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Prepared Food Market

Prepared Food Market

Prepared Food Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

142

Base Year:

2021

Date

May - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1537

Segments Covered
  • By Product Frozen, Chilled, Canned, Shelf-Stable
  • By Meal Type Vegetarian, Non-Vegetarian, Vegan
  • By Distribution Channel Supermarkets & Hypermarkets, Convenience Stores, Online, Others
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 142.9 Billion
Revenue 2028Revenue 2028: USD 190.4 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 4.9%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Prepared Food Market Share

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.

Prepared Food Market Size, 2021 To 2028 (USD Billion)

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.

Below tree is interactive. You can click the nodes to get more information.

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:

Parameter Details
Segments Covered
  • Product (Frozen, Chilled, Canned, Shelf-Stable)
  • Meal Type (Vegetarian, Non-Vegetarian, Vegan)
  • Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online, Others)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Nestle
  • General Mills Inc.
  • Kellogg Company
  • Conagra Brands Inc.
  • Tyson Foods Inc.
  • Dr. Oetker
  • Nomad Foods
  • Green Mill Foods
  • Unilever
  • 2 Sisters Food Group
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Prepared Food Market to Reach Valuation of USD 190.4 Billion by 2028 - Shifting Dietary Preferences of Consumers Toward Ready-To-Eat Food Products as a result of the Busy Lifestyles of Working People as well as the Strenuous Work Schedules of College Students is expected to boost Market Expansion
From the period 2022 to 2028, the Global Prepared Food Market is expected to reach USD 190.4 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 4.9%. Consumers' shifting dietary preferences toward ready-to-eat food items, owing to the rigorous work schedules of college...
FAQ
Frequently Asked Question
  • The global Prepared Food valued at USD 142.9 Billion in 2020 and is expected to reach USD 190.4 Billion in 2028 growing at a CAGR of 4.9%.

  • The prominent players in the market are Nestle, General Mills Inc., Kellogg Company, Conagra Brands Inc., Tyson Foods Inc., Dr. Oetker, Nomad Foods, Green Mill Foods, Unilever, 2 Sisters Food Group.

  • The market is project to grow at a CAGR of 4.9% between 2021 and 2028.

  • The driving factors of the Prepared Food include

    • Shifting consumers’ food preferences towards ready-to-eat food products

  • North America was the leading regional segment of the Prepared Food in 2020.