LONDON, May 11, 2017 /PRNewswire/ -- The prepared-meals market is forecasted to reach $99.1 billion globally by 2021, according to a report by GlobalData.
The report highlights the following points:
● A demand for convenience foods boosts sales
● The market has several challenges to overcome
● The market is highly fragmented with no clear market-share leader
The demand for convenient and ready-to-eat products has risen as more women enter the workforce and people lead increasingly busy lives. Customers are seeking products that save time and effort.
Changing eating patterns also have boosted sales as fewer people make time to cook food from scratch. Finally, urbanization in Latin America, the Middle East and Africa has lead to more families with disposable incomes.
There is the perception that frozen and chilled categories are unhealthy because they contain few vegetables and have preservatives. To overcome this, manufacturers are launching products with healthier recipes, featuring natural and organic ingredients.Growth strategies include introducing healthier snacks and a wider distribution.
The global market is highly fragmented. The top five brands – Stouffers, Heinz, Amy's, Marumiya, and DiGiorno – hold less than 11% of the combined market share. The largest distribution channels are hypermarkets and supermarkets, holding a 68% market share.
Key figures of the Prepared-Ready-Meals Market
● In 2016, the largest market was the U.S. with a 23.3% share of global sales.
● By 2021, China is forecasted to be one of the fastest-growing markets,
● In 2016, Western Europe was the largest regional market with a value share of 39.5%.
To see the report summary on ReportBuyer's blog click here.
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