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The frozen ready meals market share is expected to increase by USD 37.98 billion from 2021 to 2026, at a CAGR of 5.78%.
This frozen ready meals market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers frozen ready meals market segmentation by product (frozen entree, frozen pizza, and other frozen ready meals) and geography (Europe, North America, APAC, South America, and Middle East and Africa). The frozen ready meals market report also offers information on several market vendors, including Ajinomoto Co. Inc., Al Kabeer Group ME, AMERICANA GROUP Inc., Boston Market Corp., BRF SA, California Pizza Kitchen Inc., Caulipower LLC, Conagra Brands Inc., General Mills Inc., Kellogg Co., Nestle SA, Nippon Suisan Kaisha Ltd., Nomad Foods Ltd., Orkla ASA, Productos Fernandez SA, Sigma Alimentos SA de CV, Sunbulah Group, The Kraft Heinz Co., Tyson Foods Inc., and Yeppy Foods among others.
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The new product launches is notably driving the frozen ready meals market growth, although factors such as challenges in warehousing of frozen foods may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the frozen ready meals industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Frozen Ready Meals Market Driver
One of the key factors driving the global frozen ready meals industry growth is the new product launches. Consumers also get a wide range of products to choose from, thereby spurring market growth. For instance, in June 2021, Conagra Brands, Inc. launched new products for the summer. The new offerings included Banquet Mega Double Stuffed Four Meat Pizza and Sesame Chicken with Zoodles. In June 2021, Tyson Foods, Inc. launched a new line of plant-based products in select retail markets and e-commerce sites across APAC. The initial launch included frozen bites, nuggets, and strips made from plants. Such factors will boost market growth in the coming years.
Key Frozen Ready Meals Market Trend
Growing popularity of private-label frozen ready meals is one of the key frozen ready meals market trends that is expected to impact the industry positively in the forecast period. Some retailers promote their own brands by providing more shelf space for their products when compared with other branded products. For instance, in 2020, the sale of private-label frozen foods increased by 75% globally. Online retailers like Amazon have been rolling out private-label frozen foods, while Consumer Value Stores (CVS) are expanding their frozen food sections by adding private-label frozen foods to increase their grocery business. Some private-label brands are focusing on launching their frozen foods in paper-based trays to reduce the use of plastic packaging and attract consumers by focusing on initiatives that promote environmental sustainability. This, in turn, will propel the growth of the market in the forecast years.
Key Frozen Ready Meals Market Challenge
One of the key challenges to the global frozen ready meals industry growth is the challenges in the warehousing of frozen foods. Retailers and distributors of frozen foods require the appropriate cold storage and warehouse facilities, wherein frozen foods need to be stored at zero-degree temperatures (Fahrenheit) to ensure that the quality of products does not degrade. Frozen food products, such as meat, poultry, and seafood, are perishables. Warehouses must have the facility to regulate and maintain both humidity and temperature. Moreover, warehouses require proper backup facilities in terms of electricity and freezing equipment. Hence, the warehousing of frozen foods, including frozen ready meals, is a challenge, particularly in rural areas across developing economies such as Nigeria and Kenya.
This frozen ready meals market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global frozen ready meals market as a part of the global packaged foods and meats market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the frozen ready meals market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the frozen ready meals market encompasses successful business strategies deployed by the key vendors. The frozen ready meals market is fragmented and the vendors are deploying growth strategies such as new product launches to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The frozen ready meals market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the frozen ready meals market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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