The Business Research Company’s Ready Meals market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, June 29, 2022 /PRNewswire/ — Western Europe accounts for the largest ready meals market share. Asia-Pacific is expected to be the fastest-growing region in the global ready meals market during the forecast period. The regions covered in the global ready meal market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global ready meals market size is expected to grow from $141.5 billion in 2021 to $153.21 billion in 2022 at a compound annual growth rate (CAGR) of 8.3%. TBRC’s ready meals market forecast sees it reaching $213.32 billion in 2026 at a CAGR of 8.6%.
Ready Meals Market Overview
The ready meals market consists of sales of ready meals by entities (organizations, sole traders, and partnerships) that are convenient, inexpensive, fast, and pre-portioned. The ready meals are complete meals that only require heating before eating. They are ready to eat and already cooked or prepared. They are priced at a lower price and hence are cheap and convenient to use.
The main components of the ready meals market are frozen, chilled, canned, and dried products. A frozen food product that has been factory processed to the point that it is ready for use as a food and may or may not require further heating before consumption is referred to as frozen food. Ready meals are available on various distribution channels such as supermarkets/hypermarkets, convenience stores, and online.
The increasing demand for fresher and more convenient nutritionally compliant dietary standards are key trend gaining popularity in the ready meals market. For instance, in September 2020, FiveStar Gourmet Foods ltd launched the Simply Fresh2GO ready-to-eat meals product line to deliver both in retail and school food services channels to meet strict national school lunch dietary standards. It maintains that each item in the line has a balanced complete meal including protein, grains, fresh vegetables, and fruits.
Ready Meals Industry Growth
The growing awareness of food products with extended shelf lives is significantly contributing to the growth of the ready meals market. The shelf life of a product is described as the amount of time during which it may be safely consumed while retaining its desired features such as sensory, functional, chemical, and microbiological properties. People are on the lookout for food with a long shelf life like ready meals, as they are convenient, inexpensive, fast, and pre-portioned. For example, in June 2020
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