market significantly.

Regional Outlook

On the basis of the regions, the prepared meals market is segmented into 5 regions: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Europe is the leading segment in the market and is expected to dominate the market during the forecast period due to premiumization and the influence of private labels. The United Kingdom leads the way in the consumption of these meals due to the increasing number of female employees in the region and increasing demand for packaged organic food significantly.

Rising disposable income in the region and urbanization are the key factors behind the significant growth in the market in the Asia-Pacific region. Countries like China, India, South Korea, Thailand, Vietnam, Singapore, Australia, and New Zealand are witnessing significant growth in the market. Though the European market has an edge over Asia Pacific due to rising disposable income and the presence of key countries like Denmark, Sweden, Norway, Portugal, Germany, France, Italy, and Spain.

North America is also witnessing significant growth in the market since the pandemic. COVID-19 has hit the United States badly, and since then the demand for packaged food is on peak over there. With high workforce participation and fast-paced lifestyles, there is a strong demand for convenient meal solutions. Ready-to-eat meals cater to those with limited time for cooking but who still desire quick, satisfying meals. Higher income levels in the USA and Canada enable consumers to spend more on convenience food, including prepared meals that are often more expensive than traditional home-cooked options.

Many prepared meal companies now offer organic, low-calorie, and diet-specific options, which appeal to North America’s growing health-conscious consumer base. This trend supports market expansion as it aligns with dietary preferences and healthy trends. In North America, advancements in packaging and food preservation are witnessing significant growth in the market. Latin America, the Middle East, and Africa are another leading region in the market due to the active contribution of countries like Argentina, Brazil, Peru, Mexico, and Chile, along with Venezuela, that are contributing to the growth.

Middle East and African markets have witnessed slow growth during the years. Israel, Saudi Arabia, and the United Arab Emirates are contributing significantly to the market. The increasing number of hypermarkets and supermarkets and the presence of some key players in the region are driving growth in the market significantly.

 Key Players

·         General Mills

·         Nestle S.A.

·         Tyson Foods

·         ConAgra Brands

·         Kellogg Company

·         Amul

·         Parag

·         Unilever

·         J.M. Smucker Co.

·         Other Players