Frozen Ready Meals Industry Trends Push Market to $130.67 Billion by 2029

November 14, 2024

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Frozen Ready Meals Market Projections: $130.67 Billion by 2029 Driven by Demand for Convenience

Market Overview and Projected Growth

Meticulous Research® has published a comprehensive research report titled, ‘Frozen Ready Meals Market by Type (Vegetarian Meals, Chicken Meals, and Beef Meals) and Distribution Channel (Food Chain Services, Modern Trade, Convenience Stores, Departmental Stores, and Online Stores)—Global Forecast to 2029.’ The global frozen ready meals market is projected to grow to $130.67 billion by 2029, registering a CAGR of 5.4% from 2022 to 2029. This growth is largely attributed to the increasing demand for convenience foods, the rising number of working individuals, and the growing prevalence of product launches in the frozen meals category.

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Driving Factors for Market Expansion

The rising demand for convenient food options is one of the key drivers of the frozen ready meals market. With busy schedules becoming the norm, consumers are turning to ready-made frozen meals for quick and easy meal solutions. Additionally, the proliferation of supermarkets and hypermarkets in urban areas, particularly in developing countries, has made frozen meals more accessible to a wider population. The increasing popularity of online shopping also plays a significant role, as e-commerce platforms allow consumers to purchase frozen meals from the comfort of their homes.

Challenges Faced by the Market

Despite the optimistic growth prospects, the frozen ready meals market faces a few challenges. One of the primary concerns among consumers is the perception that frozen food lacks nutritional value or contains preservatives that are harmful to health. These concerns could dampen the willingness of some consumer groups to purchase frozen meals.

Additionally, the regulatory environment around food preservation and freezing can be restrictive, with organizations like the FDA imposing regulations that limit certain practices. The logistics and costs associated with frozen food storage and transportation also present challenges for market players.

Segmentation Breakdown: Type and Distribution Channel

The frozen ready meals market is segmented based on meal types, distribution channels, and geographic regions. Among the meal types, vegetarian meals are expected to dominate in 2022. This growth is driven by the increasing shift towards plant-based diets, with more consumers opting for vegan and vegetarian frozen food options.

The beef meals segment is projected to grow at a significant rate, driven by the high protein content and the increasing popularity of beef in frozen meals across global markets.

Regarding distribution channels, modern trade outlets are expected to hold the largest share in 2022. Supermarkets and hypermarkets, especially in emerging markets, are crucial in making frozen meals accessible to a larger consumer base. The online stores segment, however, is anticipated to experience rapid growth due to the convenience and broader product selection they offer.

Regional Overview: Europe’s Stronghold

Europe is expected to lead the frozen ready meals market in 2022, driven by changing consumer preferences and an increasing demand for ready-to-eat meals. The market is supported by growing awareness of the convenience and health benefits of frozen meals, particularly frozen beef. Additionally, European retailers are offering value-added frozen meals, which help cater to consumer demand for both convenience and quality.

Conclusion: A Bright Future for the Frozen Ready Meals Market

The frozen ready meals market is poised for significant growth in the coming years. The rising demand for convenience foods, particularly among the growing working population, combined with the popularity of plant-based meals, is driving market expansion. While challenges such as health concerns and regulatory limitations exist, advancements in product offerings and distribution channels, particularly through online platforms, are expected to fuel the market’s progress. Europe will remain the leading region, while developing markets show substantial growth potential. By 2029, the market is expected to reach $130.67 billion, with continued growth driven by evolving consumer preferences.

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Key Players:

The key players operating in the frozen ready meals market are General Mills, Inc. (U.S.), Nestlé S.A. (Switzerland), Conagra Brands, Inc. (U.S.), McCain Foods Limited (Canada), The Kraft Heinz Company (U.S.), Tyson Foods, Inc. (U.S.), Wiltshire Farm Foods (U.K.), Daiya Foods Inc. (Canada), Sigma Alimentos, S.A de C.V. (Mexico), Agrarfrost GmbH & Co. KG (Germany), Himalaya Food International Ltd. (India), J.R. Simplot Company (U.S.), Mondelēz International, Inc. (U.S.), Coöperatie Koninklijke Cosun U.A. (Netherlands), and Nomad Foods Limited (U.K.), among others.

Key Questions Answered in the Report-

Which are the high-growth market segments in terms of type, distribution channel, and geography?
What is the historical market size for frozen ready meals across the globe?
What are the market forecasts and estimates for the period 2022–2029?
What are the major drivers, restraints, opportunities, and challenges in the frozen ready meals market?
Who are the major players in the market, and what are their market shares?
Who are the major players in various countries, and what are their market shares?
How is the competitive landscape for the frozen ready meals market?
What are the recent developments in the frozen ready meals market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the frozen ready meals market, and how do they compete with other players?