The ready-to-eat meals sector is projected to expand from US$ 472,231.63 million in 2022 to US$ 802,689.21 million by 2030, reflecting a compound annual growth rate (CAGR) of 6.9% during the period from 2022 to 2030.
Quick-service restaurants (QSRs), full-service dining establishments, and cafes have undergone substantial transformations to align with evolving consumer preferences and lifestyles. The increasing prevalence of dual-income households and single-person living arrangements has made it challenging for individuals to dedicate time to personal matters. Consequently, there is a growing demand for convenient food options that save time and effort. Fast food outlets and QSRs provide mass-produced meals quickly, offering significant convenience to their patrons. These dining options are gaining traction due to their ability to deliver a diverse range of food choices promptly and at competitive prices.
The rise of quick-service restaurants can be attributed to their diverse offerings of fusion cuisines and ready-to-eat meals. According to the National Restaurant Association, sales in the full-service restaurant sector (which includes family dining, casual dining, and fine dining) surged from US$ 199 billion in 2020 to US$ 289 billion in 2022. In contrast, the limited-service foodservice segment, encompassing quick-service restaurants, fast-casual eateries, and cafeterias, saw an increase in sales from US$ 297 billion to US$ 355 billion during the same period in the United States.
Restaurants and cafes are diversifying their menus to cater to a broad audience, including options for vegan, low-calorie, and allergen-free ready-to-eat meals. Cafes have transitioned from being mere coffee shops to offering a variety of food experiences. Ready-to-eat meals are pre-cooked, pre-packaged, and ready for immediate consumption, which enhances their appeal in quick-service restaurants and cafes. The convenience of ready-to-eat meals, which require minimal labor and preparation time, is expected to drive significant growth in this market.
The ready-to-eat meals market is categorized by product type into rice bowls, wraps, salads, burritos, gravies and curries, noodles and pastas, pizzas, soups and stews, meat entrees, burgers, sandwiches, and more. The noodles and pasta segment is anticipated to capture the largest market share throughout the forecast period. Ready-to-eat pasta meals come in various forms, including spaghetti, penne, fettuccine, and macaroni, often featuring protein sources like shrimp, meatballs, chicken, or plant-based alternatives. These packaged meals are designed for quick service and require minimal cooking, typically served in single-serving containers for easy portion control and reheating. The demand for ready-to-eat noodles is driven by changing consumption patterns, busy lifestyles, exposure to diverse culinary traditions, and a growing preference for convenient food options. Manufacturers are increasingly introducing ready-to-eat noodles in various categories, such as vegan, gluten-free, and organic, enhancing their appeal as a convenient meal choice.
Geographically, the ready-to-eat meals market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2022, the Asia Pacific region held the largest market share and is also the fastest-growing area. The ready-to-eat meals market in APAC includes countries like Australia, China, India, Japan, South Korea, and others. The surge in urbanization and the increasing disposable income of the middle-class population are key factors driving the demand for ready-to-eat meals, including burgers, sandwiches, noodles, pasta, and pizza. According to the International Labour Organization (ILO), total income in Asia Pacific nations rose by 3.5% in 2021, with China contributing 0.3% in 2021 and 0.7% in the first half of 2022. Similarly, total income in Central and Western Asia grew by 12.4%. Due to rising disposable incomes, time constraints, and hectic work schedules, professionals increasingly prefer convenient meal options such as rice bowls, wraps, salads, gravies and curries, noodles, pasta, pizza, soups, and stews. Additionally, the expanding tourism sector, which includes the HoReCa (Hotels, Restaurants, and Cafes) industry, boosts the demand for ready-to-eat meals, allowing tourists to enjoy local and international cuisines without lengthy preparation times.
In terms of opportunities, the ready-to-eat meals market in Asia Pacific presents significant potential for innovation. Manufacturers are focusing on product development to introduce new flavors, ingredients, and cooking methods to meet the diverse tastes and preferences of consumers. Furthermore, targeting institutions such as schools, universities, and corporate offices with tailored meal solutions can create new revenue streams for businesses in the Asia Pacific ready-to-eat meals market.
The influence of Western lifestyles and cuisines is another significant factor driving the demand for ready-to-eat meal products in the Asia Pacific region. However, price sensitivity among consumers poses a considerable challenge to the growth of the ready-to-eat meals industry in this area, as many individuals still prefer home-cooked meals.
Key players in the ready-to-eat meals market include Tyson Foods Inc, SK Chilled Foods, Fresh Grill Foods LLC, Dandee Sandwich Co, Taylor Farms, Calavo Growers Inc, Hearthside Food Solutions LLC, EA Sween, FreshRealm, and TripleSticks. These companies are actively developing a range of products to meet the increasing demand from consumers.
The market size for ready-to-eat meals has been determined through extensive primary and secondary research. The research process began with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants to validate the findings and gain deeper analytical insights. Participants included industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders specializing in the ready-to-eat meals market.