Prepared Food Market

Global Prepared Food Market

Prepared Food Market- By Product, Meal Type, Distribution Channel, and Region.

Market Synopsis:

The Global Prepared Food Market is valued at USD 142.9 Billion in the year 2021 and is expected to reach a value of USD 190.4 Billion by the year 2028. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.9% over the forecast period.

Precooked or ready meals are extremely convenient, as they save time and energy that would otherwise be spent on meal preparation. This has resulted in an increase in demand for quick meals, particularly among the working population and students worldwide. Because they are pre-cooked, ready meals are a cost-effective option. Furthermore, the easy availability of ready meals throughout the year will boost demand. Furthermore, print and media advertising has played an important role in raising awareness of ready meals, hence boosting overall industry growth.

The ease of prepared meals influences demands since it saves time needs fewer culinary efforts and is easy to handle and store. Working customers' and students' fast-paced lifestyles necessitate the consumption of such prepared meals, which provide a healthier and more cost-effective alternative to junk food. Additionally, the year-round availability of prepared meals in various stores is anticipated to have a favorable impact on market performance. Moreover, the digitalization boom and aggressive ads about ready-to-eat meals on various media platforms help to raise awareness about the items, which helps to market growth. Due to the installation of lockdowns and movement restrictions in most nations, the current COVID-19 pandemic epidemic has increased consumer purchases of such prepared meals. These ready-to-cook meals have a relatively long shelf life and are simple to prepare.

Furthermore, these cooked meals can be stored for a longer period of time, reducing the number of trips to the grocery shop or convenience store. As a result, the demand for prepared meals is expected to rise.

Market Segmentation:

The Prepared Food Market is segmented on the basis of Product, Meal Type, and Distribution Channel. On the basis of Product, the market is segmented into Frozen, Chilled, Canned, and Shelf-stable. On the basis of Meal Type, the market is segmented into Vegetarian, Non-vegetarian, and Vegan. On the basis of Distribution Channel, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Online, and Others.

Based on Meal Type:

On the basis of Meal Type, the market is segmented into Vegetarian, Non-vegetarian, and Vegan. Over the forecast period, the vegan segment is expected to develop the fastest. Millennials are becoming increasingly concerned about their health and the welfare of animals, and they are willing to spend a reasonable premium for vegan products and components. In reaction to these developments, market participants are introducing a variety of vegan-ready meals and snacks. Shepherd's Pie and Chilli Non-Carne are two products created in conjunction with packaged meal specialist Oscar Mayer.

Based on Distribution Channel:

On the basis of Distribution Channel, the market is segmented into Supermarkets & Hypermarkets, Convenience Stores, Online, and Others. Supermarkets and hypermarkets are anticipated to be the dominating purchase channel because of its vast product availability and freedom of product selection. Furthermore, the e-commerce sector is gaining traction as a result of the increased prevalence of online platforms, and its hassle-free door-to-door delivery alternatives are likely to boost product sales. Ready meals are becoming more popular in industrialized countries such as the United Kingdom and the United States, with most supermarkets, hypermarkets, and convenience stores stocking a variety of simple ready-to-eat items.

North America is expected to have the biggest market share in 2021

North America is projected to acquire the largest market share during the year 2021 with a share of 40.9%. This is attributable to the region's technical breakthroughs, high personal discretionary income, and customers' busy lifestyles. The growing working population has influenced customers' increased reliance on prepared meals, which is expected to drive regional market growth. Additionally, the growing female labor force in North American countries has contributed to the market's quick growth. Moreover, vegan, gluten-free, and organic pre-packaged foods derive a large portion of their value from consumer trust and the perception that the items are healthy. Due to their convenience, portability, and availability of new offers, ready-to-eat dishes are becoming increasingly popular.

Competitive Landscape:

Key players operating in the Global Prepared Food Market include- Nestle, General Mills Inc., Kellogg Company, Conagra Brands Inc., Tyson Foods Inc., Dr. Oetker, Nomad Foods, Green Mill Foods, Unilever, 2 Sisters Food Group and others.

Segmentation of the Global Prepared Food Market: