Ready Meals Market Size, Competitive Landscape and Market Forecast - 2030

Ready Meals Market is segmented By Product Type (Frozen Ready Meals, Fresh Ready Meals, Chilled Ready Meals, Canned Ready Meals, Dried Ready Meals, Others), By Source (Meat and Fish based Ready Meals, Pasta based Ready Meals, Noodle based Ready Meals, Rice-based Ready Meals, Others), By Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Ready Meals Market Overview

The global "Ready Meals Market" is expected to grow at a CAGR of  4.60% during the forecast period 2023-2030.  

• Confectionery is the group of food products that are made with sugar or carbohydrates. There is wide collection of confectionery products across the globe and are majorly classified as chocolate confectionery, sugar confectionery, and bakers’ confectionery. Most of the well-known products such as candies, gums, lollipops, and chocolates are included in confectionery.

Ready Meals Market Scope

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Ready Meals Market Dynamics

The health benefits associated with chocolate products is driving the growth of overall Ready Meals Market, specifically dark chocolate. Dark chocolate is considered as a healthy snack owing to its nutrient content and its potential in lowering the risk of heart disease. Epidemiologists across the globe are suggesting consumption of dark and milk chocolate for heart health with clinically proven and study-based facts. In a recent study of Harvard Medical School on 21,000 residents of England, it is found that consumption of up to 3.5 ounces of chocolate a day lowered the risk of heart disease in adults. Furthermore, innovations in the market in terms of flavor and nutritional content are driving market growth. Global confectionery manufacturers are focusing on the development of confectionery products with flavors such as coffee, fruits, cinnamon, and different ingredients. For instance, in February 2019, Nestlé S.A. launched premium chocolate derived from raspberries and ruby cocoa beans in the American market, and this confectionery product is estimated to gain significant sales in the valentine season. Companies such as Mars Wrigley Confectionery are likely to mark product innovations catering to the burgeoning interest towards nut-butters and mixed fruit flavors.

The rising consciousness among consumers towards sugar intake is the primary factor hindering the growth of Ready Meals Market. Sugar present in confectionery products is considered a leading cause of diseases such as Obesity and Diabetes. The rising prevalence of obesity and diabetes is limiting the consumer base for confectionery across the globe. The global Diabetes community in U.K. suggests avoiding chocolate consumption in people with blood sugar levels higher than recommended levels. However, this is resulting in immense growth potential for sugar-free confectionery products. A product labeled sugar-free use sugar substitutes such as saccharin and aspartame or sugar alcohols for sweetening, all without adding calories to the product, thus making them the confectionery of choice for the Diabetic and health-savvy population. The evolution of sugar-free, low-calorie products is a potential opportunity for the Ready Meals Market across the globe.

Ready Meals Market Segmentation

The global Ready Meals Market has been segmented by product type into sugar confectionery, chocolate confectionery, and bakers’ confectionery. The large market for hard candies across the globe made sugar confectionery the largest segment of the global Ready Meals Market. Sugar confectionery is widely accepted and preferred by populations of almost all groups and this segment is likely to hold its dominance on the market over the forecast period. The United States Department of Agriculture in its recent press release stated that millennials and generation X accounted for nearly 50% of the candy sales in U.S. in 2017. However, the growing demand for chocolate products owing to their low-sugar content and health benefits resulted in chocolate confectionery as the fastest-growing segment. Chocolate confectionery is likely to grow at a lucrative CAGR of over 6.2% during the forecast period. Supermarkets and hypermarkets evolved as the largest sales channel for confectionery products with a share of nearly 40% in terms of sales value in 2018. Bakeries and restaurants, convenience stores, and e-commerce are also holding a significant share in the sales of convenience products.

By geography, the study is segmented into North America, South America, Europe, Asia Pacific, Middle East, and Africa.

Confectionery is a well-established market for decades in most of the American and European countries. The availability of cocoa and other confectionery ingredients made them the early adopters of sugar and chocolate confectionery products. Europe is the largest Ready Meals Market with a share of over 35% in 2018 and it is estimated to hold its dominance over the forecast period. The large per-capita consumption of chocolate in countries such as Switzerland, the U.K., Sweden, Germany, and Ireland is supporting the growth of the Ready Meals Market in Europe. However, Asia Pacific evolved as the fastest growing market for confectionery products owing to the rising consumer spending and growing adoption of confectionery in countries such as India and China. According to India Brand Equity Foundation (IBEF), chocolate sales in India increased from less than $100 million in 2000 to over $1,500 million in 2017.

The global Ready Meals Market is highly fragmented with large number of players involved in wide array of confectionery products. However, companies such as Nestlé S.A., Cadbury, Mondelez, and The Hershey Company evolved as market leaders with consumer loyalty and brand reputation. The market turned further competitive by the footprints of many Asian and Middle East companies entering the market with local confectionery flavors. The companies in the market are leveraging on acquisitions, mergers, and new product formulations to increase their market share. For instance, in April 2018, Ferrero SpA, an Italian chocolate and confectionery products manufacturer had acquired the confectionery business of Nestle in U.S., thus boosting its portfolio of confectionery products in the North American market. Furthermore, the company also The Ferrara Candy Company, another U.S.-based confectionery manufacturer in 2017 for approximately $1.3 billion. These activities witness the interest of the company to boost its presence in the non-chocolate confectionery segment.

Other key players in the market are Delfi Limited, Mars, Incorporated, Lotte Confectionery, Parle Products Pvt. Ltd., and Grupo Arcor.

Key Takeaways from the Report

• The chocolate confectionery products market in the Western Europe region is well-established with high per-capita consumption. According to DataM analysis, Western Europe is the largest market for chocolate confectionery products, followed by North America and Asia Pacific region
• Changing eating preferences and the rising trend of gifting confectionery products led to the rise in the Ready Meals Market in Asia Pacific region

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