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Product Insightsįrozen and chilled meals held the largest revenue share of more than 50.0% in 2019 and are expected to maintain their lead over the forecast period owing to a wide range of products with high shelf life. These global market trends are anticipated to fuel the demand for ready meals in the year 2020. In addition, ready meals can last a long time, thus leading to the least number of visits to the marketplaces for the purchase of food products.
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Under this panic situation, consumers are increasingly buying these ready meals owing to their higher shelf life and convenience in cooking. Moreover, from the second month of the year 2020, nearly all the countries around the world have proposed a country level lockdown, which led to the restriction on going outside their houses. The world is witnessing the spread of Coronavirus (COVID-19) pandemic since the beginning of 2020. Thus, manufacturers are focusing on introducing nutritious and healthier products to retain their market share. Moreover, rising cases of obesity and other lifestyle diseases are anticipated to hinder the market growth. However, increasing safety concerns associated with ready meals might affect market growth. Rise in the per capita income is another factor driving the net sales of ready meals in most parts of the world. In addition, print and media advertisement has played a key role in creating awareness about ready meals, thereby augmenting the overall market growth. Moreover, easy availability of ready meals throughout the year will have a positive impact on their demand. Ready meals are a cost-effective alternative as they are precooked. This has led to an increased demand for ready meals, especially among the working population and students across the globe. Precooked or ready meals are highly convenient and they help save time and effort required for meal preparation. These consumer food preferences are propelling the demand for ready meals. Due to hectic work schedules, people around the globe are buying Ready-to-Eat (RTE) food products and meals, which are easy to cook and less time consuming. Customers around the globe are more inclining towards food items that can easily be consumed without any efforts. In recent years, employment has been growing across the globe, which has changed the food preferences of the consumers. Moreover, the growing demand for minimally processed and additive-free food products with an extended shelf life is expected to fuel market growth. Shifting consumers’ food preferences towards ready-to-eat food products owing to the busy lifestyle of working individuals as well as hectic work schedules of college grads and students is expected to be a key factor for the market growth. The global ready meals market size was valued at USD 159.15 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2020 to 2027.