The scope of our recent study, titled "Ready-to-Eat Meals Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Category, and End User," includes the description of factors fueling the ready-to-eat meals market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with market share analysis.
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.
The ready-to-eat meals market in the globe is prominently growing owing to the changing lifestyle of consumers which leads to an increased demand for convenient and quick meal options. Ready-to-eat meals, including rice bowls, wraps, salads, and noodles and pastas, cater to this need for convenience. Moreover, the rising number of working professionals and dual-income families propels the demand for hassle-free, ready-to-eat meal solutions. According to the European Union Labour Force Survey (EU LFS) 2021, the employed population in Europe was 198 million in 2021. According to the industry expert analysis of The Insight Partners, in the first quarter of 2023, European Union had ∼199 million people in employment. As the number of working professionals is increasing in the global continents such as North America, Europe, and Asia Pacific, key players invest resources in developing innovative and healthy ready-to-eat products through strategic planning such as acquisitions, mergers, and collaborations and furnishing variety to apprehend demand and achieve a higher market share to cater to consumers' demand for ready-to-eat meals. In February 2021, Hilcona AG, a subsidiary of Bell Food Group, acquired Aryzta AG’s sandwich company in Switzerland. Through this acquisition, the company expanded Hilcona’s market position in the area of freshly prepared ready-to-eat sandwiches. Thus, all the factors mentioned above are expected to drive the growth of the global ready-to-eat meals market.
Based on type, the ready-to-eat meals market is segmented into rice bowls, wraps, salads, burritos, gravies and curries, noodles and pastas, pizza, soups and stews, meet entrees, burgers, sandwiches, and others. The noodles and pastas segment held a significant market share in 2022; however, the salads segment is projected to register the highest CAGR during the forecast period due to its shopping and product delivery convenience. Preparing salad requires vegetables, legumes, grains, meat, dressing, and other ingredients. Salad preparation also requires several steps, such as washing, cutting, or sauteing. Major market players offer pre-washed, ready-to-eat salad for convenient and hassle-free meals. Microgreens are added to enhance flavor and salad dressing, including black pepper, mustard powder, sugar, and salt. Manufacturers enhance salad portfolios due to the changing food consumption habits of health-conscious consumers.
Based on geography, the ready-to-eat meals market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific accounted for the largest share of the market. 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 propel the demand for ready-to-eat meals, including burgers, sandwiches, noodles, pasta, and pizza. According to the International Labour 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. Similarly, total income grew by 12.4% in Central and Western Asia. Owing to the rising disposable income, time constraints, and busy work schedules, working professionals prefer convenient food options such as rice bowls, wraps, salads, rolls, gravies and curries, noodles and portions of pasta, pizza, soups, and stews. Additionally, the growing tourism industry, encompassing the HoReCa industry, fuels the demand for ready-to-eat meals, offering tourists and travelers a taste of local and international cuisine without requiring lengthy preparation times.
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 non-essential 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, closure of slaughterhouses due to lockdown negatively impacted the market growth. All these factors hampered the food & beverages industry in 2020 and early 2021, thereby restraining the growth of ready-to-eat meals markets.
The report segments the ready-to-eat meals market as follows:
The ready-to-eat meals market is segmented into type, category, and application. Based on type, the market is segmented into rice bowls, wraps, salads, burritos, gravies and curries, noodles and pastas, pizza, soups and stews, meet 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 ready-to-eat meals market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.