Ready-to-Eat Meals Market Size Report & Growth 2030

[Research Report] The ready-to-eat meals 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.

Market Insights and Analyst View:

Ready-to-eat meals are instant food items that can be consumed on-the-go and without any hassle. Sandwiches, wraps, pizzas, burgers, noodles and pasta, curries and gravies, burritos, and rice bowls are a few of the widely consumed ready-to-eat meals. The lifestyle of people around the globe has changed dramatically due to the growing corporate sector, the rising number of dual-income households, and extended working hours. People prefer ready-to-eat meals to avoid cooking time and effort. This factor has significantly contributed to the growth of the global ready-to-eat meals market.

Based on category, the ready-to-eat meals market is categorized into gluten-free and conventional. The rising prevalence of gluten intolerance in the region, coupled with increasing awareness of the health benefits of gluten-free products, are the key factors driving the demand for gluten-free ready-to-eat meals. Also, as consumers have more comprehensive access to a variety of gluten-free ready-to-eat meal brands, the category is expected to witness massive growth in the coming years.

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Ready-to-Eat Meals Market: Strategic Insights

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Growth Drivers and Challenges:

The consumption of high-quality convenience food has become one of the biggest trends in the food industry. Convenience food, such as ready-to-eat products, ready-to-eat meals, and frozen products, allows consumers to save time and effort associated with ingredient shopping, meal preparation and cooking, consumption, and post-meal activities. Convenience and taste are the major desired attributes among consumers across the globe while buying food. According to the Food and Health Survey of the "International Food Information Council (IFIC)," convenience is a key driver for millennials while purchasing food. At the same time, taste is essential for baby boomers.

Supermarket delivery services—such as Amazon Fresh and Instacart—and meal kit delivery companies—such as Blue Apron—have benefited from the rising preference for convenience and quality. Moreover, they find RTE food handling easy due to the existence of evolved cold supply chains. Such factors boost the demand for convenience food across the globe.

Convenience foods such as ready-to-eat meals are gaining popularity owing to the increasing number of smaller households and dual-income families across the globe. Owing to their hectic work schedules, millennials prefer to be efficient with their time and avoid tedious tasks. Ready-to-eat meals are processed and involve preservation technology, thereby extending product shelf life. The efforts and time saved on food preparation and its convenience of storage and transport have further aided in boosting its demand. According to the "Food and Health Survey 2020" by the International Food Information Council, of 1,011 Americans (aged between 18 and 80 years), 19% of consumers ate more pre-made meals from their pantry or freezer.

According to the 2020 Eating Better's Ready Meals Snapshot Survey, 88% of adults in the UK eat ready-to-eat breakfasts and dinners or ready-to-cook foods. Two in five people eat packaged, ready-to-eat meals every week. Thus, the rising demand for convenience food, such as ready-to-eat meals, to save time and effort is driving the ready-to-eat meals market worldwide.

There is a surge in the number of working professionals in the US from North America. According to the Employment and Social Development Canada (ESDC), in Canada, the labor force participation rate among females and males was reported at 88.142% in 2022 and recorded an increase from the previous number of 87.075% in 2021. An increased number of working populations has led to a more robust demand for convenience foods such as ready-to-eat meals, which helps save time and effort. The well-established distribution channels, such as supermarkets & hypermarkets and online retail, have made these products accessible to various households in the region, driving the ready-to-eat meals market in North America. Online shopping platforms gained tremendous traction during the COVID-19 pandemic. According to the U.S. Foreign Agricultural Services, in 2022, the Canadian retail food industry witnessed a concentrated comeback, with total sales reaching ~US$ 29.5 billion, a 20.9% increase over 2021. Thus, the Canadian retail industry is highly diversified and is expected to offer new opportunities to the ready-to-eat meals market. Thus, all the factors mentioned above are surging the growth of the ready-to-eat meals market.

Report Segmentation and Scope:

The "Global Ready-to-Eat Meals Market" is segmented on the basis of type, category, end user, and geography. Based on type, the market is segmented into rice bowls, wraps, salads, burritos, gravies and curries, noodles and pasta, pizza, soups and stews, meat entrées, burgers, sandwiches, and others. The noodles and pasta segment held the largest share of the global ready-to-eat meals market. Based on geography, the ready-to-eat meals market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, France, Italy, the UK, Russia, and the Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Chile, and the Rest of South & Central America).

Segmental Analysis:

Based on type, the ready-to-eat meals market is segmented into rice bowls, wraps, salads, burritos, gravies and curries, noodles and pasta, pizza, soups and stews, meat entrées, burgers, and others. The noodles and pasta segment held the largest share of the ready-to-eat meals market in 2022. The salads segment is expected to register a higher CAGR during the forecast period. Ready-to-eat pasta meals are available in various types, such as spaghetti, penne, fettuccine, and macaroni. Pasta meals include protein sources such as shrimp, meatballs, chicken, and plant-based protein sources. Packaged pasta meals are designed for quick-serve and require minimal cooking. Ready-to-eat pasta meals are served in single-serving containers, thereby making portion control and reheating easier. Changing food consumption habits, busy lifestyles, exposure to diverse cultures, and increased demand for varied cuisine and convenience food are key factors driving the demand for ready-to-eat noodles. Manufacturers launch ready-to-eat noodles in several categories, such as vegan, gluten-free, or organic noodles, making it a more convenient meal option.

Regional Analysis: 

The ready-to-eat meals market is segmented into five key regions—North America, Europe, Asia Pacific, South & Central America, and the Middle East & Africa. The global ready-to-eat meals market was dominated by Asia Pacific and was estimated to be ~US$ 150 billion in 2022. The ready-to-eat meals market in Asia Pacific is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The growing urbanization and rising disposable income of the middle-class population propels the demand for ready-to-eat meals, including burgers, sandwiches, noodles, pasta, and pizza. According to the International Labor Organization (ILO), the total income of Asia Pacific countries increased by 3.5% in 2021, wherein China accounted for 0.3% in 2021 and 0.7% in the first half of 2022.

The total income grew by 12.4% in Central and Western Asia. Working professionals prefer convenient food options such as rice bowls, wraps, salads, rolls, gravies and curries, noodles and pasta, pizza, as well as soups and stews, owing to the rising disposable income, time constraints, and busy work schedules .

In terms of opportunities, the ready-to-eat meals market in Asia Pacific has significant potential for innovation. Manufacturers focus on product development to introduce new flavors, ingredients, and cooking techniques to cater to consumers' diverse tastes and preferences. Moreover, targeting institutions such as schools, colleges, and corporate offices with customized meal solutions creates a new revenue stream for businesses operating in the Asia Pacific ready-to-eat meals market.

The influence of western lifestyles and cuisines is another major factor bolstering the demand for ready-to-eat meal products in Asia Pacific. However, price sensitivity among consumers presents a significant challenge to the progress of the ready-to-eat meals industry in Asia Pacific.

Industry Developments and Future Opportunities:

Various initiatives taken by the key players operating in the global ready-to-eat meals market are listed below:

1. In December 2020, Nestlé SA launched Harvest Gourmet's plant-based ready-to-eat meals product line in China. The product line includes burgers, sausages, nuggets, mince, and plant-based options such as kung pao chicken, braised meatballs, pork belly, and spicy wok.
2. In June 2021, the US food processor "Tyson Foods, Inc." launched plant-based ready-to-eat meals in Asia Pacific.
3. In December 2020, Nestle SA's subsidiary Freshly Inc., the ready-to-eat meals delivery service, launched ready-to-eat meal products. These offerings are gluten-free, clean-label, and are made with whole-food ingredients.

Ready-to-Eat Meals Market Regional Insights

The regional trends and factors influencing the Ready-to-Eat Meals Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Ready-to-Eat Meals Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Ready-to-Eat Meals Market Report Scope

Ready-to-Eat Meals Market Players Density: Understanding Its Impact on Business Dynamics

The Ready-to-Eat Meals Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Ready-to-Eat Meals Market are:

1. Tyson Foods Inc
2. SK Chilled Foods
3. Fresh Grill Foods LLC
4. Dandee Sandwich Co
5. Taylor Farms

Disclaimer: The companies listed above are not ranked in any particular order.

COVID-19 Pandemic Impact:

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 food & beverages. 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.

Competitive Landscape and Key Companies:

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 prominent players operating in the global ready-to-eat-meals market. These ready-to-eat meal manufacturers offer cutting-edge extract solutions with innovative features to deliver a superior experience to consumers.