This market research analysis presents a detailed segmentation of the global frozen ready meals market by distribution channels (hypermarkets and supermarkets, convenience stores, independent retailers, and others) and by geography (Americas, APAC, Europe, and MEA). It also analyzes the key vendors and their market shares, including ConAgra, Fleury Michon, Kraft Heinz, Nestlé, and Unilever.
Technavio has released a new market research report on the frozen ready meals market, which is expected to grow at a CAGR of 3% between 2016 and 2020. Frozen ready meals are a convenient alternative to cooking and are increasingly being preferred by the working population as they are free from microbial attacks. Rising preference for on-the-go foods has boosted the demand for ready meals, as consumers prefer them over fully cooked meals as it helps to save time and also gives them a variety of options to choose from. The Americas is the largest market for frozen meals due to the rising demand for packaged food coupled with innovations in packaging and technological production.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The consumers are increasingly preferring premium frozen ready meals that offer much more value than their traditional counterparts. Premium frozen ready meals have better product quality, packaging, taste, color, freshness, vitamin content, texture, taste, and shelf life. Also, the demand for these premium meals is increasing due to the growing health and wellness concerns among people. Consumers are opting for frozen foods that have locally procured ingredients, as thee ready meals go through fewer processing cycles,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research
Hypermarkets and supermarkets are the major distribution channels in frozen ready meals market, accounting for more than 73% of the total market share. Much of this segment’s growth will be impelled by the recent boom in organized retail, especially in the developing economies. Also, with the growing prevalence of e-tailing, the online sale of ready meals is anticipated to increase rapidly.
Global frozen ready meals market by distribution channel 2015
Source: Technavio, 2016
The key vendors in the frozen ready meals market include ConAgra, Fleury Michon, Kraft Heinz, Nestlé, and Unilever. This market is subject to constantly changing consumer demands and preferences. The market is characterized by the presence of numerous large and small vendors and is highly fragmented because of the presence of numerous small and large vendors. The private-label retailers in this market account for a major part of the overall market share and they compete with other vendors on the basis of product price, quality, product differentiation, distribution, and promotion.
A more detailed analysis is available in the Technavio report, Global Frozen Ready Meals Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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