WASHINGTON, May 10, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Prepared Food Market finds that rising increasing global population as well as increasing adoption of prepared foods owing to busy lifestyles, are factors that influencing the growth of Prepared Food Market.
The total Global Prepared Food Market is estimated to reach USD 190.4 Billion by the year 2028. The Global Market revenue stood at USD 142.9 Billion in the year 2021 and is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 4.9%, states Vantage Market Research, in a report, titled “Prepared Food Market Size, Share & Trends Analysis Report by Product (Frozen, Chilled, Canned, Shelf-stable), by Meal Type (Vegetarian, Non-vegetarian, Vegan), by Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online , Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers:
Convenience of Consumption and Increased Health Awareness
Owing to the various beneficial factors such as easy consumption, handling, cooking, and also being safe from external tampering, the concept of packed food came into existence. The Prepared Food Market is growing at a tremendous rate owing to the level of health consciousness in consumers, awareness of modern care practices in baby health and food hygiene. The non-alcoholic drinks sector dominates the global Prepared Food Market due to high demand for ready to drink (RTD) beverages. Moreover, non-alcoholic drinks and baked foods together contribute to almost three-fourths of the Prepared Food Market.
Changing lifestyles, convenience of consumption and increased health awareness are projected to drive the Prepared Food Market growth in the coming years. Prominent players such as Nestle and Kraft Foods are investing heavily in raising brand awareness and promotions for their product differentiation.
With the increase in adoption of baked food such as cake, bread and pastries, the global Prepared Food Market is expected to witness significant growth during the forecast period, 2019–2026. Moreover, the global Prepared Food Market attributes the growth to factors such as safer baby food for infants and toddlers as there is an increase in the number of working parents.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Prepared Food market is predicted to grow at a CAGR of roughly 4.9% during the forecast period.
- The Prepared Food market was estimated to be worth roughly USD 142.9 Billion in 2021 and is expected to reach USD 190.4 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Prepared Food market.
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Segmentation of the Global Prepared Food Market:
- Product
- Frozen
- Chilled
- Canned
- Shelf-Stable
- Meal Type
- Vegetarian
- Non-Vegetarian
- Vegan
- Distribution Channel
- Supermarkets & Hypermarkets
- Convenience Stores
- Online
- Others
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Increasing Technological Advancements in Manufacturing
Over the past few years, evolution in science and nanotechnology has revolutionized the packed food market. The use of nanotechnology has evolved in the improvement of functional foods, packaging, preservation, processing, and food production. Thus, ultimately propelling the market growth over the forecast period.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Prepared Food Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Holds Maximum Market Share
North America is expected to dominate the growth of Prepared Food Market in 2021. The major driving factors for the market are presence of major players in the region, evolving food preferences among consumers owing to growing health awareness, and rise in demand for vegan, gluten-free, and organic pre-packaged foods in region.
List of Prominent Players in the Prepared Food Market:
- Nestle
- General Mills Inc.
- Kellogg Company
- Conagra Brands Inc.
- Tyson Foods Inc.
- Dr. Oetker
- Nomad Foods
- Green Mill Foods
- Unilever
- 2 Sisters Food Group
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Prepared Food Market Size, Share & Trends Analysis Report by Product (Frozen, Chilled, Canned, Shelf-stable), by Meal Type (Vegetarian, Non-vegetarian, Vegan), by Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online , Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/prepared-food-market-519952
Recent Developments:
February 2021: Online retailer The Vegan Kind partnered with plant-based meat pioneers THIS to launch 100% plant-based ready meals. These include hyper-realistic plant-based chicken cooked with vegetables, herbs, and spices.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Prepared Food Market?
- How will the Prepared Food Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Prepared Food Market?
- What is the Prepared Food market drivers and restrictions?
- What will be the CAGR and size of the Prepared Food Market throughout the forecast period?
This market titled “Prepared Food Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
|
| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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