Vegan Ready Meals Market on the Rise

Global Ready Meals Market size is expected to be worth around USD 297 Billion by 2033 from USD 147 Billion in 2023, growing at a CAGR of 7.3% during the forecast period from 2023 to 2032.

The ready meals market refers to the segment of the food industry that focuses on the production, distribution, and sale of pre-prepared meals that require minimal preparation by consumers. These meals are typically ready to eat after being heated or thawed, offering convenience and time-saving benefits for individuals with busy lifestyles or those who prefer not to cook.

The market encompasses a wide range of products, including frozen meals, chilled meals, canned meals, and shelf-stable meals, catering to various tastes, dietary preferences, and nutritional needs. Ready meals can be found in grocery stores, supermarkets, and through online retailers, reflecting the increasing demand for quick and easy meal solutions.

The growth of the ready meals market is driven by several factors, including changing consumer lifestyles, increasing urbanization, and the rise in the number of working professionals. Additionally, advancements in food technology and packaging have improved the quality, taste, and shelf life of ready meals, making them more appealing to consumers.

Health-conscious consumers also have a growing selection of healthier ready meal options, including organic, low-calorie, and gluten-free varieties. The market is highly competitive, with both established food manufacturers and new entrants continuously innovating to capture market share and meet evolving consumer preferences.

Key Market Segments

By Product

Chilled

Frozen

Shelf-stable

Canned

By Meal Type

Vegan

Vegetarian

Non-vegetarian

By Age Group

18-24 Years

25-34 Years

35-44 Years

45-54 Years

Above 55 Years

By End-use

Residential

Food Services

By Distribution Channel

Convenience Stores

Supermarkets & Hypermarkets

Online

Others

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In 2023, chilled ready meals led the market with a 45.6% share, driven by their freshness and minimal processing, appealing to consumers seeking convenient and nutritious options with a shorter shelf life. Vegan ready meals held a 40.3% share, driven by growing interest in plant-based diets for health and environmental reasons, appealing to those seeking cruelty-free and sustainable food options.

The 18-24 years age group dominated the ready meals market, securing a 45.3% share, as young adults and college students prioritize convenience and quick meal solutions due to busy lifestyles and limited cooking skills. Food services emerged as the dominant segment, capturing a 65.4% share, including restaurants, cafeterias, catering services, and other food service providers catering to a wide range of consumers.

Supermarkets and hypermarkets dominated the retail segment of the ready meals market with a 46.7% share, offering a wide variety of ready meals and catering to diverse consumer preferences due to their convenient locations, extensive product range, and one-stop shopping experience.

Market Key Players

Nestlé

General Mills, Inc.

Kellogg Company

2 Sisters Food Group

Conagra Brands Inc.

Dr. Oetker

Green Mill Foods

Hormel Foods Corporation

Iceland Foods Ltd

McCain Foods Limited

Nomad Foods

The Campbell Soup

The JM Smucker Co.

The Kraft Heinz

Tyson Foods Inc

Tyson Foods, Inc.

Unilever

Driver: The primary driver for the ready meals market is the shift in consumer lifestyles towards more hectic and busy schedules, increasing the demand for convenient and time-saving meal options. Additionally, rising disposable incomes globally contribute to the growing popularity of ready meals, as consumers are more willing to spend on convenience.

Restraint: Fresh foods are considered superior alternatives to ready meals, and the rising popularity of fresh foods due to health consciousness and lifestyle disorder concerns serves as a significant restraint. The preference for fresh over packaged ready meals has been accelerated by recent developments during the COVID-19 pandemic.

Opportunity: The increasing popularity of ready meals, coupled with rising disposable incomes, presents lucrative growth opportunities for the market over the forecast period. Manufacturers can capitalize on this trend by introducing a variety of ready meal options that cater to diverse consumer preferences and dietary needs.

Challenge: The main challenge for the ready meals market is balancing convenience with health and nutritional value. As consumers become more health-conscious, ready meal producers must innovate to offer healthier options that compete with the perceived benefits of fresh foods. Ensuring high-quality, nutritious, and appealing ready meals is crucial to overcoming this challenge.