Innovations In Ready Meals: Market Drivers, Npd And Alternative Sales Channels
A ready meal is a type of convenience food that consists of a pre-packaged meal that needs little preparation
. In 2009 the global market for ready meals was worth $71.6bn, with a projected CAGR of 3.9% to 2013. In the Western Europe and the US the ready meals markets are fairly mature and well-established with moderate growth rates. However, growth in the industry will primarily come from the key emerging markets such as China and Russia. Ready meals that provide health and indulgence benefits continue to provide a number of growth opportunities for manufacturers in developed markets. Ethical concerns relating to sustainable packaging and local sourcing of food are also having an impact on new product development (NPD) in ready meals.
The report contains a summary of the important and novel ready meals launched between 2006 and 2009 as reported by Product Launch Analytics, an in-house database of new product launches in fast moving consumer goods. This report analyzes market data on the value growth of the ready meals market. Innovation and NPD are analyzed by region and category and emerging market trends are illustrated in the report. Moreover, this report enables manufacturers to identify the emerging trends and growth opportunities in ready meals.
Key features of this report
Dynamics of the major ready meals markets during the period 200913.
Key trends, market drivers and resistors to the growth of global ready meals markets.
NPD and innovation trends in the major ready meals markets based on the analysis of growth in major categories and sub-categories.
Analysis of innovative new ready meals launched between 2006 and 2009 from the data sourced from Product Launch Analytics.
Scope of this report
Predict future growth areas in ready meals based on this reports forecasts to 2013 of market value by category and sub-category in Europe, North America and Asia-Pacific.
Identify key trends that are shaping the ready meals market and examine the key market drivers to 2013 detailing trends in innovation, packaging and product tags.
Improve the targeting and effectiveness of your NPD strategy using this reports analysis of products launch data of over 6,000 product launched between 200609.
Learn from the NPD and innovations in the global ready meals markets to replicate their successes effectively in the future growth markets.
Key Market Issues
Uncertain regulations: Uncertainties associated with the enforcement of Article 13 health claim regulation of EFSA in EU may decrease NPD and innovations in ready meals as manufacturers would require higher R&D spending before launching new product. Additionally, in case of functional ready meals that are already in the market but their health benefit claims are not yet approved by the EFSA, may require to be removed from the EU markets in case they fail to comply with Article 13 regulations.
Rising consumer health concerns: ready meals manufacturers largely use trans-fat, sugar or salt as ingredients and preservatives in their products to keep them fresh for longer time periods. This has transpired into health concerns such as cardiovascular disease, obesity and hypertension.
Ethical consumption: rising consumer concerns for environment and their preferences for locally sourced organic foods, specifically in the UK may compel ready meals manufacturers to reposition their product portfolios that are in line with such ethical eating.
Key findings from this report
The global market for ready meals was valued at $71,551m in 2009, and forecast to grow at a CAGR of 3.9% during 200913 to reach $83,448m in 2013. The US is the largest ready meal market with revenues of $15,197m in 2009 globally. Though a matured market, most of the growth in value in the US will be driven by innovation in trans-fat free, low sodium/calories ready meals.
Rise in working women population and reduced family sizes continues to be major growth drivers for convenience foods industry in the US and Europe.
Health is the most important trend after convenience that is driving innovation in ready meals. Manufacturers are formulating ready meals with ingredients with specific health benefits, such as antioxidants and oats. In the US and Japan, ready meals that promote heart health have grown strongly.
The most significant type of innovation in ready meals during 200609 was formulation that has been consistently used to create a point of difference for new product introductions.
Europe is the largest market in terms of new product launches in ready meals globally, followed by Asia-Pacific and North America. Despite stringent food regulatory norms in Europe, during 200609 the region has outpaced NPDs in other markets globally.
Key questions answered
What are the key drivers and resistors to the growth of global ready meals markets?
What key consumer trends are driving NPD and innovations in ready meals?
What are the key growth opportunities within the ready meals market?
What was the market size of the global ready meals market by value in 2009 and what will be the market size of the global ready meals market during 200913?
Which ready meals categories and sub-categories will achieve the highest value growth during 2009-13?
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Innovations In Ready Meals: Market Drivers, Npd And Alternative Sales Channels Rosemead