Availability of Products as per Changing Consumer Preferences Drives Ready-to-Eat Meals Market Growth
According to the new research study on "Ready-to-Eat Meals Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Category, and End User," the market is expected to grow from US$ 472,231.63 million in 2022 to US$ 802,689.21 million by 2030; it is expected to record a CAGR of 6.9% from 2022 to 2030.
Consumers are increasingly seeking healthy, nutritious food options, which has surged the demand for healthy alternatives to conventional foods, such as lactose-free, vegan, gluten-free, lactose-free, high-fiber, high-protein, or low-calorie ready-to-eat meals. Growing demand for healthy food has prompted manufacturers to develop and expand product portfolios according to specific customer requirements. Consumers are more concerned about synthetic additives in food products. Thus, the preference for naturally made products is increasing. Manufacturers are enhancing their product portfolio by launching ready-to-eat meals infusing natural ingredients. For instance, in March 2022, FatBroccoli introduced frozen packaged meals featuring locally produced 100% natural ingredients in the UAE.
Ready-to-Eat Meals Market Breakdown – by Region
Ready-to-Eat Meals Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Rice Bowls, Wraps, Salads, Burritos, Gravies and Curries, Noodles and Pastas, Pizza, Soups and Stews, Meat Entrees, Burgers, Sandwiches, and Others), Category (Gluten-Free and Conventional), and End User (HoReCa, Institutions, Households, and Others)
Ready-to-Eat Meals Market Size Report & Growth 2030
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In recent years, the proliferation of veganism across the globe has widely influenced innovations in the ready-to-eat meals market. According to data published by Veganuary, a non-profit organization encouraging people to adopt a vegan diet for January, ~5.8 million people signed up for the “Veganuary Campaign” in 2021. The growing adoption of a plant-based diet has prompted manufacturers to develop healthy and nutritious plant-based alternatives to conventional meals. For instance, the Nestlé-owned brand “Freshly” launched an entirely vegan meal line in August 2021. Under its new Purely Plant menu, the chef-prepared meal delivery service offers six options developed to showcase the nutritional benefits and delicious possibilities of plant-based foods. Thus, the growing consumers' inclination toward healthy diets and clean labels has prompted manufacturers to expand product offerings, fueling the ready-to-eat meals market growth globally.
Tyson Foods Inc., SK Chilled Foods, Fresh Grill Foods LLC, Dandee Sandwich Co., Taylor Farms, Calavo Growers Inc., Hearthside Food Solutions LLC, EA Sween, FreshRealm, and TripleSticks are among the key players operating in the ready-to-eat meals market. These key players adopt product innovation strategies and invest in business expansions to meet consumers' demands, further driving the ready-to-eat meals market.
Impact of COVID-19 Pandemic on Ready-to-Eat Meals Market
The COVID-19 pandemic affected economies and industries in various countries. Lockdowns, travel bans, and business shutdowns in leading countries in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) negatively affected the growth of various industries, including the food & beverages industries. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and sales of various essential and nonessential products. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. In addition, the bans imposed by various governments in Europe, Asia Pacific, and North America on international travel forced the companies to put their collaboration and partnership plans on a temporary hold. Moreover, the closure of slaughterhouses due to the lockdown negatively impacted the market growth. All these factors hampered the food & beverages industry in 2020 and early 2021, thereby restraining the growth of the ready-to-eat meals market.
The report segments the ready-to-eat meals market as follows:
The ready-to-eat meals market is segmented on the basis of type, category, and end user. Based on type, the market is segmented into rice bowls, wraps, salads, burritos, gravies and curries, noodles and pasta, pizza, soups and stews, meat entrees, burgers, sandwiches, and others. Based on category, the ready-to-eat meals market is segmented into gluten-free and conventional. Based on end user, the ready-to-eat meals market is segmented into HoReCa, institutions, households, and others. By geography, the market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
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