Prepared meal is ready-to-eat food that can be consumed directly without cooking, such as canned soup, packaged cereals, or frozen dinner. Most prepared meals are stored in vacuum packaging to avoid contact with air to extend their shelf life. These foods require less preparation time than cooking fresh food, so people usually think that prepared meal is the most convenient option. It is not only safe to eat, but also provides nutrition, and its different tastes attract a large number of customers. In recent years, prepared meal has become more and more popular. Nowadays, prepared meal products are increasingly becoming an important part of the daily food of residents due to their convenient and fast eating characteristics.
There are two main types of prepared meals: vegetarian meal and non-vegetarian meal. Vegetarian meal refers to food that does not contain meat and animal tissue products and meets vegetarian standards. Non-vegetarian meals include the consumption of animal products and by-products such as meat, fish and other types of seafood. Among them, non-vegetarian meal is the most popular, almost monopolizing the entire prepared meal industry, with a market share of 82.90% in 2019.
The prepared meal market can be divided into supermarkets, convenience stores and online retail by application. Supermarket shopping is a convenient and fast way, accounting for the largest market share, with the market share of 68.01% in 2019, followed by convenience stores. The continuous popularization of smart phones and the Internet is driving the development of e-commerce. Now, European countries are promoting e-commerce shopping portals, making it easier to import and export goods. In addition, discounts offered by different websites have also promoted the demand for Internet retail. It is expected that the market share of online retail stores will gradually expand in the future.
Prospect Analysis of the Prepared Meal Industry in Various Regions
After a period of development, the prepared meal industry has entered a mature period. With the continuous upgrading of products and the development of economy and technology, the market will continue to expand. Companies in this industry are mainly from Europe with very low industrial concentration rate. The top three companies in 2019, Nestlé, Bakavor Foods and Greencool Group Co., Ltd. have a revenue market share of 10.78%, which is 4.79%, 3.14% and 2.85%, respectively.
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With a developed economy and technological advantages, the UK has become the largest revenue market. The market share in 2015 was 28.47%, and the market share in 2020 was 29.56%, a decrease of 1.41%. France ranks second with a market share of 20.97% in 2019. With the continuous improvement of the French economic and technological level and the exploration of the market potential of the prepared meal industry, will maintain a moderate growth in the future.
Since the beginning of 2020, COVID-19 has spread all over the world. Subsequently, all regions, including Europe, implemented a first-level blockade to restrict going out. In this panic situation, thanks to the long shelf life and convenient cooking of prepared meals, the number and frequency of consumer purchases have soared, which will promote the demand for prepared meals in 2020.
It can be seen from the cost structure of prepared meal manufacturing that raw materials, labor costs, operating costs, and marketing costs account for 52.06%, 14.32%, 8.28%, and 11.09%, respectively. This shows prepared meal products are mainly restricted by the supply of raw materials and labor prices, while the labor costs in Western European countries such as Germany, the United Kingdom, and France are all at a relatively high level. The labor force of Eastern European countries is generally lower than that of Western Europe, but the growth rate in recent years has been faster than that of Western European countries. The current situation is not conducive to the development of the European prepared meal industry, so suppliers may gradually open up overseas markets.
Prepared Meal Products Will Increasingly Focus on Nutrition and Health
Due to changes in lifestyles, more and more office workers and students who are busy with their studies prefer prepared meals, such as ready-to-eat foods and canned foods. Many people spend their time at work and are even accustomed to handling multiple tasks at the same time. This has forced them to rely more on prepared meals and packaged foods in recent years, triggering a demand for prepared meals.
According to the research, the Europe prepared meals industry market has a total value of 50607.12 M USD back in 2015, and increased to 64329.57 M USD in 2020. We made the prediction that the value of Europe prepared meals industry market markets can be 96624.28 M USD by 2027. The CAGR of Europe prepared meals industry market is 5.15% from 2019 to 2027.
In terms of convenience, the outstanding feature of saving time and effort has increased the growth of the prepared meal market. The supply of prepared meals with traditional and exotic flavors is also one of the factors contributing to the growth of prepared meals. This helps to meet the dietary needs of time-critical consumers without affecting their taste buds.
With the development of social economy, human living standards have gradually improved, so more and more attention has been paid to health issues. Negative perceptions from consumers of the health effects of prepared meals hinder the growth of the market. In addition, the rising incidence of obesity and other lifestyle diseases is expected to hinder market growth. Therefore, manufacturers are paying more and more attention to packaging, because packaging plays a vital role in maintaining product quality, taste, texture, color, and shelf life. They are working with packaging companies to develop advanced and innovative packaging, such as biodegradable barrier pallets, to expand their consumer base. On the contrary, the growing consumer demand for nutritious meals also provides a good platform for manufacturers to introduce and launch fast, delicious, nutritious and healthy products, thereby maintaining or even expanding their market share.
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