Study: Frozen ready meal market to represent $47B by 2026, with chicken meals being top-selling product
More than one-third of revenues procured in the global frozen ready meals market will be accounted by the sales of frozen ready chicken meals.
The demand for frozen ready meals is expected to witness steady demands in the foreseeable future, according to a report released by Future Market Insights, Valley Cottage, N.Y. The report also addresses that shortcomings in the global cold chain and growing complexities in production of frozen ready meals will continue to remain key market growth impediments.
Key findings from the report reveal that the global frozen ready meals market will expand at a moderate CAGR of 4.3% and bring in an estimated revenues worth over $47 billion.
Compliance to quality and safety standards
Companies partaking in the global frozen ready meals market are expected to be compliant to the safety and food quality standards set by regional and global regulatory bodies. Moreover, these companies are expected to invest millions in developing methods for making frozen ready meals safer to the common consumer. Collaborating with the right packaging partner is instrumental in securing the safety of the frozen ready meals process. New equipment facilitates the cook-assemble-freeze manufacturing of these meals at a large scale. Cold storage companies are also witnessing a consolidation to ensure that fluctuating storage conditions do not degrade the quality of frozen ready meals to higher extent.
APEJ to register high demand for frozen ready meals
A majority of market players will concentrate their production in the Asia-Pacific, excluding Japan (APEJ) region, where the frozen ready meals market is expected to witness the highest and fastest expansion during the forecast period, in terms of production and sales. Consumers in the APEJ region are estimated to be more inclined toward frozen ready meals against fresh meals due to the ease of re-heating and thawing over preparing the meals from scratch. Europe and North America are also expected to witness considerable growth. Large food chain services in these developed regions will showcase a considerable end-use of frozen ready meals through 2026.
The report further reveals that the global frozen ready meals market will witness highest end-use among food chain services, followed by modern trade outlets. By the end of 2026, more than $16.6 billion worth of frozen ready meals will be used by food chain services across the globe. The report also reveals that chicken meals will be a top-selling product in the overall frozen ready meals landscape. In 2017 and beyond, more than one-third of revenues procured in the global frozen ready meals market will be accounted by the sales of frozen ready chicken meals.