Published on : Feb 24, 2017
ALBANY, NY, Feb 24, 2017: The research report provides a concise understanding of the various important aspects of the global prepared meals market. It also includes a detailed description of the drivers, restraints, and opportunities for the market and analyzes the extent to which they impact on the growth.
The global prepared meals market was declining at a rate of 1.1% from 2010 to 2015 and was worth US$80.4 bn in 2015. However, with the widening base of working population, demand for food which can be readily consumed is likely to remain in focus, while consumers are set to demand more healthy variants. The growing urbanization and changing lifestyles, wherein people get less time to cook, are triggering the demand for prepared meals. Moreover, the rising consumer disposable income is providing a fillip to the market.
On the other hand, the negative perception of prepared meals still remains among health-conscious consumers, which is negatively impacting the growth of the market. Furthermore, the existing storage and transportation systems are incapable of ensuring consistency and quality, which is inhibiting the growth of the market. Owing to all these factors, the global prepared meals market is anticipated to rise at a CAGR of 3.3% between 2015 and 2020.
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The key regional segments covered in the report are North America, Asia Pacific, Europe (Western and Eastern), Latin America, and the Middle East and Africa. During 2010–2015, while all other regions experienced a fall in value, North America exhibited a moderate CAGR of 1.4%. The region is anticipated to witness robust growth from 2015 to 2020 owing to the increasing population of working population. Western Europe will continue to be the leading region during the same period, accounting for 41.2% of the overall market revenue by 2020. Countries such as the U.K., Germany, and France will be at the forefront of the growth of the region. The availability of wide range of prepared meals is working in favor of the growth of the region.
Asia Pacific is estimated to progress at a CAGR of 6.3% during the same span, with China and Japan being a major revenue contributor to the growth of the region. Rapid urbanization and industrialization, growing population, and financially strengthening consumer base are contributing to the growth of the region.
Key companies operating in the global prepared meals market are allocating large funds in research and development of superior quality products and their packaging in order to stay ahead in the market. Some of the prominent players in the market are Kerry Foods Ltd., Bakkavor Foods Ltd., Nestle, Greencore Group Plc., ConAgra, Northern Food Ltd., JH Heinz Company Ltd., and Premier Foods Group Ltd.
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