Global Frozen Ready Meals Market 2019-2023 | Rising Popularity and Demand for Vegan, Gluten-Free, and Organic Frozen Ready Meals to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--May 3, 2019--The global frozen ready meals market is expected to post a CAGR close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global frozen ready meals market from 2019-2023. (Graphic: Business Wire)
Owing to rapid industrialization worldwide the working population has increased at a significant rate. Hectic work schedules have increased the demand for readymade food as well. Besides convenience, consumers look for quality and taste before purchasing frozen ready meals. For example, frozen pizza is one of the most preferred variants of frozen ready meals as they are convenient and are available in a variety of toppings.
Furthermore, consumers that prefer frozen ready meals are the older millennials or the parents of children aged between 7 to 12 years. These consumers are mostly working professionals who prefer frozen appetizers and frozen breakfast. Such factors are expected to boost the sales of the market, thereby contributing to the growth of the overall global market.
As per Technavio, the rising popularity and demand for vegan, gluten-free, and organic frozen ready meals will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global frozen ready meals market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global frozen ready meals market: Rising popularity and demand for vegan, gluten-free, and organic frozen ready meals
Rising health consciousness and severe health conditions such as lactose intolerance and celiac disease are major aspects that are increasing the demand for vegan, gluten-free, and organic frozen ready meals in many countries across the world. Vendors of frozen ready meals are seen focusing on producing their products with greater-quality and naturally-sourced ingredients which is, in turn, helping them in attaining organic labeling certifications. Moreover, to tap into the vast potential of the vegan and gluten-free category in frozen ready meals, vendors operating in the market have started launching new frozen ready meals with higher frequency. For instance, in July 2018, Nestle-owned frozen food brand Lean Cuisine launched a new range of vegan frozen ready meals called Origins in the US market. Such initiatives from vendors, the demand for frozen ready meals is expected to increase significantly during the forecast period.
“With rising popularity and demand for vegan, gluten-free, and organic frozen ready meals, the number of organized retailers have also increased significantly in major countries across the world. This has proven to be extremely beneficial for vendors operating in the global frozen ready meals market as supermarkets, hypermarkets, convenience stores, and discount stores are the major distribution and marketing centers for frozen ready meals,” says a senior analyst at Technavio.
Global frozen ready meals market: Segmentation analysis
This market research report segments the global frozen ready meals market by product (frozen entrée, frozen pizza, other frozen ready meals) and geographical regions (Europe, North America, APAC, South America, and MEA).
The European region led the market in 2018, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the rising number of organized retailing outlets in the region.
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Five Forces Analysis
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- Vendors covered
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INDUSTRY KEYWORD: CONVENIENCE STORE RETAIL FOOD/BEVERAGE SUPERMARKET
SOURCE: Technavio Research
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PUB: 05/03/2019 10:15 AM/DISC: 05/03/2019 10:15 AM