Global Frozen Ready Meal Market Overview
Frozen Ready Meal Market Size was estimated at 15.63 (USD Billion) in 2022. The Frozen Ready Meal Market Industry is expected to grow from 16.45(USD Billion) in 2023 to 26.1 (USD Billion) by 2032. The Frozen Ready Meal Market CAGR (growth rate) is expected to be around 5.26% during the forecast period (2024 - 2032).
Key Frozen Ready Meal Market Trends Highlighted
The frozen ready meal market has experienced a surge in demand due to the convenience and affordability it offers consumers. The growing popularity of single-person households, the time-saving aspect of ready-to-eat meals, and the increasing availability of healthy frozen options are key market drivers.
One notable trend is the shift towards plant-based frozen ready meals as consumers become more health-conscious. The increasing awareness of sustainable food practices has also influenced the trend towards vegetarian and vegan options. Additionally, the rise of e-commerce and meal delivery services has made frozen ready meals more accessible than ever before, particularly in urban areas.
To capture the opportunities presented by these trends, market participants should focus on developing innovative flavors, incorporating healthier ingredients, and expanding distribution channels to cater to the growing demand for convenient and nutritious meal solutions. Collaboration between manufacturers, retailers, and delivery service providers will be crucial to capitalize on these opportunities and meet the evolving needs of consumers.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Frozen Ready Meal Market Drivers
Rising Demand for Convenience and Time-Saving Solutions
The hectic pace of modern life has significantly increased the demand for quick and convenient meal solutions. Frozen ready meals constitute an easy and convenient way to alleviate pressure and time constraints on a working family that may want to eat a healthy and rich in flavor dish without dedicating hours to in the kitchen. Thus one of the major drivers of the market growth is the convenience of frozen ready meals. .
Growing Popularity of Home Delivery and E-commerce
The rise of home delivery services and e-commerce platforms is becoming a major contributor to the accessible availability of ready meals. Nowadays, it is possible for the customers to make an order online and have a frozen meal delivered to their house so that they can have a variety of convenient and tasty food at their disposal. The attractiveness of the home delivery option is one of the significant reasons why this industry develops so fast, since more and more customers are ready to choose a comfortable delivery instead of visiting a shop on their own.
Increasing Health Consciousness and Focus on Nutrition
Consumers are becoming increasingly health-conscious and are looking for meal options that are both convenient and nutritious. Frozen ready meals have evolved to meet this demand, with many brands offering healthier options that are low in calories, fat, and sodium. The focus on nutrition has driven the growth of the Frozen Ready Meal Market Industry, as consumers seek convenient and healthy meal solutions.
Frozen Ready Meal Market Segment Insights
Frozen Ready Meal Market Meal Type Insights
The Breakfast and Brunch segment is expected to have the largest revenue share of 35.6% in 2023. This is because breakfast has gained more prominence in recent years as people are more pressed for time as compared to earlier times, and consuming a fast-ready meal is easy. The Lunch and Dinner segment is expected to have the highest CAGR of 5.5% in the next five years. There is a growing preference towards a convenient meal and an affordable one for individuals belonging to the working-class and their families. The Snacks and Sides segment is expected to register a significant increase.People, these days, are more cautious of their food and try to maintain a convenient one and make snacking easy. The Frozen Ready Meal Market remains very competitive and expansive in nature, owing to the factors. The changing food habits of people have increased the demand for cook-up options since people can be highly conscious about their food. With the growing popularity of home-cooked food, the other factor driving the market is the number of women working. Not only that, but the frozen ready meal markets are also growing as they are available in a variety of cuisines and tastes around the world.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Frozen Ready Meal Market Distribution Channel Insights
The distribution channel segment is central to the operation of the Frozen Ready Meal Market, and its specifics influence the general dynamics of the industry. Currently, supermarkets and hypermarkets are the leading segments of the market, gathering a notable share due to an extensive reach and selection. As of 2023, the market for frozen ready meals in the Frozen Ready Meal Market through supermarkets and hypermarkets was valued at USD 8.7 billion and is poised to exceed this figure considerably in the coming years. Convenience stores are another significant channel for the market, as they provide easy access to a range of frozen meals for impulse buying.Currently, the rising popularity of online retailers establishes them as the fastest-growing market segment, allowing consumers to make purchases from home and choose from a vast variety of frozen ready meals. Finally, foodservice operators, such as restaurants and cafeterias, make up a notable share of the industry because they use frozen ready meals to satisfy the consumers’ demand to have food quickly and conveniently. Overall, distribution channel segregation of the market reveals the specifics of the competitive rivalry, consumer preferences, and growth in the Frozen Ready Meal Market.
Frozen Ready Meal Market Consumer Preference Insights
The Frozen Ready Meal Market revenue is segmented on the basis of consumer preference into organic and natural, gluten-free, low-sodium, and high-protein. Among these, the organic and natural segment held the largest market share in 2023 and is projected to continue its dominance throughout the forecast period. This growth is attributed to the increasing consumer demand for healthy and natural food products. The gluten-free segment is also expected to witness significant growth owing to the rising prevalence of celiac disease and gluten intolerance.The low-sodium segment is expected to grow steadily due to the increasing awareness of the harmful effects of sodium on health. The high-protein segment is also expected to grow steadily as consumers become more health-conscious and seek protein-rich food options.
Frozen Ready Meal Market Packaging Type Insights
The Frozen Ready Meal Market is segmented by Packaging Type into Trays, Bowls, Bags, and Single-Serve Containers. Trays dominate the market due to their convenience and ability to withstand freezing temperatures. Bowls are gaining popularity as they are microwavable and can be eaten directly from the container. Bags are a cost-effective option for packaging frozen meals, while Single-Serve Containers are ideal for portion control and convenience. The Frozen Ready Meal Market revenue from Trays is expected to grow at a CAGR of 4.5% from 2024 to reach $7.8 billion by 2030.The market for Bowls is projected to expand at a CAGR of 5.2% during the same period, reaching $6.7 billion by 2030. Bags and Single-Serve Containers are also expected to witness significant growth in the coming years, driven by increasing demand for convenient and portable food options.
Frozen Ready Meal Market Regional Insights
Regionally, North America is expected to dominate the market in 2023 with a market size of USD 6.2 billion, owing to factors such as the increasing demand for convenient and healthy food options, rising urbanization, and growing penetration of retail chains. Europe is projected to hold the second largest market share, driven by factors such as the presence of a large consumer base, increasing disposable income, and growing awareness of healthy eating habits. The APAC region is expected to witness significant growth over the forecast period, owing to factors such as the rising population, growing urbanization, and expanding retail infrastructure.South America and MEA are expected to experience moderate growth, driven by factors such as increasing consumer awareness and improving economic conditions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Frozen Ready Meal Market Key Players And Competitive Insights
Major players in Frozen Ready Meal Market industry are continuously developing new products and expanding their geographical reach to cater to the growing demand for convenient and healthy meal options. Leading Frozen Ready Meal Market players are investing heavily in research and development to create innovative products that meet the evolving needs of consumers. The Frozen Ready Meal Market is highly competitive, with a large number of established and emerging players. The competitive landscape is characterized by intense competition, with players vying to gain market share through various strategies such as product innovation, strategic partnerships, and aggressive marketing campaigns. The Frozen Ready Meal Market is expected to witness significant growth in the coming years, driven by factors such as increasing urbanization, rising disposable income, and changing lifestyles.Nestlé is a global leader in the Frozen Ready Meal Market, with a strong portfolio of well-known brands such as Stouffer's, Lean Cuisine, and Hot Pockets. The company has a wide distribution network and a loyal customer base. Nestlé is known for its high-quality products and its commitment to innovation. In recent years, the company has expanded its product offerings to include more healthy and convenient options, such as its Lean Cuisine Naturals line. Nestlé is also investing in new technologies, such as blockchain, to improve its supply chain and reduce food waste.Tyson Foods is another major player in the Frozen Ready Meal Market. The company's portfolio includes a wide range of frozen meals, including chicken nuggets, chicken strips, and frozen pizzas. Tyson Foods has a strong presence in the foodservice industry, and its products are sold in restaurants, schools, and other institutions. The company is also expanding its retail presence, and its products are now available in a growing number of grocery stores. Tyson Foods is known for its commitment to sustainability, and the company has set goals to reduce its environmental impact.
Key Companies in the Frozen Ready Meal Market Include
- Lantmannen Unibake
- Nomad Foods Limited
- Birds Eye Foods, Inc.
- Hormel Foods Corporation
- Conagra Brands, Inc.
- apetito Holding GmbH
- Ajinomoto
- Nestle
- Unilever
- Kerry Group plc
- McCain Foods Limited
- General Mills, Inc.
- Campbells Soup Company LLC
- The Kraft Heinz Company
Frozen Ready Meal Market Industry Developments
The Frozen Ready Meal Market is projected to reach USD 26.1 billion by 2032, exhibiting a CAGR of 5.26% during the forecast period. Rising urbanization, increasing disposable income, and changing lifestyles are driving market growth. Consumers are increasingly opting for convenience foods due to their busy schedules and the growing popularity of single-person households.Recent news developments in the market include the launch of innovative products such as plant-based and gluten-free frozen ready meals. Manufacturers are also investing in expanding their distribution channels to reach a wider customer base. Mergers and acquisitions are also shaping the market landscape, with major players acquiring smaller companies to strengthen their product portfolios and expand their geographic reach.
Frozen Ready Meal Market Segmentation Insights
- Frozen Ready Meal Market Meal Type Outlook
- Breakfast and Brunch
- Lunch and Dinner
- Snacks and Sides
- Frozen Ready Meal Market Distribution Channel Outlook
- Supermarkets and Hypermarkets
- Convenience Stores
- Online Retailers
- Foodservice Operators
- Frozen Ready Meal Market Consumer Preference Outlook
- Organic and Natural
- Gluten-Free
- Low-Sodium
- High-Protein
- Frozen Ready Meal Market Packaging Type Outlook
- Trays
- Bowls
- Bags
- Single-Serve Containers
| Report Attribute/Metric |
Details |
| Market Size 2022 |
15.63(USD Billion) |
| Market Size 2023 |
16.45(USD Billion) |
| Market Size 2032 |
26.1(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.26% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Lantmannen Unibake ,Nomad Foods Limited ,Birds Eye Foods, Inc. ,Hormel Foods Corporation ,Conagra Brands, Inc. ,apetito Holding GmbH ,Ajinomoto ,Nestle ,Unilever ,Kerry Group plc ,McCain Foods Limited ,General Mills, Inc. ,Campbells Soup Company LLC ,The Kraft Heinz Company |
| Segments Covered |
Meal Type ,Distribution Channel ,Consumer Preference ,Packaging Type ,Regional |
| Key Market Opportunities |
Growth in Convenient Food Options Expansion in Ecommerce Rising Demand for Healthy Frozen Meals Growing Popularity of Meal Kits Increasing Penetration in Developing Markets |
| Key Market Dynamics |
Rising consumer demand for convenience Increasing popularity of home cooking Growing health consciousness Technological advancements Growing disposable income |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Frozen Ready Meal Market is anticipated to reach a valuation of approximately 16.45 billion USD in 2023.
The Frozen Ready Meal Market is projected to exhibit a steady growth rate, with a CAGR of around 5.26% over the forecast period from 2023 to 2032.
North America is expected to maintain its dominance in the Frozen Ready Meal Market throughout the forecast period, owing to the presence of major market players and a high demand for convenience foods in the region.
The growth of the Frozen Ready Meal Market is primarily attributed to the increasing demand for convenient and time-saving food options, the rising popularity of e-commerce platforms for frozen food delivery, and the growing health consciousness among consumers.
Some of the key players in the Frozen Ready Meal Market include Nestle, Conagra Brands, McCain Foods, Kraft Heinz, and Unilever.
The Frozen Ready Meal Market is segmented into various applications, including breakfast items, lunch and dinner entrees, snacks, and side dishes.
Potential challenges to the growth of the Frozen Ready Meal Market include rising raw material costs, intense competition from fresh and homemade meals, and concerns over the nutritional value of frozen foods.
Emerging trends in the Frozen Ready Meal Market include the increasing popularity of plant-based frozen meals, the adoption of smart packaging technologies, and the growing demand for personalized meal options.
By the end of the forecast period in 2032, the Frozen Ready Meal Market is anticipated to reach a valuation of approximately 26.1 billion USD.
Key players in the Frozen Ready Meal Market are focusing on product innovation, expanding their distribution channels, and implementing strategic partnerships to gain a competitive edge.
