Global ready meals market analysed
Technavio has released its latest food and beverage industry report, covering the present scenario and growth prospects of the global ready meals market from 2016 to 2020.
According to the report, frozen ready meals held over 52% of the ready meal market share in 2015. The global frozen ready meals market was valued at just over $50 billion in 2015 and is expected to reach $63.6 billion in 2020.
Technavio lead food industry analyst Vijay Sirathi says, “A rise in the adult population between those aged 25 to 49 is driving the market for frozen ready meals as this population segment increasingly feels the pressure of parenthood and a busy lifestyle, which pushes them towards convenience to achieve a work-life balance.”
Europe dominated the global ready meals market in 2015, accounting for over 40% of the market, and was valued at nearly $39 billion. The European market is expected to surpass $48 billion by 2020, growing at a CAGR of 4.5%.
An increase in awareness about health and wellness among consumers in Europe is driving the ready meals market in this region, says Technavio. Vendors are introducing several healthy ready meals such as frozen vegetables, salads and gluten-free meat to meet consumer requirements.
Germany, the UK, France, Spain and Russia are among the largest markets for ready meals in Europe.
