DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/m2mfsc/ready_meals) has announced the addition of the "Ready Meals Update Market Report 2012" report to their offering.
This Key Note Market Report Update analyses the ready meals industry in the UK. The market is valued at £1.85bn, after growing by 6.6% year on year in 2011. Key Note divides the ready meals market into two principle sub-categories: chilled ready meals; and frozen ready meals. In recent times, however, there has been a shift away from the traditional perception of ready meals otherwise known as TV dinners towards a more conventional concept of a meal adapted to suit consumers' increasingly busy lifestyles. Ready meals have been reinvented to respond to the changing needs of consumers amid the economic crisis.
In spite of financially hard times, the ready meals industry is proving resilient. Consumer demand for convenience, coupled with a growing dining-in' trend, is the primary reason behind market growth in 2011. Consumers are staying at home in order to save money, but are eager to re-create the restaurant experience' at home. As a result, manufacturers are teaming-up with celebrity chefs to bring the restaurant aura' to the ready meals market.
Innovation has additionally played an important role in the industry in recent years. Manufacturers are expanding their portfolios to include exciting and exotic dishes that are not traditionally found within the ready meals industry. In 2011, Italian overtook English to become the favourite style of ready meal in the UK. Spicier cuisines such as Mexican and Spanish, as well as renowned types, including French, are also gaining popularity in the market. Flavour innovation offers consumers greater options when buying ready meals; moreover, it means that consumers can try a different variety of meal every day of the week without having to leave the house.
Although consumers are cutting back on their weekly outgoings, they still want to indulge in affordable luxuries. As a result, there has been a rise in premium products within the ready meals industry. The use of superior quality and natural ingredients; ethically-sourced proteins; and the introduction of variants that meet consumers' different dietary requirements including vegetarian options and gluten-free ready meals are all gaining greater significance in the industry. Own-label products continue to dominate the ready meals market, however, it was branded meals that were better able to respond to the demand for these types of products in 2011. Consumers are willing to pay extra for a perceived level of superior quality, which has helped drive value and volume sales of branded products.
Key Note predicts that the ready meals industry will increase in value over the next 5 years and that both chilled and frozen ready meals will contribute to this growth. Key Note calculates that the market will grow by 35.2%, to a value of £2.71bn between 2012 and 2016.
- The Boots Company PLC
- Bakkavör Foods Ltd
- Birds Eye Ltd
- Greencore Group PLC
- HJ Heinz Co Ltd
- Kerry Foods Ltd
- Premier Foods Ltd
For more information visit http://www.researchandmarkets.com/research/m2mfsc/ready_meals.
Source: Research and Markets