Global Ready Meals Market To Hit US$146 Billion by 2023

Tuesday, November 14th, 2017 | 1194 Views


To leverage on the ready meals market, manufacturers should focus on the packaging factor as it plays a significant role in retaining product quality, texture, shelf life, colour, and taste of the ready meals.

According to market intelligence agency Allied Market Research, the ready meals market was valued at US$72 billion in 2016. The market expected to reach US$146 billion million by 2023, registering a compound annual growth rate (CAGR) of 10.6 percent during the forecast period.

Ready meals can be described as precooked meals that require minimal time for preparation. Changes in consumers’ lifestyles have resulted in a demand for packaged and ready-to-eat food products. Increase in population and cost-effectiveness of these meals are other factors that supplement market growth.

Asia Pacific is anticipated to witness the highest growth during the forecast period. China is expected to occupy more than half share of the region’s total ready meals market by 2023. India is expected to grow at a high CAGR of 12.6 percent in terms of value during the forecast period.

Europe is projected to maintain its lead position throughout 2023, growing at a CAGR of 10.5 percent in terms of value. Development of the food and beverage sector, as well as the increase in demand for packaged food is the major reasons for the growth of the market in Europe.

As manufacturers are unable to ensure consistency and quality with existing transportation and storage systems, they should focus on the packaging as it is a major factor in retaining product quality, texture, shelf life, and taste. Currently, manufacturers are collaborating with packaging companies to produce innovative and advanced packaging such as biodegradable barrier trays, which is anticipated to drive the market growth in the near future.

The frozen pizza segment is expected to dominate the global ready meals market during the forecast period. However, chilled pizza is anticipated to gain traction in the near future. Improvements in nutritional value, ease with which frozen pizza can be cooked, and interesting ingredient profiles are projected to supplement the growth. In 2016, frozen pizza and chilled pizza segments collectively accounted for more than one-third share in the global ready meals market.

The store-based retailing segment accounted for significant share in the global ready meals market in 2016, and is anticipated to remain dominant during the forecast period, as consumers prefer to shop food products from stores instead of online portals.

 

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