Global Ready Meals Market: Overview
The global ready meals market is primarily driven by the convenience these products offer to students and working professionals. Ready meals are precooked and prepackaged meals that can be consumed with minimum or no preparation. Due to the busy lifestyles, consumers prefer ready-to-eat meals that decrease the preparation time, thereby propelling the demand for ready meals. These meals provide a healthier alternative to junk food and cheaper alternative to eating out. Moreover, the rising disposable income of consumers is contributing to the growth of the market. According to a report by the National Institutes of Health (NIH), more than 90% of the population in the U.S. consume ready meals daily; they provide more than 7% of the total daily energy to Americans, studies show.
The report provides a 360-degree view of the global ready meals market. It offers valuable insights into several aspects of the market including its dynamics, geographical landscape, technological developments, and competitive landscape. Information from a number of press releases, presentations, white papers, paid databases, and journals has been taken under consideration for collating this report.
Global Ready Meals Market: Restraints and Opportunities
Despite the convenience offered, the negative perception of ready meals among health-conscious consumers is adversely affecting the growth of the global market. The increasing consumption of these meals is concomitant with the rise in the prevalence of obesity and other lifestyle-related diseases. Moreover, events such as the horse meat scandal in the U.K. have drawn consumers away from these meals. Such events are increasing the skepticism regarding the purity of raw materials amongst consumers, thereby impeding the growth of the market. Furthermore, with the existing storage and transportation system, several manufacturers are unable to ensure quality and consistency, which is hampering the growth prospects of the market.
On the other hand, manufacturers are increasingly focusing on the packaging as it plays a vital role in retaining the product quality, vitamin content, taste, texture, color, and shelf life. Manufacturers are collaborating with packaging companies to develop advanced and innovative packaging such as biodegradable barrier tray to expand their consumer base. This is likely to provide a significant push to the market in the near future. Moreover, consistent PR efforts by the leading manufacturers are expected to help in rebuilding the positive image of ready meals.
Global Ready Meals Market: Geographical Segmentation
Regional markets studied in the report are North America, Asia Pacific, Europe, and Rest of the World (RoW). North America is expected to witness robust growth during the forecast period owing to the presence of a large working population. The Asia Pacific region is anticipated to flourish owing to the financially strengthening consumer base, rising population, and rapid industrialization in emerging economies such as India and China. The growth of the ready meals market in Europe is driven by countries such as Spain, the U.K., France, Germany, and Russia. The introduction of various healthy ready meals such as frozen salads, vegetables, and gluten-free meat is contributing to the growth of the Europe region.
Companies Mentioned in the Report
Due to the low scope of product differentiation, the global ready meals market is characterized by high competitive rivalry. Companies are investing large capital in research and development to launch innovative products in order to stay ahead in the market. Some of the leading players in the market are Bakkavor Foods Ltd., ConAgra, Greencore Group Plc., JH Heinz Company Ltd., Nestle, Northern Food Ltd., Kerry Foods Ltd., and Premier Foods Group Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.