The global frozen ready meals market size is estimated to be USD 40.8 Bn in the year 2022 that is expected to grow at a CAGR of 8.2% to reach USD 89.7 Bn by the year 2032. APEJ market holds great potential for the frozen ready meals market as it is estimated to hold nearly 45% market share by the year 2022.
In recent years, ready-to-eat food has emerged as one of the most diverse divisions of the worldwide ready-meal market. A rise in convenience patterns, as well as a simultaneous increase in need for customised meal options, has resulted in strong desire for frozen packed meals. The frozen food and beverage industry is perceived as a yet another shop for consumers on the go, with everything from frozen desserts to appetisers and meals available.
Because of its microbiological and fungal-free qualities, frozen ready meals are in high demand in developed countries. Frozen packaged food manufacturers are now incorporating nutrient advantages alongside taste to appeal to a broader clientele seeking health and flavour.
Advances in technology to conserve frozen and partly prepared food, as well as substantial changes in the retail business, all promise positively for market players in the near future. According to a recent analysis from Future Market Insights, the frozen ready meal market will be worth over USD 89.7 Billion by 2032.
Frozen convenience meals sold by food supply chain companies remain a major source of income. Convenience stores are expected to extend their frozen ready meal range in the near future, while online sales will tap into previously undiscovered market opportunities.
In industrialized nations, where demand is higher than in other countries, frozen ready meals are now becoming incredibly common. The spike in the number of individuals working in rising economies such as China and India, and the trend toward longer and more unpredictable working hours, has led in a gradual shift away from the traditional model of daily cooking. Frozen ready meals are likely to grow in popularity in such countries as a result.
Convenience meals are growing in popularity in the packaged food industry due to its easy and portability. Organic convenience foods are also becoming more famous as they are certified natural things that may be used to substitute a full meal and are better than normal ready meals due to component differences.
During the period 2017-2021, revenue from the food chain service segment is estimated to hold nearly 36% of the global market. According to the FMI report, demand from departmental stores increased by 5.3% between 2020 and 2021. Frozen ready meals haven't always been popular, owing to their limited shelf life and greater price over fast food. The market is predicted to develop from leaps and bounds as developments in cold storage facilities infrastructure and increased investments by discount retailers in frozen ready meals shelves popularise the product.
According to the study, General Mills, Nestle S.A., Dr Oetker GmbH, McCain Foods Ltd., Conagra Brands, Inc., Atkins Nutritionals, Inc., California Pizza Kitchen, Connies Pizza, H.J. Heinz, Daiya Foods Inc., FRoSTA AG are identified as key frozen ready meal manufacturers.
During the assessment period of 2022-2032, the Asia Pacific excluding Japan frozen ready meal market is expected to grow at a lucrative growth rate of 4.7%. In terms of product type segment of frozen ready meal market, frozen chicken and frozen snacks collectively accounted for more than 60% of the global market in 2022.
SERVICES IN THE FOOD CHAIN FROZEN READY MEALS TO PROPEL THE MARKET
Targeting the food and beverage business would result in large earnings for frozen ready meal producers. Because of the increased consumption of healthy diet goods around the world, the health alternatives business could be a prospective market for frozen ready meals.
Frozen convenience foods sold through food supply chain companies continue to account for a significant portion of revenue. Additional revenue share is projected soon as convenience stores expand their frozen ready meal selection and internet sales tap into untapped market prospects.
Frozen ready meals are becoming increasingly popular in industrialised countries, where levels of consumption are higher than in other countries. The rise in the number of people working in emerging nations like China and India, as well as the tendency for longer and variable working time, has resulted in a progressive movement away from the conventional paradigm of daily cooking. As a result, frozen ready meals are expected to expand in popularity in these countries..
Preference for Ready-to-Eat Organic Foods to Boost the Market
Customers have learned to appreciate cuisine that provides them with functional value in addition to taste, increasing consumption of healthy, organic, and clean ready meals. Such organic produce alternatives are having a favourable impact on the industry's growth.
To prevent negative health effects, more customers are carefully picking their ready meals as a result of increased health knowledge and worries about food safety. Furthermore, natural ready meals derive a significant portion of their worth from customer trust and the belief that the items are nutritious.
Because of their ease and mobility, convenience foods are becoming increasingly popular in the packaged food sector. Furthermore, natural convenience foods are gaining popularity because they are proven natural items that may be used to replace a full meal, and it is healthier than standard ready meals due to component packing.
RECENT TRENDS AND DEVELOPMENTS IN THE MARKET
To improve the quality of products, major makers of frozen ready meals are concentrating heavily on research.
Campbell Soup Co: The company confirmed a complete restructuring in 2018 which will strengthen its presence in the rapidly changing foodservice sector. Campbell's main business operations, such as its important soups, pre - cooked meal, shelf-stable beverage portfolio, and large snacks portfolio, are now grouped under this new company.
Conagra Brands: In the year 2019, Pinnacle Foods acquired the company. Pinnacle's takeover of specialised gluten-free confectionary companies such as Udi's and Glutino may boost Conagra Brands. With this purchase, the company will combine two catalogues with commercial growth to build a USD 12 billion corporation with leading brands in the frozen, snacks, refrigerated food, and grocery sectors.
McCain: In 2018, the business formed a relationship with Forno de Minas, a well-known cheese manufacturer. McCain bought 49 percent stake in Forno de Minas in this deal.
KEY TAKEAWAYS FROM MARKET STUDY
⊲ The frozen ready meal market is expected to expand at CAGRs of 5.4% and 6.2% in US and the Middle East & Africa, respectively, through 2032.
⊲ The European frozen ready meal market is currently pegged at 25.2% share of total market.
⊲The frozen ready meal industry in Asia - pacific region, except Japan, is predicted to increase at a healthy 4.7 percent.
⊲ Customer demand for healthy, nutrient-dense foods is boosting sales of frozen ready meals in various regions throughout the world.
⊲ Frozen chicken and frozen snacks contributed for more than 60% of the worldwide frozen ready meal markets in 2022, according to product type segmentation.
⊲ Covid-19 pandemic outbreak benefited the frozen ready meal business due to its ease. Because many singles were limited to their homes and apartments, they had to depend on fast and ready-to-eat meals to sustain life. Due to the covid shutdown and social distancing practises, diners as well as other businesses were shuttered, increasing market demand for frozen ready meals.