Prepared Meals Market Unlocking Growth Potential: Analysis and Forecasts 2024-2032

Key Insights

The Prepared Meals Market size was valued at USD 166.62 USD Billion in 2023 and is projected to reach USD 267.91 USD Billion by 2032, exhibiting a CAGR of 7.02 % during the forecast period. The Prepared Meals market refers to the industry involved in the production, packaging and distribution of food. Prepared foods are foods or foodstuffs that have been partially or completely heat-treated, processed, and packaged for convenient consumption by the consumer with little or no additional preparation. These meals are usually pre-packaged and can include a variety of items such as frozen meals, canned soups, microwavable snacks, pre-cut fruits and vegetables, sandwiches, salads, and more. The convenience food market has significant growth potential due to the changing lifestyles and preferences of consumers. By focusing on product innovation, strategic marketing, effective marketing, technological advancement and enhanced customer engagement, companies can effectively take advantage of new opportunities and drive growth in this competitive market.

Prepared Meals Trends

• Increasing demand for convenience food
• Growing popularity of plant-based prepared meals
• Rise of e-commerce for prepared meal delivery

Driving Forces: What's Propelling the Prepared Meals Market

• Busy lifestyles and time constraints
• Changing consumer preferences toward healthy and convenient options
• Growing awareness of meal preparation services

Challenges and Restraints in the Prepared Meals Market

• Competition from traditional home cooking
• Concerns over the nutritional value of prepared meals
• High cost of prepared meals compared to home-cooked alternatives

Emerging Trends in Prepared Meals

• Personalized meal plans
• Subscription-based meal delivery services
• Integration of smart technology in meal preparation

Growth Catalysts in Prepared Meals Industry

• Rising disposable income
• Increasing urbanization
• Technological advancements in food processing

Market Segmentation: Prepared Meals Analysis

Product:

• Frozen Meals
• Chilled Meals
• Canned Meals

Distribution Channel:

• Supermarkets & Hypermarkets
• Convenience Stores
• Online Retail
• Others

Leading Players in the Prepared Meals Market

• General Mills (U.S.)
• Nestle S.A. (Switzerland)
• Tyson Foods (U.S.)
• ConAgra Brands (U.S.)
• Dr Oetker (Germany)
• Green Mill Foods (U.S.)
• Unilever (U.K.)
• J.M. Smucker Co. (U.S.)
• McCain Foods (Canada)
• Kellogg Company (U.S.)

Significant developments in the Prepared Meals Sector

• December 2021: McCain Foods invested USD 55 million in Strong Roots, a plant-based frozen food startup company.
• August 2021: Nestle S.A owned meal delivery service Freshly launched a new product line of vegan meals such as mac and cheese, burritos, and hearty burgers.
• June 2021: Conagra Brands Inc, a packaged goods holding company, introduced a new plant-based frozen food product innovation such as healthy choice zero, Healthy Choice Max, and banquet mega pizza.
• August 2020: General Mills, the U.S.-based food giant company, invested in a frozen food facility for Totino’s brand. The company’s manufacturing plant in Wellston Ohio specializes in making frozen pizza snack products under Totino’s brand.

Comprehensive Coverage Prepared Meals Market Report

• Regional Analysis
• Consumer Side Analysis
• DROCs
• Swot Analysis