US Ready Meals Market Overview
US Ready Meals Market Size was valued at USD 46.1 Billion in 2022. The ready meals market industry is projected to grow from USD 47.5 Billion in 2023 to USD 60.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.00% during the forecast period (2023 - 2032). The region's growing proportion of nuclear families and longer workweeks are the main market drivers of the rise in ready-to-eat food product consumption.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Ready Meals Market Trends
- Growing Demand for Food Products with Longer Shelf Lives is Driving the Market Growth
The market CAGR for ready meals is expanding due in large part to consumer knowledge of food goods with longer shelf lives. A product's shelf life is defined as the length of time it may be consumed safely without losing its intended qualities, including its sensory, functional, chemical, and microbiological qualities. People are searching for food that has a long shelf life since it is more convenient, less expensive, quicker, and comes in pre-portioned portions, like ready meals. For instance, in June 2020, the demand for long-lasting products increased by up to 300%, according to Truebell LLC, a US-based food and beverage exporter. Therefore, the market for ready meals is expanding as a result of consumers' increasing knowledge of food products with longer shelf lives.
Throughout the projected period, a rise in the adoption of organic dietary practices and rising disposable income of US consumers are anticipated to present profitable growth prospects. Additionally, there will be greater growth potential due to the rising popularity of prepared meals that are also nutritionally sound. The market for ready meals will expand significantly as a result of all these factors. Furthermore, a number of new market entrants are adding nutrition to ready meals. The popularity of ready-to-eat organic meals is growing as people become more conscious of food safety and health issues. Utilizing natural ingredients to create ready meals that may satiate people's hunger in a healthful manner is probably going to create new opportunities for the ready meal industry. As a result, the population that is health-conscious is satisfied with the ready meals that are centered on health. Since restaurants had to close as a result of restrictions put in place to stop the virus's spread during the start of the COVID-19 pandemic, prepackaged meals have become more and more popular. The enormous demand for different types of ready meals on the virtual platform led to a massive growth in the ready meal business online. Thus, driving the ready meals market revenue.
Ready Meals Market Segment Insights:
Ready Meals Type Insights
The US Ready Meals market segmentation, based on type includes Vegan, Vegetarian, and Non-vegetarian. The non-vegetarian segment dominated the market mostly. The non-vegetarian population gains from consumer demand for value-added, high-protein foods like chicken nuggets, sausages, and salami as concerns about fresh product hygiene rise. Frozen packaged non-vegetarian foods are becoming more and more popular among consumers.
Ready Meals Product Insights
The US Ready Meals market segmentation, based on product, includes Canned, Frozen, Chilled, and Dried. The frozen category generated the most income. In essence, a frozen pizza is one that has been built or baked, frozen fast, and packed for retail. Grocery stores and supermarkets carry it. All that is required of the consumer is to unwrap and cook it for the allotted duration whenever they choose. For students, workers, or members of any other demographic, frozen pizzas are economical, tasty, fast, and convenient.
Ready Meals Distribution Channels Insights
The US Ready Meals market segmentation, based on distribution channels includes Supermarkets, Hypermarket, Online Retailers, and Others. The supermarket segment dominated the market mostly. They have the facilities in place to keep prepared meals at the right temperatures and humidity levels. They provide a large selection of prepared meals in designated aisles and sections, providing customers with options, ease of access, and the capacity to make well-informed judgments.
Figure 1: US Ready Meals Market, by Distribution Channels, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Ready Meals Regional Insights
The US ready meals market area will grow at a significant rate. The need for quick and easy food, especially ready meals, is rising faster in the United States due to a number of factors, including changing social and economic patterns, higher spending on food and beverages, increased consumer awareness of healthy foods, changes in meal patterns and eating habits, an expanding number of expats relocating to the nation, and a desire to try new products. Prepared meals are preferred over traditional ones by people due to increased disposable income and an increase in the number of working women. Additionally, college students need their meals to be accessible and convenient because they don't have a lot of time to eat during breaks. Various products have been developed by industry participants based on consumer preferences.
Ready Meals Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the ready meals market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, ready meals industry must offer cost-effective items.
Key Companies in the ready meals market include
- General Mills, Inc.
- Kellogg Company
- Conagra Brands, Inc.
- Tyson Foods, Inc.
- Nomad Foods
- Green Mill Foods
- 2 Sisters Food Group
Ready Meals Market Segmentation
Ready Meals Type Outlook
Ready Meals Product Outlook
Ready Meals Distribution Channel Outlook
- Online Retailers
Market Size 2022
USD 46.1 Billion
Market Size 2023
USD 47.5 Billion
Market Size 2032
USD 60.2 Billion
Compound Annual Growth Rate (CAGR)
Market Forecast Period
Market Forecast Units
Value (USD Billion)
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Type, Product, Distribution Channel, and Region
Key Companies Profiled
Nestlé, General Mills, Inc., Kellogg Company, Conagra Brands, Inc., Tyson Foods, Inc., Dr. Oetker, Nomad Foods, Green Mill Foods, Unilever, 2 Sisters Food Group, and Other Key Players.
Key Market Opportunities
· Population Growth and Changing Eating Patterns
Key Market Dynamics
· Growing Convenience Food Demand and the Infiltration of Several Food Manufacturers
· Growing Adoption of Prepared Foods Owing to Their Nutritious Content
Frequently Asked Questions (FAQ) :
The US Ready Meals market size was valued at USD 46.1 Billion in 2022.
The market is projected to grow at a CAGR of 3.00% during the forecast period, 2023-2032.
The key players in the market are Nestlé, General Mills, Inc., Kellogg Company, Conagra Brands, Inc., Tyson Foods, Inc., Dr. Oetker, Nomad Foods, Green Mill Foods, Unilever, 2 Sisters Food Group, and Other Key Players.
The non-vegetarian category dominated the market in 2022.
The frozen category had the largest share in the market.
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