Frozen Ready Meals Market on Path to $130.67 Billion by 2029

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Frozen Ready Meals Market on Path to $130.67 Billion by 2029

The Frozen Ready Meals Market is expected to reach $130.67 billion by 2029, at a CAGR of 5.4% during the forecast period of 2022 to 2029.

Frozen Ready Meals Market Overview

Meticulous Research® has released an in-depth research report titled, “Frozen Ready Meals Market by Type (Vegetarian Meals, Chicken Meals, and Beef Meals) and Distribution Channel (Food Chain Services, Modern Trade, Convenience Stores, Departmental Stores, and Online Stores)—Global Forecast to 2029.” The report forecasts that the frozen ready meals market will reach $130.67 billion by 2029, growing at a CAGR of 5.4% from 2022 to 2029. This growth trajectory is driven by several factors, including the increasing demand for convenience foods, the expanding workforce, and a surge in product offerings.

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Key Growth Drivers

The frozen ready meals market has seen exponential growth due to changing consumer lifestyles. With an increasing number of individuals working long hours and seeking quick meal solutions, there is a notable shift towards ready-to-eat and frozen food options. Additionally, the rapid expansion of hypermarkets and supermarkets, particularly in developing regions, has provided consumers with greater access to a variety of frozen meal products, thus facilitating market growth.

Challenges Impeding Market Progress

Despite the market's favorable growth outlook, several challenges could hinder progress. Negative perceptions regarding the nutritional value of frozen foods can deter health-conscious consumers from purchasing these products. Moreover, strict regulations from food safety authorities, such as the FDA, regarding the preservation and sale of frozen meals can complicate compliance for manufacturers. Furthermore, logistical challenges related to frozen food storage and distribution continue to be a concern for market players.

Segmentation Insights

The market is categorized by meal type and distribution channel. The meal type segmentation includes vegetarian meals, chicken meals, beef meals, and others. It is anticipated that vegetarian meals will dominate the market in 2022, driven by rising health awareness and a shift toward plant-based diets. The demand for nutritious and convenient vegetarian options is growing rapidly, encouraging suppliers to innovate and diversify their product ranges.

On the other hand, the beef meals segment is expected to experience significant growth throughout the forecast period. This growth is primarily attributed to beef's high protein content and the rising demand for frozen beef in Asian markets, where the consumption of frozen products is increasing.

Distribution Channel Dynamics

The frozen ready meals market is also segmented by distribution channel, including modern trade, food chain services, convenience stores, departmental stores, and online platforms. Modern trade is expected to hold the largest market share in 2022, fueled by the growing number of supermarkets and hypermarkets, particularly in Asia. These retail establishments are increasingly catering to consumer demands for ready-to-eat meals, especially among urban dwellers.

In contrast, the online distribution segment is predicted to witness robust growth. The rise of e-commerce has transformed the way consumers shop for food, with many opting for the convenience of online purchasing. The appeal of home delivery services, coupled with competitive pricing and a diverse product selection, is driving this trend.

Regional Market Overview

Geographically, Europe is set to dominate the frozen ready meals market in 2022, holding a significant market share. Factors contributing to Europe’s leadership include changing lifestyles, increased consumption of frozen beef, and heightened awareness of the benefits of frozen foods. Additionally, favorable regulations and the presence of numerous retail outlets offering value-added frozen products at competitive prices are likely to spur market growth in the region.

Conclusion

The frozen ready meals market is positioned for sustained growth, driven by evolving consumer preferences for convenience and health. While challenges remain, including public perception and regulatory scrutiny, the market has ample opportunities for expansion, particularly through digital retail channels and innovative product offerings. As the industry evolves, stakeholders must adapt to shifting consumer demands and leverage technological advancements to thrive in this competitive landscape.

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Key Players:

The key players operating in the frozen ready meals market are General Mills, Inc. (U.S.), Nestlé S.A. (Switzerland), Conagra Brands, Inc. (U.S.), McCain Foods Limited (Canada), The Kraft Heinz Company (U.S.), Tyson Foods, Inc. (U.S.), Wiltshire Farm Foods (U.K.), Daiya Foods Inc. (Canada), Sigma Alimentos, S.A de C.V. (Mexico), Agrarfrost GmbH & Co. KG (Germany), Himalaya Food International Ltd. (India), J.R. Simplot Company (U.S.), Mondelēz International, Inc. (U.S.), Coöperatie Koninklijke Cosun U.A. (Netherlands), and Nomad Foods Limited (U.K.), among others.

Key Questions Answered in the Report-

Which are the high-growth market segments in terms of type, distribution channel, and geography?
What is the historical market size for frozen ready meals across the globe?
What are the market forecasts and estimates for the period 2022–2029?
What are the major drivers, restraints, opportunities, and challenges in the frozen ready meals market?
Who are the major players in the market, and what are their market shares?
Who are the major players in various countries, and what are their market shares?
How is the competitive landscape for the frozen ready meals market?
What are the recent developments in the frozen ready meals market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the frozen ready meals market, and how do they compete with other players?