According to Future Market Insights (FMI), the worldwide frozen ready meals market is valued at US$ 51.5 billion in 2023 and is anticipated to reach US$ 122.4 billion by 2033. Total frozen ready-meal sales are likely to accelerate at a robust CAGR of 9.0% from 2023 to 2033.
Growing preference towards convenience and ready-to-eat food products worldwide is a key factor driving the global frozen ready meals market forward.
While most of the customers still view frozen food as a backup option, core consumers are increasingly inclined to purchase products with particular meals in mind. Buying frozen food is thought to be more economical and saves time at the grocery store.
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Time can be saved by using frozen ready meals, which are a complete lunch or dinner option. People having busy schedules can use these products as they are easy to prepare than cooking from scratch. This is a primary factor that influence frozen ready meal sales.
Growing food insecurity concerns and need for reducing food wastage are also prompting people to choose frozen food products including frozen ready meals due to their higher shelf life and easy availabity.
Subsequently, availability of a wide range of frozen ready meals including frozen chicken meals and frozen vegetarian meals on online sales platforms will help the market to thrive rapidly over the next ten years.
However, growing concerns about side effects of frozen foods can limit market expansion duing the projection period. As frozen food products are meant to last for longer period, artificial additives are added to them in order to increase their shelf life.
A high amount of sodium is added to frozen foods to maintain their qualitative characteristics for a substantial period of time. Excessive consumption of sodium and artificial food additives through frozen ready-meal products can have harmful effects on consumers’ health. Also, a variety of physical and chemical processes are performed on frozen ready meal products to improve their nutritive value.
Leading companies are constantly launching new products and delivery services to increase their sales and expand their customer base. Further, they are improving their production processes and packaging.
In the frozen food sector, packaging is essential since it improves the quality and appearance of the product. The shelf life of frozen food products can be increased by implementing suitable packaging methods during production.
Packaging that appeals to the eye can draw in lots of customers and increase demand for frozen food goods. To comply with environmental standards and draw in ecologically conscious customers, top manufacturers are creating biodegradable packaging options. Technological advances in packaging techniques can greatly increase product sales since they enhance product quality to a larger level.
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Key Takeaways from the Report:
- The global frozen ready meals market is set to reach a valuation of US$ 51.5 billion in 2023.
- Global frozen ready meal sales are forecast to rise at 0% CAGR between 2023 and 2033.
- By product type, demand for vegetarian meals is poised to increase at a considerable pace during the next ten years.
- The United States frozen ready meals market is anticipated to expand at 6% CAGR over the next ten years, reaching a valuation of US$ 3,5607.4 million by 2033.
- Frozen ready meals demand across India is set to surge at 9% CAGR through 2033.
- The United Kingdom market is likely to touch a valuation of US$ 1,280.6 millionin 2033.
“Rising food insecurity and increase in food wastage will have a profound influence on frozen food sales including frozen ready meals over the next ten years as these foods have extended shelf life and reduce wastage to a great level,” says a lead analyst at Future Market Insights.
Who is Winning?
Leading frozen ready meal companies profiled in the report include General Mills Inc., Pinnacle Foods, Inc., J.R. Simplot Co., Nestle S.A, California Pizza Kitchen, H.J.Heinz, Dr. Oetker GmbH, ConAgra Foods, Inc, Daiya Foods Inc., Atkins Nutritionals Inc., and FRoSTA AG.
Key Market Developments:
- In 2018, Conagra Brands Inc. acquired Pinnacle Foods to strengthen its customer base and accelerate the next wave of change.
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Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the frozen ready meals market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study provides compelling insights into the frozen ready meals market based on product type (vegetarian meals, chicken meals, beef meals), and distribution channel (modern trade, food chain services, convenience stores, departmental stores, online stores) across several regions.
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations- the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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