Prepared Food Market (Product - Frozen, Chilled, Canned, and Shelf-stable; Meal Type - Vegetarian, and Non-vegetarian; Distribution Channel - Supermarkets & Hypermarkets, Convenience Stores, Online, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2032

A recent report published by Infinium Global Research on prepared food market provides in-depth analysis of segments and sub-segments in the global as well as regional prepared food market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional prepared food market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global prepared food market.

Market Insight:

The global prepared food market was valued at USD 165.34 billion in 2023 and is expected to reach USD 269.99 billion in 2032, with a CAGR of 5.70% during the forecast period 2024-2032.

The prepared food market is the industry that produces, packages, and distributes ready-to-eat or convenience food products, such as frozen meals, canned soups, microwaveable snacks, and pre-cut fruits and vegetables. These products cater to busy lifestyles, lack of cooking time, and quick dietary needs, offering convenient, time-saving options. Recently, there has been a quick growth in the market for prepared food or ready-to-eat meals. The demand for fast meal options is rising due to hectic schedules, expanding urban areas, and changing dietary choices. Pre-made meals are highly appreciated by those without cooking skills or time constraints, offering a quick and easy dinner option for individuals and families. There is an increasing focus on healthier and more nutrient-rich prepared meals in the market. Several companies are utilizing organic products, transparent labeling, and dietary-specific options to attract health-conscious consumers. Businesses can cater to customers' fitness and health goals by offering customizable, organic, and plant-based meals, focusing on balanced nutrition and clear ingredient labels.

There are multiple key leading players companies in the market such as Nestle S.A., Tyson Foods, ConAgra Brands, Dr Oetker, and others which are continuously focused on product innovation while adhering to safety government standards. These companies manufacture different kinds of prepared food and are continuously focused on innovations, collaboration, and launching new product lines due to increasing consumer FMCG demand. The rapid growth of the retail industry also contributes to market growth which causes easy product availability and accessibility. On the other hand, prepared food manufacturers are facing major challenges that limit market expansion. Increasing health and nutrition concerns, customers are demanding healthier food products that have beneficial nutrients in their components. So companies are reformulating food products by reducing the level of sugar content, and fats. In addition, leaving food out in the environment for an extended period can easily affect the food. It has the potential to cause food content to spoil quickly. Implementing sustainable packaging and enhancing production effectiveness can tackle these issues. Furthermore, the company may face supply chain disruption such as transportation delays, ingredient shortages, and rising costs can extend production time and decrease productivity. By diversifying suppliers, local sourcing and implementing technology for better inventory management can address supply chain disruption issue.

The global prepared food market is expected to hamper due to safety concerns associated with prepared market food. Ensuring the safety of food is a crucial element in the prepared food industry. Foodborne illnesses or product recalls have the potential to significantly harm consumer trust and brand reputation. Adhering to strict food safety standards, implementing thorough quality control measures, and ensuring proper storage and handling of prepared food items are crucial to reducing risks associated with food safety. Failure to comply with safety government regulations by food manufacturers can result in negative effects on health and legal consequences from the government. Furthermore, the market will have future growth opportunities due to food manufacturers focusing on product innovation according to customer needs and demand. Companies in the ready-to-eat food sector are always creating and introducing new items to match changing customer preferences. They are introducing new options that are healthier, organic, and nutritionally balanced, meeting specific dietary preferences like gluten-free, vegan, and allergen-free products. These advancements are fueling consumer curiosity and aiding in market expansion.

The global prepared food market holds the largest share in North America and is seeing substantial growth attributed to the fast-paced way of life and a strong need for easy food choices. The United States and Canada are important markets where customers are looking for ready-to-eat meals, frozen foods, and other convenient food items. The growth of the prepared food market in this area is supported by the presence of large food manufacturers, widespread retail networks, and a robust eating-out culture. The region's food demand is influenced by health consciousness, food safety concerns, trust in gluten-free, vegan, and organic foods, and the popularity of ready-to-eat meals due to their mobility and convenience. Meanwhile, the Europe region is anticipated to experience the fastest growth in the coming years, driven by nations such as the UK, Germany, France, Italy, and Spain showing a strong interest in ready meals, chilled and frozen convenience foods, and on-the-go snacks. Europe's prepared food market is growing due to the strong food industry, urbanization, and shifting consumer habits in the region. It is anticipated that the market will experience substantial growth, driven by the introduction of new and unique products, the shift towards premium offerings, and the impact of private brands. Furthermore, within Europe, the U.K. stands out as the top consumer of these dishes.

Report Scope of the Prepared Food Market:

Segment wise revenue contribution in the global prepared food market

The report on global prepared food market provides a detailed analysis of segments in the market based on Product, Meal Type, and Distribution Channel.

Segmentation Based on Product

·       Frozen

·       Chilled

·       Canned

·       Shelf-stable

Segmentation Based on Meal Type

·       Vegetarian

·       Non-vegetarian

Segmentation Based on Distribution Channel

·       Supermarkets & Hypermarkets

·       Convenience Stores

·       Online

·       Others

Company Profiled:

·       Nestle

·       General Mills

·       Tyson Foods

·       ConAgra Brands

·       Dr Oetker

·       Green Mill Foods

·       Unilever

·       J.M. Smucker Co.

·       McCain Foods

·       Kellogg Company

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the prepared food market. Moreover, the study highlights current market trends and provides forecasts from 2024-2032. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.