Frozen ready meals market to reach USD 89.7 billion by year

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DUBAI, United Arab Emirates, 15 Feb. 2022 (GLOBE NEWSWIRE) — The world frozen ready meals market is expected to grow at a CAGR of 8.2% and exceed a valuation of $89.7 billion by 2032.

The Global frozen ready meals market the size is estimated at $40.8 billion in 2022 which should grow at a rate 8.2% CAGR to reach $89.7 billion by 2032.

Attribute Details
Market size value in 2021 $38.1 billion
Forecast value of the market in 2032 $89.7 billion
World growth rate 8.2%
Forecast period 2022-2032

In recent years, ready meals have become one of the most diverse divisions in the global ready meals market. An increase in convenience models, along with a simultaneous increase in the need for personalized meal options, has resulted in a strong desire for packaged frozen meals. The frozen food and beverage industry is seen as another store for on-the-go consumers, with everything from frozen desserts to appetizers and meals available.

Due to its microbiological and antifungal qualities, frozen ready meals are in high demand in developed countries. Frozen packaged food manufacturers are now incorporating nutritional benefits alongside taste to appeal to a wider customer base seeking health and flavor.

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Technological advancements to preserve frozen and partially prepared foods, along with substantial changes in retailing, all hold promise for market players in the near future. The frozen ready meals industry would be worth over $89.7 billion by 2032.

Frozen ready meals sold by companies in the food supply chain remain a major source of revenue. Convenience stores are expected to expand their range of frozen ready meals in the near future, while online sales will tap into previously unknown market opportunities.

In industrialized countries, where the demand is higher than in other countries, frozen ready meals are becoming incredibly common. The surge in the number of people working in emerging economies such as China and India, and the trend towards longer and more unpredictable working hours, has led to a gradual shift away from the traditional model of daily cooking. As a result, frozen ready meals are expected to gain popularity in these countries.

Ready meals are gaining popularity in the packaged food industry due to their ease of use and portability. Organic ready meals are also becoming increasingly famous as they are certified natural foods that can be used to replace a full meal and are better than normal ready meals due to the differences in components.

Key insights from market research

  • The frozen ready meals market is expected to grow at CAGRs of 5.4% and 6.2% in the United States and Middle East & Africa, respectively, through 2032.
  • The European market for frozen ready meals currently represents 25.2% of the total market.
  • The frozen ready meals industry in the Asia-Pacific region, excluding Japan, is expected to grow at a healthy 4.7%.
  • Customer demand for healthy and nutrient-dense foods is driving frozen convenience food sales in various regions around the world.
  • Frozen chicken and frozen snacks accounted for more than 60% of global frozen ready meal markets in 2022, based on product type segmentation.
  • The Covid-19 pandemic outbreak has benefited the frozen ready meals sector due to its ease. Because many bachelors were confined to their homes and apartments, they had to depend on quick, ready-to-eat meals to survive. Due to the covid shutdown and social distancing practices, restaurants along with other businesses have been closed, increasing market demand for frozen ready meals.

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“Targeting the food and beverage sector would result in significant revenues for frozen ready meal producers. Due to the increased consumption of healthy diet products around the world, the health alternatives sector could be a potential market for frozen ready meals. says an analyst from Future Market Insights.

Report scope

Attribute Details
Market size value in 2021 $38.1 billion
Forecast value of the market in 2032 $89.7 billion
World growth rate 8.2%
Forecast period 2022-2032
Historical data available for 2017-2021
Market analysis MT for volume and USD Mn for value
Key regions covered Product type, end user, region
Main countries covered United States, Canada, Brazil, Mexico, Argentina, EU5, Russia, Poland, China, ASEAN, Australia and New Zealand, Japan, GCC countries, Ethiopia, North Africa, South Africa, others.
Key Market Segments Covered Product type, end user and region
Profiled Key Companies • General mills

• Nestlé SA

• Dr. Oetker GmbH

• McCain Foods Ltd.

• Brands Conagra Inc.

• Atkins Nutritionals Inc.

• Californian pizza cuisine

• Connie Pizza

• HJ Heinz

• Daiya Foods Inc.

• FRoSTA SA

• Others

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Competitive landscape

To improve product quality, the major manufacturers of frozen ready meals rely heavily on research.

Campbell Soup Co: The company has confirmed a comprehensive restructuring in 2018 that will strengthen its presence in the rapidly changing restaurant industry. Campbell’s core business activities, such as its major soups, ready-to-eat meals, shelf-stable beverage portfolio and extensive snacks portfolio, are now consolidated under this new company.

Conagra Brands: In 2019 Pinnacle Foods acquired the company. Pinnacle’s takeover of gluten-free confectionery companies such as Udi’s and Glutino could boost the Conagra brands. With this purchase, the company will combine two catalogs with business growth to build a $12 billion company with leading brands in the frozen, snack, chilled food and grocery sectors.

McCain: In 2018, the company entered into a relationship with Forno de Minas, a well-known cheese maker. McCain purchased a 49% stake in Forno de Minas as part of this deal.

Discover FMI’s extensive ongoing food and beverage coverage

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Starch Glucose Syrup Market: The global food market is witnessing an increasing demand for baked goods, primarily driven by an increase in consumer spending.

Xylanase Market: Baked goods are seeing an increase in demand due to additives such as xylanase used in their production.

Fungal Amylase Market: The demand for fungal amylase has increased as it increases digestive efficiency and has optimal functioning in an acidic environment, making it effective in digestive tract conditions.

Bacterial Amylase Market: Bacterial amylase hydrolyzes most starch products and improves the quality of animal feeds and food products that support a range of businesses around the world.

Starch/glucose market: Rising demand for convenience food and beverage products, along with growing R&D (research and development) activities are driving the growth of the global starch/glucose market.

Poultry Concentrates Market: The poultry sector is among the fastest growing meat sectors, owing to the increase in the production and consumption of poultry meat.

Organic chicken feed market: Rising incidence of food allergies in chicks, coupled with increasing investment in growth promoters to improve poultry production, is supporting strong demand for the global organically grown chicken feed market.

Milk Fat Fractions Market: Due to these health beneficial properties, milk fat fraction is facing a very high demand in the food industry as well as infant formulas and is expected to increase in the coming years.

Gut Modifiers Market: Gut modifiers such as prebiotics and probiotics are increasingly used in several medical conditions around the world.

About Future Market Insights (IMF)

Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, USA and India. FMI’s latest market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity amidst fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.

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