Market Trends of North America Ready Meals Industry
Growing Affinity toward Ethnic Ready Meals
Over the past decade, more immigrants have come to North America from Asia than any other region globally, making Asians the fastest-growing immigrant population in American countries. Although, before the Asian immigrants, many immigrants, particularly from Europe, had also settled in various parts globally. Therefore, these immigrants bring their diverse cultures, different economic and demographic traits, and various food and beverage consumption patterns from various countries, thus driving the sales of ethnic ready meals across the region. According to the world migration report 2022, there were nearly 59 million international migrants in 2020 in North America, resulting in 21% of the global migrant stock. Therefore, the rising number of Asian immigrants demanding authentic cuisines is driving the sales of ethnic-ready meals in the region. The penetration of Korean, Japanese, Chinese, and Indian cuisine-ready meals has been strong over the last decade. During the forecast period, the ethnic ready meals industry is more likely to rely upon the fusion of ethnic blends. This phenomenon has been compelling major food retailers to increase the inclusion of aromatic and intricate ethnic cuisine ready meals into their product portfolio to satiate the consumers' demand for ethnic ready meals. For instance, in 2021, CJ Foods launched a new range of frozen Asian ready meals, including Bibigo Korean-Style Crunchy Chicken, available in Soy Garlic and Sweet & Spicy, and Bibigo Korean-Style Fried Rice, available in Shrimp with Soy Garlic Flavor, Chicken with Korean BBQ Flavor and Vegetables with Kimchi under its brand 'Bibigo'.
United States Hold the Prominent Share in the Market
Due to shifting social and economic patterns, higher food and beverage spending, increased consumer awareness of healthy foods, changes in meal patterns and eating habits, an expanding ex-pat population settling in the country, and the desire to try new products, the demand for quick, easy food, especially ready meals, is increasing more quickly in United States. Owing to rising disposable income around the world, and the rise in the number of working women, people favor prepared meals over traditional ones. Also, college students have very little time to eat during their breaks, so they need their meals to be convenient and easy to acquire. Several items have been prepared by market players in accordance with consumer desires.
The increasing participation in outdoor recreational activities like camping, trekking, hiking, etc., is driving the market for ready meals. In 2022, according to TurfMutt Foundation, the 'backyard" trend may stay in America and may continue to expand. Additionally, according to Census Bureau's monthly Current Population Survey (CPS), the total ex-pat population (legal and illegal) in the United States hit 47 million in April 2022. This data has increased by two million since January 2021. With technological innovations in the food industry, convenience food includes ready meals in chilled, frozen, portion-controlled, shelf-stable, microwaveable, and prepared-mixes formats.
Furthermore, transparency is a powerful purchasing driver for consumers, with many consumers actively seeking out products that promote sustainability, contain organic and natural ingredients, and have clean and more precise labels. According to a survey conducted by International Food Information Council (IFIC) in 2021, 64% of United States consumers choose food products made with clean ingredients. Therefore, retailers increasingly seek brands with certifications, labels, or claims that consumers value, like non-GMO, organic, or women-or minority-owned.
