Pune India, Aug. 01, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Prepared Food market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Prepared Food market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as product, type, distribution channel, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Prepared Food market are Nestlé, General Mills, Inc., Kellogg Company, Conagra Brands, Inc., Tyson Foods, Inc., Dr. Oetker, Nomad Foods, Green Mill Foods, Unilever, and 2 Sisters Food Group among others. To achieve a substantial market share in the worldwide Prepared Food market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, General Mills is one of the most significant manufacturers and distributors present in the global Prepared Food market.
Prepared Food mainly represents food that is ready for immediate consumption. It is prepared on the vendor’s premises. It may include food items such as pizza, popcorn, hot dogs, hot chocolate/coffee, or nachos. The vendor involved in the processes such as preparing, packaging, or serving food need to be authorized as a retail food establishment by government bodies. Huge presence of teenagers in the household around the globe is significantly associated with expenditures on prepared food.
Changes in lifestyle of consumers has been one of the major factors that has contributed toward the growing popularity of prepared foods in developed as well as developing economies. For instance, in Asia-Pacific region, surge in per capita income has led to changing food habits of customers. Rise in aspiration and penchant for luxury lifestyle has led to manifold increase in market size and overall demand. Moreover, in Latin America and the Middle East, per capita income has increased considerably over a decade, which is expected to rapidly boost the demand for prepared foods in upcoming years.
Also, consumer spending on luxury food items is growing rapidly, and fast foods, bakery products, ice creams, and other such lifestyle food products are witnessing increased popularity. Such factors have driven growth of the global market.
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Scope of Prepared Food Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Product, Type, Distribution Channel |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | Nestlé, General Mills, Inc., Kellogg Company, Conagra Brands, Inc., Tyson Foods, Inc., Dr. Oetker, Nomad Foods, Green Mill Foods, Unilever, 2 Sisters Food Group among others |
Segmentation Analysis
Shelf-stable segment is expected to be the fastest growing segment in 2021.
The product segment includes frozen, chilled, canned, and shelf-stable. Shelf-stable segment is expected to witness highest growth rate during the forecast period. This type of meal does not need refrigeration and is consumed at room temperatures in a sealed container. The shelf-stable prepared food undergoes preservation processes and is considered to be commercially sterile. This food do not spoil or cause disease during the regular conditions of distribution and handling. An affordability of such food items is a major factor contributing to growth of this segment.
Vegan segment is expected to be the fastest growing segment in 2021.
The vegetarian segment includes vegetarian, non-vegetarian, and vegan. Vegan segment is expected to witness highest CAGR during the forecast period. Growth of this segment is mainly attributed to rising trend of health consciousness and animal welfare among the millennials. On the other hand, in For instance, in September 2021, BOSH!, a Vegan brand launched its range of vegan packaged eatables in Morrisons. Emergence of vegan packaged prepared food is creating lucrative growth opportunities for this segment.
Online segment is expected to be the fastest growing segment in 2021.
The distribution channel segment includes supermarkets & hypermarkets, convenience stores, online, and others. Online segment is expected to witness highest CAGR during the forecast period. Online platform serves as a popular medium for the purchase of prepared food products. Also, Major supermarkets & hypermarkets including Target, Walmart, and Aldi are also offering online delivery. This has driven growth of the online segment. In addition, easy availability and benefits such as information about the attributes of the products, time-saving feature, and the facility of home delivery provided by online platforms further boosts segment growth.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Prepared Food include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
North America region witnessed a major share. Busy lifestyle of consumers in North America and rise in female working population are the major factors that fuel the market growth. Other major factors include high purchasing power of consumers and inclination toward luxurious lifestyle that boost the market growth. However, Asia-Pacific is expected to witness considerable growth rate during the forecast period. Surge in purchasing power and changes in lifestyle & eating habits have been the major factors contributing toward the growth of the prepared food market in Asia-Pacific.
Country Analysis
Germany
Germany Prepared Food market size was valued at USD 16.38 billion in 2021 and is expected to reach USD 24.29 billion by 2029, at a CAGR of 5.3% from 2022 to 2029.
Germany has one of the leading Prepared Food industries in Europe. In addition, the country is seeing huge demand for prepared food including pasta dishes, frozen pizza, as well as dishes based on fish meat, and vegetables. This trend has contributed to the growth of Germany prepared food market.
In addition, according to the USDA’s Office of Agricultural Affairs (OAA) in Berlin, the Germany is largest market for food & beverages in the European Union. Also, the food and beverages industry manufacturers in this country are responsible for creation of some of the most widely known bakery products. Moreover, increased consumer awareness about prepared food and mounting consumption among teenager population in this country has driven market growth.
China
China Prepared Food market size was valued at USD 29.78 billion in 2021 and is expected to reach USD 43.50 billion by 2029, at a CAGR of 5.1% from 2022 to 2029. Rising population along with the increased disposable income in China has favored demand for Prepared Food. In addition, this country is one of the leading consumer of frozen products. This has significantly boosted growth of Prepared Food sector in the country.
Moreover, China is one of the biggest importers as well as retail markets for frozen ready-to-eat and frozen meat products. It is expected to experience a double-digit growth in frozen meat and ready-to-eat food business segment in upcoming years. Chinese frozen meat industry comprises beef, pork, poultry products, and various seafood. Frozen fruits & vegetable market of China consists of frozen potatoes, capsicum, cucumber, tomato, and cabbage radish. This significance of frozen products in the country is opportunistic for growth of the market.
India
India Prepared Food market size was valued at USD 5.96 billion in 2021 and is expected to reach USD 9.32 billion by 2029, at a CAGR of 6.0% from 2022 to 2029. India is one of the strongest growing economies in Asia. The factors including increasing population, increasing disposable income, and changing lifestyle has driven growth of the India Prepared Food market.
In addition, India is one of the major suppliers of frozen meat and poultry products in some major parts of the world. Also, various packaged frozen food is sold through growing number of super market and retail chains in the country. On the other hand, the country is seeing significant rise in western food trends. Such factors are expected to create lucrative growth opportunities for the market.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. However, the demand for Prepared Food has increased during the period. In most of the regions, demand for processed food category which includes baking condiments such as baking soda, cocoa powder, and baking powder have grown significantly.
On the other hand, the major end-users were temporarily closed during this period and thus the sales of Prepared Food through online distribution channel has significantly increased across the globe. Also, the Prepared Food market is projected to see considerable growth in post pandemic.
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