The Frozen Ready Meals Revolution: Market Worth $130.67 Billion by 2029

October 23, 2024

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Frozen Ready Meals Market: A Detailed Overview

According to a comprehensive report by Meticulous Research®, 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 frozen ready meals market is anticipated to reach a value of $130.67 billion by 2029, with a projected CAGR of 5.4% from 2022 to 2029. This optimistic forecast is largely driven by several key factors, including a growing preference for convenience foods, a rising number of working individuals, and an influx of new product offerings in the sector.

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Factors Driving Market Expansion

The increasing demand for convenience foods is a major catalyst for the growth of the frozen ready meals market. As lifestyles become increasingly fast-paced, consumers are seeking out quick and hassle-free meal options. The rising number of dual-income households and busy professionals has led to a higher consumption of ready-to-eat meals. Moreover, the expansion of hypermarkets and supermarkets, particularly in developing countries, has improved access to a wide range of frozen meal options, thereby driving market growth.

Challenges to Market Progress

Despite the promising growth trajectory, the market is not without its challenges. One of the significant barriers is the negative public perception regarding the healthiness of frozen foods. Many health-conscious consumers view these products with skepticism, which can hinder purchasing decisions. Furthermore, stringent food safety regulations imposed by authorities, such as the FDA, can complicate compliance for manufacturers, while logistical challenges related to the warehousing of frozen foods can affect overall efficiency.

Segmentation of the Market

The frozen ready meals market is segmented by meal type and distribution channel. Meal types include vegetarian meals, chicken meals, beef meals, and others. It is expected that vegetarian meals will dominate the market in 2022, driven by a shift toward plant-based diets and increasing health awareness among consumers. The demand for nutritious and convenient vegetarian frozen options is on the rise, prompting suppliers to innovate and expand their product offerings to meet consumer preferences.

On the other hand, the beef meals segment is projected to grow significantly during the forecast period. The popularity of beef as a high-protein option and the rising consumption of frozen beef in Asian markets are key factors contributing to this growth.

Distribution Channels Overview

The frozen ready meals market is also categorized by distribution channels, which include modern trade, food chain services, convenience stores, departmental stores, and online platforms. Modern trade is expected to capture the largest share of the market in 2022, driven by the increasing number of supermarkets and hypermarkets, particularly in Asia. These retail giants cater to urban consumers’ demands for convenient meal solutions.

Conversely, the online distribution channel is anticipated to witness robust growth. The rise of e-commerce has transformed consumer shopping habits, with more individuals opting for the convenience of online purchasing. The appeal of home delivery services, coupled with competitive pricing and a diverse product selection, is driving this trend.

Regional Market Insights

Geographically, Europe is set to dominate the frozen ready meals market in 2022, holding a significant market share. Factors contributing to this dominance include changing consumer lifestyles, increased consumption of frozen foods, and growing awareness of the benefits of frozen meal options. The presence of numerous retail outlets offering competitive prices and value-added frozen products further accelerates market growth in the region.

Conclusion

In conclusion, the frozen ready meals market is on a steady growth path, driven by evolving consumer preferences for convenience and health-conscious options. While challenges related to public perception and regulatory scrutiny exist, the market has substantial opportunities for expansion, particularly through digital retail channels and innovative product offerings. Stakeholders in this industry must remain agile and responsive to emerging trends to fully capitalize on the growth potential within this market.

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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?