Meticulous Research®, a leading global market research firm, has released a comprehensive 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 frozen ready meals market is projected to reach $130.67 billion by 2029, growing at a CAGR of 5.4% from 2022 to 2029. This robust growth is primarily driven by the increasing consumer preference for convenience foods, the expanding working population, a surge in new product launches, and the rapid expansion of hypermarkets and supermarkets in urban centers.
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Additionally, the digitalization of the retail industry is poised to offer substantial opportunities for market growth. However, challenges such as negative perceptions regarding the health impacts of frozen foods and stringent FDA regulations concerning food freezing pose significant barriers to the market's expansion. Another challenge for market players is the complexity of frozen food warehousing.
The market is segmented based on type, distribution channel, and geography. The study also provides an analysis of key competitors and examines the market at the country level.
Based on type, the frozen ready meals market is divided into vegetarian meals, chicken meals, beef meals, and other meals. In 2022, the vegetarian meals segment is anticipated to hold the largest share of the market. This dominance is attributed to the growing consumer preference for vegan frozen foods. As awareness of the health benefits of vegan cuisine increases, so does the demand for plant-based dairy alternatives and other vegan products. In developed regions like the U.K. and the U.S., the demand for meat alternatives has risen, prompting suppliers to introduce new frozen vegan options such as vegan frozen bowls, fillets, and veggie balls.
On the other hand, the beef meals segment is expected to witness significant growth during the forecast period. The segment's rapid expansion is largely due to the high protein content of beef compared to other meats and the substantial consumption and import of frozen beef in Asian countries and globally.
When it comes to distribution channels, the market is segmented into modern trade, food chain services, convenience stores, departmental stores, online stores, and other distribution channels. In 2022, the modern trade segment is expected to dominate the market, driven by the increasing number of supermarkets in developing countries like China and India and the growing consumer demand for ready meals in developed nations.
However, the online stores segment is anticipated to experience rapid growth during the forecast period. This growth is primarily driven by the rising consumer preference for convenience, the availability of greater discounts compared to modern trade, and the enhanced product selection experience offered by online platforms.
Geographically, Europe is expected to hold the largest market share in 2022. The significant market share of Europe is due to factors such as changing lifestyles, increased consumption of frozen beef, growing consumer awareness of the benefits of frozen foods, a preference for ready-to-eat meals, and favorable regulations. Furthermore, retail stores and consumer packaged food service providers in Europe are offering value-added frozen ready meals at competitive prices, further propelling market growth in the region during the forecast period.
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?
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