FROZEN READY MEALS MARKET SIZE TO GROW $37.98BN WITH FROZEN ENTREES LEADING SAYS TECHNAVIO

The frozen ready meals market size is expected to grow by $37.98bn (€36bn) from 2021 to 2026, according to latest research from Technavio. However, the growth momentum of the market will decelerate at a CAGR of 5.78% during the forecast period.

According to the report, the frozen entrée segment will be a significant contributor to market growth during the forecast period. The high demand for frozen entrées by key vendors such as Nestle, Tyson Foods Inc. (Tyson Foods), Conagra Brands Inc. (Conagra Brands), The Kraft Heinz Company (Kraft Heinz), Nomad Foods, and Sigma Alimentos is driving the growth of this segment.

Fragmented market

The frozen ready meals market is fragmented because of the presence of numerous small and large vendors, researcher Technavio said in its report. The vendors are deploying growth strategies such as new product launches to compete in the market.

The market is subjected to changing consumer demands and preferences. Changing economic conditions affect consumers’ living standards and, in turn, vendors’ businesses. The vendors compete based on parameters such as quality, price, reputation, innovation, and distribution. The rising competition among manufacturers may lead companies to lower their product prices, which will negatively affect the profit margins of vendors and the overall market growth during the forecast period.

Related reports

In related reports Technavio has forecast that the frozen food market share generally, is expected to increase by $106bn (€100bn) from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.95%. The frozen vegetables market share is expected to increase by $11bn (€10.4bn) from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.68%. This report extensively covers segmentation by distribution channel (offline and online) and geography (Europe, North America, APAC, South America, and Middle East and Africa).

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