The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Ready Meals Market.
It was estimated prior to this unanticipated outbreak Ready Meals Market will reach CAGR of 4.7% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Ready Meals Market Insights
Ready Meals market is likely to witness a CAGR of 4.7% during the forecast period. The prime factors driving the ready meals market are ease of handling and storage, less effort to cook, and changing lifestyle of consumers.
Market Share Analysis
Ready Meals Market Share: By Product Type
Based on the product type, the market is segmented as frozen ready meals, chilled ready meals, canned ready meals, and dried ready meals. The frozen ready meals segment dominated the market in 2019 and is expected to maintain its position during the forecast period. Increasing demand for convenience food across the globe along with rapid urbanizations is the major factor driving the growth of the frozen ready meals segment.
Ready Meals Market Share: By Distribution Channel Type
Based on the distribution channel type, the ready meals market is segmented as supermarkets, convenience stores, online retail stores, and others. Convenience stores hold the major share of the pie and are also expected to witness a healthy growth during the forecast period. Ease of access, huge customer footfall, rapid urbanization, and wide geographical presence are the major factors contributing towards the growth of the convenience stores segment.
Ready Meals Market Share: By Region
In terms of regions, Europe is estimated to be the largest market for ready meals during the forecast period. Busy and hectic lifestyle of consumers, huge participation of women as workforce, huge consumer base, and ease in preparation are the major factors that have led to the dominance of region in the global market. Asia-Pacific and North America are also expected to offer substantial growth opportunities during the forecast period.