Market Size of North America Ready Meals Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 4.17 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Ready Meals Market Analysis
The North America Ready Meals Market size is estimated at USD 54.38 billion in 2023, and is expected to reach USD 66.70 billion by 2028, growing at a CAGR of 4.17% during the forecast period (2023-2028).
The demand for ready meal products has surged in markets such as the United States and remained nominal in Mexico and the rest of North America. This may be attributed to consumers stockpiling during the initial stages of the pandemic, however, the average sales of ready meals remained significantly above their pracademic levels as consumers are consuming far more meals at home. Online retailing of these products happens to be one of the reasons for sales growth of these products in countries like the United States and Canada. Consumers in the market are adopting online retailing for weekly grocery shopping which has doubled since the COVID-19 pandemic-resultant lockdown, in a trend that is now irreversible.
Over the period, changing lifestyles of consumers, which involves consuming smaller meals and healthier meals, are leading to the increased consumption of ready-to-eat food or instant products, such as rice, pulses, soups, and others. As these food products are healthier, they are witnessing an increasing demand. Currently, the demand for ready meal kits is increasing in both developed and developing countries, like the North America and Canada respectively, owing to the factor of convenience, which is a deciding factor for consumption of ready meals in lives of consumers with hectic lifestyle.
Additionally, the rise in the number of nuclear families and longer working hours in the region are the primary factors responsible for the increase in consumption of ready-to-eat food products. Working population are the major consumer of ready-to-eat meals, along with the millennial population residing in the market studied.
North America Ready Meals Industry Segmentation
Ready meals are complete meals with two or more combinations of ingredients and can be prepared instantly through microwave or heating.
North America's ready meals market is segmented by product type, category, distribution channel, and geography. By product type, the market is segmented into frozen ready meals, canned ready meals, and dried ready meals. By Category, the market is segmented into conventional ready meals and free-from-ready meals. By distribution channel, the market is divided into supermarkets/ hypermarkets, convenience stores/grocery stores, online retailers, and other distribution channels. The study also involves the analysis of regions such as the United States, Canada, Mexico, and the rest of North America. The market sizing has been done in value terms in USD for all the abovementioned segments.
Product Type | |
Frozen Ready Meals | |
Canned Ready Meals | |
Dried Ready Meals |
Category | |
Conventional Meals | |
Free-from Meals |
Distribution Channel | |
Supermarkets/ Hypermarkets | |
Convenience Stores/Grocery Stores | |
Online Retailers | |
Other Distribution Channels |
Geography | |
United States | |
Canada | |
Mexico | |
Rest of North America |
North America Ready Meals Market Size Summary
The North American ready meals market is experiencing significant growth, driven by changing consumer lifestyles and increased demand for convenience. The market is characterized by a shift towards online retailing, which has become a dominant sales channel, particularly in the United States and Canada. This trend, accelerated by the COVID-19 pandemic, has led to a sustained increase in home meal consumption. The rise in nuclear families and longer working hours further contributes to the demand for ready-to-eat meals, appealing to busy professionals and millennials seeking quick and easy meal solutions. Additionally, the market is witnessing a growing interest in healthier and smaller meal options, with products like rice, pulses, and soups gaining popularity due to their perceived health benefits.
The influx of immigrants, particularly from Asia, has also influenced the market dynamics, with a rising demand for ethnic ready meals. This has prompted major food retailers to expand their offerings to include a variety of Asian cuisines, such as Korean, Japanese, Chinese, and Indian, often in fusion forms. The market is highly competitive, with key players like Nestle SA, Hello Fresh Group, General Mills Inc., and ConAgra Brands actively diversifying their product portfolios and engaging in strategic partnerships to capture market share. Consumer preferences are increasingly leaning towards products with clean labels and sustainable ingredients, prompting retailers to seek certifications that align with these values. The market's growth is further supported by technological innovations in food preparation and packaging, catering to the evolving needs of consumers seeking convenience and quality in their meals.
North America Ready Meals Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porter's Five Forces Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Product Type
-
2.1.1 Frozen Ready Meals
-
2.1.2 Canned Ready Meals
-
2.1.3 Dried Ready Meals
-
-
2.2 Category
-
2.2.1 Conventional Meals
-
2.2.2 Free-from Meals
-
-
2.3 Distribution Channel
-
2.3.1 Supermarkets/ Hypermarkets
-
2.3.2 Convenience Stores/Grocery Stores
-
2.3.3 Online Retailers
-
2.3.4 Other Distribution Channels
-
-
2.4 Geography
-
2.4.1 United States
-
2.4.2 Canada
-
2.4.3 Mexico
-
2.4.4 Rest of North America
-
-
North America Ready Meals Market Size FAQs
What is the current North America Ready Meals Market size?
The North America Ready Meals Market is projected to register a CAGR of 4.17% during the forecast period (2024-2029)
Who are the key players in North America Ready Meals Market?
Nestle SA, Conagra Brands, Inc., The Kraft Heinz Company, General Mills Inc. and Hello Fresh Group are the major companies operating in the North America Ready Meals Market.