According to the “Frozen Ready-Meal Market” report by Future Market Insights (FMI), the global frozen ready-meal market is set to grow at a CAGR of 8.2% and a value of $89.7 billion by 2032.
In recent years, ready-to-eat (RTE) food has emerged as one of the most diverse segments of the worldwide ready-meal market. A rise in convenience patterns as well as a simultaneous increase in need for customized meal options has resulted in a strong desire for frozen packed meals. The frozen food and beverage industry is another option for consumers on the go, with everything from frozen desserts to appetizers and meals available.
Because of its microbiological and fungal-free qualities, frozen ready meals are in high demand in developed countries, according to FMI. Frozen packaged food manufacturers are now incorporating nutrient advantages alongside taste to appeal to a broader clientele seeking health and flavor.
Advances in technology to conserve frozen and partly prepared food, as well as substantial changes in the retail business, may positively affect the frozen ready-meal market for brands in the near future. Frozen convenience meals sold by food supply chain companies remain a major source of income. The report indicates that convenience stores are expected to extend their frozen ready-meal range in the near future, while online sales will tap into previously undiscovered market opportunities.
In industrialized nations, where demand is higher than in other countries, frozen ready-meals are now becoming common. The spike in the number of individuals working in rising economies such as China and India, and the trend toward longer and more unpredictable working hours, has led in a gradual shift away from the traditional model of daily cooking. Frozen ready-meals are likely to grow in popularity in such countries as a result.
FMI reports that to improve the quality of products, makers of frozen ready-meals are concentrating heavily on R&D.
“Business models are changing. If 2021 was the year the world learned the importance of agile global supply chains, this year will be dominated by the need to adjust to these new realities.”
—Josh Roffman, senior VP of Marketing and Product Management, Loftware