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 4.70%.
Consumers' shifting dietary preferences toward ready-to-eat food items, owing to the rigorous work schedules of college students and the busy lives of working people, are expected to fuel market expansion. During the epidemic, customers began purchasing and stockpiling packaged foods because of their longer shelf life and ease of preparation. This habit, which arose as a result of the epidemic, is expected to persist in the short term, fuelling market expansion.
People's tastes for packed meals are continuously evolving as they seek higher-quality products, greater variety, and faster delivery. Customers are willing to pay a premium for ready-to-eat takeout and same-day delivery as a result of this. The increasing push on manufacturers to produce environmentally friendly products is shifting the general idea of packaged food boxes toward more plant-based/vegan components and the use of sustainable packaging with less plastic and waste. The rapid rise of the online food delivery business, driven by the increasing demand and popularity of takeout-delivery platforms, has supplemented the need for ready-made and semi-prepared breakfast, lunch, and supper kits via e-commerce sites.
Key Highlights from the Report
- On the basis of Product, the market is segmented into Frozen, Chilled, Canned, and Shelf-stable. The shelf-stable segment is expected to develop the fastest. Meals that are shelf-stable do not need to be refrigerated and can be consumed at room temperature. Because they are inexpensive, they are frequently referred to as emergency meals when regular food cannot be provided. Product introductions in this area are expected to drive market expansion.
- On the basis of Meal Type, the market is segmented into Vegetarian, Non-vegetarian, and Vegan. The non-vegetarian segment dominated the ready meals market in the forecast period and is likely to maintain its dominance throughout the forecast period. The non-vegetarian market has benefited from customer demand for protein-rich food items such as value-added chicken nuggets, sausages, and salami. Consumer desire for frozen non-vegetarian packaged food is increasing as a result of escalating hygienic concerns with fresh products on the market. In recent years, key players have introduced new items.
- Asia Pacific is the fastest regional segment in terms of growth. The Asia Pacific is projected to be an extremely fast-growing region. Additionally, rising consumer disposable income and increased awareness of ready meal items are driving market expansion. Furthermore, rising living standards and increasing industrialization in emerging economies such as India would boost demand for pre-packaged meals.
Some of the key players 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.
Demand for prepared and convenience foods is increasing.
Another factor increasing internet sales of ready meals in most regions of the world is an increase in per capita income. The gain in income is attributable to economic expansion, particularly in emerging economies, which has led to an increase in demand for prepared and convenience foods. Customers are worried about the nutritional and health benefits of such food items before consumption, as there is a growing desire for convenience and ready-to-eat meals. This is frequently accomplished by automating or combining common operations that aid in the preservation of food quality and nutritional value.
Increased demand for healthier and more organic food products
The aging of the population in developed countries has resulted in an increase in health concerns. Fresh and lightly processed food products without synthetic chemical preservatives are highly preferred. This has a negative impact on the demand for Prepared Food equipment because prepared foods are processed with preservatives and other flavoring agents to lengthen shelf life and improve palatability.
North America represented the highest proportion of the global market in 2021, accounting for 40.9 percent, with the United States being the top consumer of pre-packaged meals. Consumers' changing food preferences, as a result of increased health awareness and food safety concerns, are boosting product demand in the region. Furthermore, the value of vegan, gluten-free, and organic pre-packaged foods is derived in great part from customer trust and the belief that the goods are healthy. Due to their convenience, portability, and availability of new offers, ready-to-eat dishes are becoming increasingly popular.