DUBLIN--(BUSINESS WIRE)--The "North America Ready Meals Market- Growth, Trends and Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The North American Ready Meals Market is projected to grow at a CAGR of 3.96% during the forecast period (2020-2025).
The market for ready meals is developing rapidly due to factors, such as the prevalence of a fast-paced lifestyle, especially in urban areas, which is leading to increased demand for precooked foods, among consumers, to save time. The changing food consumption patterns, due to increasing urbanization, is another factor driving the ready meals market.
From the manufacturers point of view, advances in food technology and development in terms of food preparation and processing have enabled the expansion of the market. The companies are increasingly introducing health-based ready meals to cater to the unmet needs of health-conscious individuals, following an active and healthy lifestyle.
Key Market Trends
Inclination Towards Organic Ready Meals
Consumers have begun to place more value on food that offers them functional benefits apart from taste, thereby, increasing the demand for healthy, natural, and safe ready meals. These organic food alternatives are positively impacting the growth of the market. Health awareness and concerns for food safety are leading to more consumers carefully selecting their ready meals, to avoid adverse health effects. Also, organic ready meals are deriving a lot of their value through consumer trust and their perception of the products being healthy.
Ready meals are becoming highly popular in the packaged food market due to their convenience and portability. In addition to this, organic ready meals are gaining traction as they are verified natural products that could substitute a full meal, and also, they are healthier than traditional ready meals due to portion-size packaging. With consumers requiring more product varieties among the segment, such as organic, chilled, and frozen pizzas, manufacturers are focusing on more product innovations to suit the new go-to health choices of people across the world.
Supermarket/Hypermarket is the Most Preferred Sales Channel
The strategy followed by the supermarkets to keep the ready meals in a glass refrigerator shelf or an open shelf to capture shopper's attraction is adding advantage in increasing the consumer base.
The large shelf space provided for ready meals, under different product type categories offered by various brands, gives the consumers an opportunity to compare the products and choose the suitable products under their budget range. This, in turn, is strongly augmenting the sales of ready meals through the supermarkets, with a wide variety of products being offered by supermarkets.
The sales of ready meals through supermarkets-owned private labeled brands offer a product by understanding the traditional flavor preferences of the consumers. Moreover, keeping the price either slightly less or the same as that of other brands provide consumers a broader option to choose, as per the taste and budget.
Competitive Landscape
North America's ready meals market is a highly fragmented market with the presence of many players competing for market share. The players are diversifying their product portfolio to include more ready meals into their product range. The players are also focusing on expansion, mergers and acquisitions, and partnerships to meet the demand of consumers. The Campbell Soup Company, Nestle, Conagra Brands, and Hormel Food Corporation are some of the major players in the market.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Overview
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Frozen Ready Meals
5.1.2 Chilled Ready Meals
5.1.3 Canned Ready Meals
5.1.4 Dried Ready Meals
5.2 By Distribution Channel
5.2.1 Supermarkets/ Hypermarkets
5.2.2 Convenience Stores
5.2.3 Online Retailers
5.2.4 Other Distribution Channels
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexixo
5.3.1.4 Rest of North America
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 The Campbell Soup Company
6.4.2 Nestle
6.4.3 Conagra Brands
6.4.4 Hormel Food Corporation
6.4.5 Unilever
6.4.6 Tyson Foods
6.4.7 The Kraft Heinz Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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