Frozen Ready Meals Market - Industry Structure Evaluation, Demand Drivers Analysis, Regional Growth Analysis and Identification, Competitive Positioning Review & Global Market Size Forecast to 2027
Overview
Frozen Ready Meals Market size was valued at US$ 17.19 Bn. in 2020 and the total revenue is expected to grow at 5.28% through 2021 to 2027, reaching nearly US$ 24.64 Bn.
Frozen Ready Meals Market Definition:
Frozen ready meals, often known as frozen food, are meals that have been frozen to extend their shelf life and avoid contamination or spoilage. Frozen cuisine has quickly gained popularity across various segments of society, particularly among the younger and college-aged population, due to its ease of preparation and reduced time commitment.
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The report has covered the market trends from 2016 to forecast the market through 2027. 2020 is considered a base year. Special attention is given to 2020 and effect of lockdown on the demand and supply, and also the impact of lockdown for next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Frozen Ready Meals Market Dynamics:
Changes in lifestyle, interest in ethnic and foreign cuisine, and increased workload among the corporate & working-class population, as well as a shift in preference towards ready meals due to their convenience and ease, are expected to drive the growth of the frozen ready meals market in the forecast period (2020-2027). Also, as a cheaper alternative to junk food, frozen ready meals are becoming increasingly popular among the younger generation and adolescent population, and they are readily available at several convenience stores and supermarkets, propelling the frozen ready meals market forward.
Due to rising disposable income levels around the world, global demand for frozen ready meals has expanded dramatically in recent years. Manufacturers are concentrating their efforts on introducing new goods and promoting the benefits of frozen ready meals through promotional activities such as enhancing television advertising for a variety of items. Certain corporations are changing their product lines away from the traditional family pack style and toward smaller portion sizes. The key companies are dedicated to supplying consumers with safe, healthful, high-quality food items, as well as proper handling and storage of frozen meals during distribution, all of which are necessary for sustaining measurability.
On the other hand, the FDA's strict food freezing regulations may obstruct the worldwide frozen meal market growth.
COVID-19 Impact- Frozen Ready Meals Market:
The rising number of cases in this second wave of the coronavirus has forced the country to go into lockdown mode once more. Frozen food items are flying off the shelves these days, thanks to the fact that most people work from home. COVID-19 had a significant impact on the restaurant industry, providing frozen meals a boost. Because of the lack of ingredients, everyone is turning to ready-to-cook meals and frozen food alternatives. With the surge in frozen foods, Indian businesses are focusing on local specialities made with organic ingredients. Vegetables & frozen snacks accounted for 65% of global sales volume among Indian customers. Dairy, bakery, frozen, canned, diet snacks, ready-to-eat meals, health products, and beverages, among other items, account for 80% of demand in urban areas.
Food service operators moved their operations off-premises and, with the help of food delivery businesses, made it easier for consumers to purchase meals despite official cautions to stay at home. Retailers are also reporting strong sales of ready meals, which are expected to increase by 12% to US$81 million in 2020. Sales of meals from the whole food service and retail channels are expected to rise 5% to US$6.6 billion in 2021, according to industry sources, as companies introduce higher-quality items and strengthen e-commerce and delivery services. By introducing shelf-stable and frozen ready meals, U.S. vendors can gain a position in the frozen ready meals market. Even when lockout restrictions have been loosened and more people dine in restaurants, Post expects 5 to 8% annual growth over the next five years due to shifting consumer preferences.
Frozen Ready Meals Market Segment Analysis:
On the basis of type, the Frozen Ready Meals Market is further sub-segmented into Vegetarian frozen ready meals and Non-Vegetarian frozen ready meals. Among these, the vegetarian frozen ready meals segment is expected to hold the largest market share of xx%, with a CAGR of XX% during the forecast period (2021-2027). One of the primary aspects driving the frozen ready meals market growth is the growing consumer preference for vegan frozen food. The demand for plant-based dairy replacements and food products has surged as people become more aware of the health benefits of vegan cuisine. Furthermore, demand for meat alternatives has surged in countries such as the United Kingdom and the United States. This encourages suppliers to develop new frozen vegan items, such as tofu and wheat-based protein products, as healthier alternatives. Frozen food items such as vegan frozen burgers, fillets, and veggie balls are being introduced by companies.
In terms of distribution channel, the Frozen Ready Meals Market is further sub-segmented into retail stores, Specialty store, Department store, Supermarket, Hypermarket, and E-commerce. The supermarket segment is expected to grow at a highest CAGR of xx% during the forecast period (2021-2027). This is mainly because of the availability of various categories in the grocery store. Further detailed analyses for all segments are analyzed in the report.
Frozen Ready Meals Market Regional Insights:
Due to an increase in demand for frozen ready meals as a result of the COVID-19 epidemic that has affected multiple countries, European frozen ready meals market. Also, the rising population, rapid urbanization, and increased customer awareness of the benefits of frozen food expected to contribute to the European frozen ready meals market's growth over the forecast period.
Following a thorough examination of business growth potential, it has been determined that Europe is expected to hold the largest share of the frozen ready meals market throughout the forecast period. The desire for quick and tasty frozen meal varieties, as well as product premiumization, are some of the reasons driving the frozen ready meals market in Europe.
Due to the rise in the trend of ready-to-eat food among the working-class population, Asia Pacific is expected to see considerable development in the frozen ready meals market. In addition, the huge increase in demand for frozen food as a result of the reduction in preparation and cooking time is expected to fuel the growth of the frozen ready meals market in the Asia Pacific in the future.
North America is expected to hold the largest market share of XX% of the frozen ready meal market by 2027. This is mainly because of the strong demand for frozen ready meals in countries like the US.
The objective of the report is to present a comprehensive analysis of the global Frozen Ready Meals to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Frozen Ready Meals dynamics, structure by analyzing the market segments and project the global Frozen Ready Meals size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Frozen Ready Meals make the report investor’s guide.
Frozen Ready Meals Market Scope: Inquire before buying
Frozen Ready Meals Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Frozen Ready Meals Market Key Players
• Nestlé
• Connie's Pizza
• The Kraft Heinz Company.
• Mccain Foods Limited
• Unilever.
• 2sfg
• Maple Leaf Foods
• Hormel Foods Corporation
• Advanced Fresh Concepts Franchise Corp
• CSC Brand L.P.
• Fleury Michon
• Nomad Foods
• Tyson Foods, Inc.
• Sigma Alimentos
• Asahi Forge Corporation
• General Mills Inc.
• Dr. August Oetker Nahrungsmittel KG
• Daiya Foods Inc
• Conagra Foodservice, Inc.
• Atkins
• FRoSTA AG
• Other
Frequently Asked Questions:
1. Which region has the largest share in Frozen Ready Meals Market?
Ans: North America holds the highest share in 2020.
2. What is the growth rate of Frozen Ready Meals Market?
Ans: The Frozen Ready Meals Market is growing at a CAGR of 5.28 % during forecasting period 2021-2027.
3. What segments are covered in Frozen Ready Meals Market?
Ans: Frozen Ready Meals Market is segmented into type, moisture content, ingredients, distribution channel, and region.
4. Who are the key players in Frozen Ready Meals Market?
Ans: The important key players in the Frozen Ready Meals Market are - Nestlé, Connie's Pizza, The Kraft Heinz Company., McCain Foods Limited, Unilever., 2sfg, Maple Leaf Foods, Hormel Foods Corporation, ADVANCED FRESH CONCEPTS FRANCHISE CORP, CSC Brand L.P., Fleury Michon, Nomad Foods, Tyson Foods, Inc., Sigma Alimentos, ASAHI FORGE CORPORATION, General Mills Inc., Dr. August Oetker Nahrungsmittel KG, Daiya Foods Inc, Conagra Foodservice, Inc., Atkins, FRoSTA AG, among other.
5. What is the study period of this market?
Ans: The Frozen Ready Meals Market is studied from 2020 to 2027.