Ready Meals are complete meals that are already prepared, which are available in trays and require to be heated before serving. Frozen foods are said to be preserved foods, which resist the decay process and inhibit bacterial growth. Socio-economic expansion such as increasing women labor pool and an increasing number of single-member households has resulted in an increase in demand for convenience and minimal preparation foods that help save time and effort. An increase in growth of tourism and robust gross domestic product (GDP) are projected to increase demand for frozen foods. Moreover, product availability and retail shelf space play a key role in triggering growth of the frozen ready meal market. Distribution is a key factor in the current frozen food market. The factors hindering growth of this market include increasing number of private labels and local and unorganized brands. The innovative packaging of private and local brands attracts an enormous amount of consumers, ultimately fueling growth of the global market. Increase in the number of manufacturers of frozen food in the recent past, has led to large competition in the global market. Low cost of products provided by various suppliers has created a greater opportunity for users to choose a preferred supplier from a large number of global suppliers available in the market.
Frozen Ready Meal Market Taxonomy:
On the basis of product type, the global market is segmented into:
- Meat and Poultry
- Frozen seafood
On the basis of moisture content, the global market is segmented into:
- Low moisture content
- Medium moisture content
- High moisture content
On the basis of ingredient, the global market is segmented into:
- Natural color
- High Intensity Sweeteners
- Fatty acids
- Natural Flavors
On the basis of distribution channel, the global market is segmented into:
- Convenience stores
- Specialty Stores
Among product type, the largest segments are soups and snacks. Frozen seafood and vegetables are expected to witness higher growth in the market over the forecast period. Supermarkets lead the distribution channel in the global scenario.
Frozen Ready Meal Market Outlook- Europe holds a dominant position in the global frozen ready meal market.
Europe is the largest producer of frozen ready meals, followed by North America. Frozen ready meals have increased shelf life than chilled products, which helps maintain freshness and nutritional quality of the product. Thus, frozen ready meals are a more convenient alternative to chilled products, thus driving growth of frozen ready meals, in turn driving growth of the market globally. Frozen ready meals offer larger product collection ranging from various types of vegetables to beef, thus offering consumers the opportunity for product selection. The growth prospects of E-commerce and demand for natural and organic products have led to an increasing growth of frozen ready meal market. The amenity of having individual serving meals with reduced demand for preparation is gaining popularity, thus boosting demand for vendors selling ready to eat meals.
Some of the key players in the global frozen ready meal market are ConAgra Brands Inc., Maple Leaf foods Inc., BRF, Tyson Foods Inc., Pinnacle Foods Inc., Campbell’s Soup, Sanquan Foods, McCain Foods (India) Pvt. Ltd., Kellogg NA Co., General Mills Inc., Greencore Group, Iceland Foods, Nomad Foods Europe Ltd., FRoSTA AG, Maple Leaf Foods, NICHIREI CORPORATION , The Schwan’s Shared Services, 2 Sisters Food Group, Ajinomoto Co. Inc., Amy’s Kitchen Inc., EUROPASTRY SA, and Fluery Michon.
Frozen Ready Meal Market: Key Developments
- In 2019, Conagra Brands, Inc. under its brand Gardein is aiming to fulfill the growing demand for plant-based food by expanding its line of meat-free dishes. The latest innovations made by the company include various plant based options for snacks and meals. The frozen ready meals added by the company include Chick'n Wings, Tenders and Nuggets, Breakfast Bowls, Italian Saus'age Patties and others.
- In September 2019, Campbell Soup Co.’s sponsor teamed up with NFL stars Dak Prescott and Saquon Barkley for launch of a new brand platform called “Champions of Chunky”. This new brand platform adopted an integrated marketing champion comprising of social media engagements and local market activations.
- In 2019, the Lightlife Foods announced that the Lightlife Burger and Lightlife Ground, the plant-based meat products, will be available in the meat aisle at thousands of stores across North America in the frozen form. The company has ensured that these frozen products are free from artificial flavors, soy and gluten and thus, take into consideration the better well-being of the people.