The convenience food market is expected to experience a delicious boom and record impressive growth between 2023 and 2033 7.2% Compound Annual Growth Rate (CAGR). Fast-paced modern lifestyles and increasing urbanization are driving the need for convenient meals that are quick and easy to prepare. The appeal of quick meals is growing as people are pressed for time, driving the expansion of the convenience food business worldwide.

The growth trend of the ready meals market is determined by various variables. Changing consumer preferences and cutting-edge product development play a crucial role. Thanks to increasing disposable incomes, consumers can enjoy the convenience and comfort of ready meals, especially in emerging markets where a growing middle class is looking for time-saving culinary solutions.

At the same time, convenience food manufacturers are seizing the opportunity to adapt to changing consumer tastes and preferences by developing novel products that meet consumer demand for healthier, natural and customized convenience foods. This convergence of consumer demands and industry innovation is fostering an exciting era of culinary convenience and driving the market’s growing trend.

Key insights from the convenience food market:

• The United States dominates the convenience food market with a significant 17.2% market share, reflecting Americans’ strong preference for fast food, driven by busy schedules and a strong desire for time-saving meals.
• Germany’s 6.2% market share demonstrates the need for ready meals in the nation. This shows that German customers are increasingly looking for quick and easy meals to suit their busy lifestyles.
• With a significant market share of 10.2%, China is experiencing exceptional market growth. The increasing demand for fast food options in the Chinese market is mainly due to the country’s growing middle class, urbanization, and changing consumer preferences.
• With a significant market share of 4.6%, Japan shows that Japanese customers prefer ready meals. A dedicated workforce and a need for quick and convenient food options could explain this.
• Australia and the United Kingdom have smaller market shares of 1.8% and 3.9% respectively. However, due to factors such as changing lifestyles, urbanization and a growing need for quick-to-prepare foods, these markets still offer opportunities for penetration and expansion.

“Demand for prepared meals is increasing in today’s fast-paced lifestyle. As consumers seek convenient meals that save time and effort, the prepared meal industry is experiencing significant growth, driven by a variety of ready-to-eat and pre-packaged options. This trend is expected to continue as consumers prefer convenience without compromising on taste and nutritional value.” – says a leading analyst at Future Market Insights (FMI).

Stay ahead of the market: https://www.futuremarketinsights.com/reports/global-convenience-foods-market

Competitive environment

The ready meals market is characterised by very high competitive pressure. In order to stay one step ahead of the competition, the market is dominated by several major companies that are constantly inventing and producing new products. In addition, there are several smaller regional competitors on the market that often have a price and convenience advantage.

Nestle

The Swiss multinational food and beverage company Nestlé has its headquarters in Vevey. In terms of sales, Nestlé is the largest food company in the world and dominates the ready meals market. Lean Cuisine, Stouffer’s and Hot Pockets are some of Nestlé’s ready meals brands.

Unilever

An international consumer goods manufacturer based in London, England, is called Unilever. Unilever is the world’s second largest food company by sales and has a strong presence in the ready meals market. Unilever’s ready meal brands include Knorr, Hellmann’s and Ben & Jerry’s.

Tyson Foods

Tyson Foods is an American multinational food company headquartered in Springdale, Arkansas. Tyson Foods is the world’s largest producer and marketer of chicken, beef and pork and also holds a significant share of the prepared meals market. Jimmy Dean, Hillshire Farm and Ball Park are some of Tyson Foods’ prepared meals brands.

Conagra Brands

Chicago, Illinois, is the headquarters of Conagra Brands, an American international food company known in the prepared meals market. Conagra Brands owns prepared meals brands.

Important developments

• The expansion of online sales has significantly increased the demand for prepared meals. Consumers are using digital platforms to conveniently purchase their favorite prepared meals as online grocery shopping is popular.
• The advent of meal kits has changed the way customers think about cooking at home in the convenience food industry. These pre-packaged packages contain pre-portioned ingredients and detailed instructions, allowing them to easily prepare meals at home without having to worry about grocery shopping or meal planning.

Key segments profiled in the Convenience Food market study

By type:

• Frozen food
• Canned goods
• Chilled food
• Ready-to-eat snacks
• Catering

By sales channel:

• Supermarkets/Hypermarkets
• Department stores
• Corner shops
• Convenience stores

By region:

• North America
• Latin America
• Asia-Pacific
• Middle East and Africa
• Europe