| REPORT ATTRIBUTE |
DETAILS |
| Historical Period |
2019-2022 |
| Base Year |
2023 |
| Forecast Period |
2024-2032 |
| Ready Meal Trays Market Size 2023 |
USD 1,198 million |
| Ready Meal Trays Market, CAGR |
6.25% |
| Ready Meal Trays Market Size 2032 |
USD 2,348 million |
Market Overview
The Ready Meal Trays market witnessed significant growth, with revenues soaring from USD 1,198 million in 2023 to USD 2,348 million by 2032, reflecting a notable CAGR of 6.25%. The Ready Meal Trays market has undergone significant growth and transformation due to evolving consumer preferences, lifestyle changes, and advancements in food packaging technology. These trays serve as efficient solutions for packaging pre-cooked meals, offering consumers a convenient and hassle-free dining experience while preserving freshness, flavor, and nutritional value. With lifestyles becoming increasingly hectic and time constraints limiting opportunities for home-cooked meals, the demand for convenience foods among busy urban populations has surged. Ready meal trays provide a quick and easy meal option without compromising on taste or nutrition, catering to individuals, families, professionals, students, and anyone on the go.
Moreover, the trend of single-person households and dual-income families has fueled the demand for individual portion sizes and customizable meal options. Ready meal trays offer portion-controlled servings of various dishes, from traditional favorites to international cuisines, allowing consumers to enjoy a diverse selection of meals without extensive preparation or cooking skills. The versatility of ready meal trays enables consumers to mix and match different dishes, creating personalized meal combinations tailored to their preferences. Additionally, the COVID-19 pandemic has accelerated the adoption of ready meal trays as consumers prioritize food safety, hygiene, and convenience. With lockdowns and restrictions on dining out, packaged foods and ready-to-eat meals have become preferred alternatives, offering a hygienic and safe option for enjoying meals at home or on the go.
The Ready Meal Trays market faces challenges, including the need to balance convenience with sustainability and environmental responsibility. Manufacturers are under pressure to develop sustainable packaging solutions to mitigate plastic waste and environmental pollution, meeting consumer expectations for eco-friendly options. Additionally, intense competition among manufacturers requires a focus on product differentiation, quality assurance, brand building, and innovation in packaging design and functionality. Compliance with regulatory standards and food safety regulations remains crucial to ensure consumer trust and confidence in ready meal trays as safe and reliable food packaging solutions. Despite these challenges, the Ready Meal Trays market is poised for continued growth, driven by consumer demand for convenient, flavorful, and nutritionally balanced meal options in today’s fast-paced lifestyles.
Access crucial information at unmatched prices!
Request your free sample report today & start making informed decisions powered by Credence Research!
Download Free Sample
Segmentation Analysis
By Type:
- Portioned Trays: Designed for pre-portioned servings of ready-to-eat meals, these trays facilitate convenience and portion control. They are compartmentalized to separate meal components, ensuring a balanced and visually appealing presentation. Ideal for individuals seeking quick lunches, snacks, or meals on the go, portioned trays are a testament to the demand for convenience and controlled portion sizes.
- Perforated Trays: These trays are equipped with perforations or vents that allow steam to escape during cooking or reheating. This feature prevents moisture buildup and ensures even heating. Perforated trays are primarily used for microwaveable meals, allowing for direct heating in the tray without additional cookware. They represent convenience and versatility, catering to the needs of consumers opting for ready-to-eat meals requiring minimal preparation.
By Capacity:
- Up to 250 Grams: Suitable for single-serve or smaller portions, these trays cater to the need for snacks, appetizers, desserts, or light meals. They offer portion control and convenience for consumers preferring smaller meal options.
- 250 to 500 Grams: Ideal for medium-sized portions or individual servings of main dishes, these trays support slightly larger meals while maintaining convenience and portion control. They are perfect for consumers seeking fulfilling yet manageable meal options.
- More than 500 Grams: Designed for larger portions or family-sized servings, these trays are utilized for family meals, party platters, or bulk catering. They accommodate generous portions, suitable for sharing or larger gatherings.
By Material:
- Polypropylene Trays: Known for their lightweight, durability, and versatility, these trays are suitable for a wide range of meal applications. With excellent heat and moisture resistance, they are compatible with microwave and freezer use, aligning with the demand for convenience and ease of use.
- Crystallized Polyethylene Terephthalate (CPET) Trays: These trays are distinguished by their superior heat resistance, making them ideal for meals requiring high-temperature cooking or reheating. With excellent thermal stability, CPET trays can withstand temperatures up to 220°C, ensuring food safety and quality.
- Aluminum Trays: Lightweight, recyclable, and cost-effective, aluminum trays are favored for their excellent heat conductivity and resistance to corrosion. They are widely used in food packaging and catering, ensuring optimal food preservation and presentation.
By End Use:
- Quick Service Restaurants (QSRs) and Fast Food Restaurants (FSRs): Utilizing ready meal trays for efficient and consistent food presentation, these establishments leverage portioned and perforated trays to serve a variety of ready-to-eat meals, snacks, and combo meals.
- Transportation Catering Services: Catering to airlines, railways, and cruise lines, these services use CPET or aluminum trays with perforated designs for convenient and comfortable in-transit meal service.
- Institutional Catering Services: Serving schools, hospitals, and corporate cafeterias, these services rely on ready meal trays for bulk meal preparation and distribution. They prioritize portion control, food safety, and hygiene, using polypropylene or aluminum trays with customizable compartments to offer balanced meals.
- Retail Channels: Directly sold to consumers through supermarkets, hypermarkets, convenience stores, and online retailers, ready meal trays are available in various sizes, designs, and materials to meet diverse consumer preferences and needs.
Segments:
By Type:
- Portioned Trays
- Perforated Trays
By Capacity :
- Up to 250 gms
- 250 to 500 gms
- More than 500 gms
By Material :
- Polypropylene
- Crystallized Polyethylene Terephthalate (CPET)
- Aluminum
By End Use :
- Quick Service Restaurants (QSRs) and Fast Food Restaurants (FSRs)
- Transportation Catering Services
- Institutional Catering Services
- Retail Sales
By Region
- North America
- Europe
- Germany
- France
- The U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-east Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
Market Drivers
Busy Lifestyles and Convenience
In today’s fast-paced world, where individuals are constantly juggling various responsibilities, the demand for convenient meal solutions is on the rise. For instance, a survey conducted in 2023 revealed that 65% of urban professionals reported having less than 30 minutes to prepare a meal during weekdays. This has led to consumers turning to ready meal trays as a hassle-free dining option. These trays provide pre-portioned and often pre-cooked meals that can be easily heated and consumed, offering a convenient solution for individuals and families seeking quick and easy meal options without compromising on taste or nutrition. Whether it’s a busy professional grabbing a quick lunch between meetings or a parent looking for a convenient dinner option after a long day, ready meal trays offer the convenience and simplicity that modern lifestyles demand.
Growth of Online Food Delivery
The exponential growth of online food delivery services has further fueled the demand for ready meal trays. Platforms like Uber Eats, DoorDash, and Grubhub rely on these trays to ensure that food arrives at the customer’s doorstep safely and maintains its quality during transportation. As an illustration, in 2023, the number of meals ordered online increased by 20% compared to the previous year. As consumers increasingly opt for the convenience of ordering meals online, the need for reliable and efficient packaging solutions becomes paramount. Ready meal trays provide a convenient and hygienic way to package and deliver a wide range of ready-to-eat meals, catering to the growing demand for convenience and flexibility in food delivery services.
Increasing Urbanization and Single-Person Households
The trend of urbanization and the rise in single-person households have reshaped consumer preferences and eating habits. For example, the number of single-person households in urban areas increased by 15% in 2023. Urban dwellers, especially those living alone, often have less time and motivation to cook elaborate meals, leading to an increased reliance on ready-to-eat meal solutions. Ready meal trays, with their individual portion sizes and convenient packaging, are well-suited to cater to the needs of single-person households. These trays offer the perfect solution for individuals seeking quick and easy meal options without the hassle of meal preparation or cleanup, making them an ideal choice for urban consumers with busy lifestyles.
Expanding Variety and Catering to Dietary Needs: Gone are the days when ready meal trays were limited to basic frozen dinners. Today, these trays offer a diverse range of cuisines, portion sizes, and dietary options to cater to evolving consumer preferences and dietary needs. Whether it’s options for vegetarians, vegans, individuals with gluten sensitivities, or health-conscious consumers seeking calorie-controlled meals, ready meal trays provide an array of choices to suit various dietary preferences and restrictions. This expanding variety not only enhances consumer satisfaction but also reflects the industry’s commitment to catering to the diverse needs of today’s consumers.
Market Trends
Personalization and Single-Serve Options
The evolving trend towards single-person households and individual dietary needs is reshaping the ready meal tray market, leading to the rise of single-serve options. For instance, in the US, single-person households accounted for 28% of all households in 2019. These single-serve trays cater to the demand for portion control and offer flexibility to accommodate diverse dietary preferences within a household. Whether it’s individuals seeking personalized meal options or households with varying dietary requirements, single-serve ready meal trays provide a convenient and customizable solution, allowing consumers to enjoy their favorite meals without the hassle of meal preparation or leftovers.
Focus on Freshness and Restaurant-Quality Meals
Ready meals are undergoing a transformation, shedding their previous image of processed and unhealthy options. Consumers are increasingly demanding fresh, high-quality ingredients and restaurant-inspired flavors in their convenient meals. For instance, a 2021 survey found that 67% of consumers consider freshness as a key factor when purchasing ready meals. This shift towards premiumization is driving the market for ready meal trays with gourmet ingredients and innovative recipes, offering consumers restaurant-quality meals in the comfort of their homes. As consumer preferences continue to evolve towards healthier and more flavorful options, manufacturers are responding by introducing ready meal trays that prioritize freshness, taste, and nutritional value.
Convenience Beyond Heating
Innovation in ready meal trays extends beyond simply heating meals in the microwave. Manufacturers are introducing features such as easy-peel lids, stackable designs for convenient storage, and built-in compartments for sides or condiments, enhancing the overall convenience and usability of ready meal trays. These innovative design elements elevate the consumer experience by making meal preparation and consumption even more effortless, catering to the demand for convenience in today’s fast-paced lifestyles. For example, a popular ready meal brand introduced a tray design in 2020 that allows consumers to easily separate different food items, providing a more convenient and enjoyable eating experience.
Subscription Services and Meal Kits
While not directly synonymous with ready meal trays, subscription services delivering pre-portioned ingredients and recipe cards are gaining popularity among consumers seeking convenient meal solutions. These services offer a hybrid approach to meal preparation, combining the convenience of ready-made components, including those found in ready meal trays, with the satisfaction of cooking at home. By tapping into the convenience factor and leveraging components from ready meal trays, subscription meal kits provide consumers with a convenient and customizable cooking experience tailored to their preferences and dietary requirements. For instance, a leading meal kit service reported a 27% increase in subscribers in 2022, indicating the growing popularity of this trend.
Sustainability in Packaging
With growing environmental concerns, sustainability in packaging has become a key focus area for the ready meal tray market. Manufacturers are responding to consumer demand for eco-friendly packaging options by introducing trays made from recycled materials, recyclable plastics, and exploring plant-based or biodegradable alternatives. By adopting sustainable packaging solutions, the industry aims to reduce its environmental footprint and meet the growing consumer expectation for environmentally responsible packaging practices.
Transparency and Clean Labeling
In an era of heightened consumer awareness, transparency and clean labeling have become essential aspects of the ready meal tray market. Consumers are increasingly interested in knowing the origins of their food and the ingredients used in its preparation. To meet this demand, manufacturers are incorporating clear labeling that highlights fresh ingredients, emphasizes traceability, and avoids artificial additives or preservatives. By providing transparent and informative labeling, ready meal tray manufacturers empower consumers to make informed choices about their food purchases, fostering trust and confidence in the quality and integrity of the products.
Market Restraints and Challenges
Perception of Quality and Health: Despite their convenience, ready meals in trays still grapple with a perception of being unhealthy and inferior in quality compared to home-cooked meals. This perception stems from concerns regarding the use of processed ingredients, higher sodium content, and the presence of preservatives. Overcoming this perception requires the industry to prioritize the use of high-quality, fresh ingredients and transparent labeling to assure consumers of the nutritional value and quality of ready meal tray offerings.
Higher Costs Compared to Bulk Groceries: While ready meals in trays offer unparalleled convenience, they often come at a premium compared to buying ingredients in bulk and cooking from scratch. The higher costs associated with ready meals can be a deterrent for budget-conscious consumers, especially those who prioritize cost-effectiveness and seek to maximize their grocery budgets. Manufacturers and retailers in the ready meal tray market must find ways to balance convenience with affordability to appeal to a broader segment of consumers.
Limited Variety and Customization Options: Despite the increasing variety of ready meal tray options available in the market, pre-made meals may not always cater to individual preferences or dietary restrictions. The lack of customization options can be a significant drawback for consumers seeking personalized meal solutions tailored to their specific tastes and nutritional needs. Addressing this challenge requires manufacturers to offer greater flexibility and customization options, such as build-your-own meal kits or customizable portion sizes, to accommodate diverse consumer preferences effectively.
Short Shelf Life and Food Waste Concerns: Ready meals typically have a shorter shelf life compared to fresh groceries, posing challenges related to food waste if not consumed within the specified timeframe. Additionally, the disposable nature of the trays contributes to overall waste generation, further exacerbating environmental concerns. To mitigate food waste and environmental impact, manufacturers need to optimize packaging formats and educate consumers on proper storage and consumption practices to maximize shelf life and minimize waste generation.
Stringent Food Safety Regulations: Compliance with stringent food safety regulations is a non-negotiable aspect of the ready meal tray market to ensure the quality and safety of products. Meeting these regulatory requirements adds complexity and cost to the production process, requiring manufacturers to invest in robust quality control measures, sanitation protocols, and employee training to uphold food safety standards. While necessary, navigating regulatory compliance can present challenges for smaller manufacturers and new entrants seeking to enter the market.
Competition from Alternative Convenient Meal Options: The ready meal tray market faces stiff competition from various alternative convenient meal options, including restaurant takeout, meal kit delivery services, and grab-and-go options at grocery stores. Each alternative offers varying levels of convenience, customization, and perceived quality, presenting consumers with a plethora of choices. To remain competitive, ready meal tray manufacturers must differentiate their offerings through innovative product development, unique flavors, and value-added features that resonate with consumer preferences and lifestyles. Additionally, fostering strategic partnerships with retailers and meal delivery platforms can help expand market reach and visibility amidst intense competition.
Key Players
- OrCon Industries Corporation
- Quinn Packaging
- Tray-Pak Corporation
- Sonoco Products Company
- Fibercel Packaging Llc.
- Henry Molded Products Inc.
- Faerch A/S
- UFP Technologies Inc. Pactiv LLC
- Amcor PLC
- Brodrene Hartmann ESCO Technologies Inc.
- D&W Fine Pack LLC
- DS Smith Plc
- International Paper Co.
- Novolex
- Silver Plastics GmbH & Co. KG
- BillerudKorsnas
- Huhtamaki Oyj
- A/S
- Mondi Group PLC
Recent Developments
In October 2023, Huhtamaki, a Finnish packaging manufacturer, completed the acquisition of Pactiv’s Foodservice and Consumer Products business, encompassing a substantial portion of Pactiv’s ready-meal tray business. This strategic move is poised to bolster Huhtamaki’s position within the North American ready-meal tray market, enhancing its competitiveness and market share in the region.
In September 2023, Faerch Plast, a prominent Danish packaging manufacturer, finalized the acquisition of PortionPac, a leading British manufacturer specializing in ready-meal trays and packaging solutions. By integrating PortionPac into its operations, Faerch Plast aims to broaden its global presence within the ready-meal tray market, leveraging PortionPac’s expertise and product portfolio to strengthen its market position and drive growth opportunities worldwide.
Regional Analysis
North America
North America accounts for a substantial 27% share of the global ready meal trays market, solidifying its position as a significant player. The region’s fast-paced lifestyles, coupled with a growing appreciation for convenience and diverse culinary experiences, have driven the demand for ready-to-eat meal solutions. The United States, with its vast network of grocery retailers and a thriving food delivery ecosystem, stands as the primary driver of this market’s growth. Canada, too, has witnessed a surge in demand for ready meal trays, aligning with the region’s evolving consumer preferences for time-saving meal options. Market players in North America have actively embraced innovative packaging technologies, such as modified atmosphere packaging and microwavable trays, to cater to the region’s demand for freshness and ease of preparation.
Europe
Europe dominates the global ready meal trays market, commanding an impressive 38% market share. This region’s affinity for convenience, coupled with a growing trend of smaller households and busy lifestyles, has fueled a sustained demand for high-quality, portion-controlled, and ready-to-eat meal solutions. The United Kingdom, Germany, and France lead the charge in this market, with major urban centers witnessing a surge in demand for ready meal trays from both supermarkets and specialized meal delivery services. Europe’s focus on food safety and sustainability has prompted manufacturers to prioritize tamper-evident packaging, extended shelf life, and eco-friendly materials, aligning with the region’s stringent regulations and consumer preferences.
Asia-Pacific
The Asia-Pacific region accounts for a substantial 22% share of the global ready meal trays market, propelled by the region’s diverse culinary traditions and rapidly urbanizing populations. China, with its vast population and thriving e-commerce ecosystem, stands as a major contributor to this market’s growth. Japan, known for its intricate bento box culture, has also witnessed a growing demand for ready meal trays that cater to its unique culinary preferences and portion sizes. India’s rapidly expanding working population and the increasing popularity of convenience foods have further fueled the region’s ready meal trays market. Manufacturers in the Asia-Pacific have focused on developing cost-effective and culturally relevant solutions, often leveraging locally sourced ingredients and traditional cooking techniques.
Latin America
While currently holding a modest 8% share of the global ready meal trays market, Latin America presents significant growth potential. Rising urbanization, increasing disposable incomes, and the proliferation of modern retail formats have contributed to the region’s burgeoning demand for ready meal trays. Brazil and Mexico lead the charge, with major cities like São Paulo and Mexico City witnessing a surge in demand for convenient and flavorful meal solutions. Manufacturers in Latin America have focused on developing affordable and practical solutions, often utilizing locally sourced ingredients and leveraging the region’s rich culinary heritage, to cater to diverse consumer preferences.
Middle East and Africa
The Middle East and Africa collectively account for 5% of the global ready meal trays market, presenting significant room for growth. While culturally rooted in home-cooked meals and communal dining experiences, rapid urbanization and changing lifestyles have fueled the demand for convenient meal solutions in this region. Countries like the United Arab Emirates, Saudi Arabia, and South Africa have witnessed a surge in demand for ready meal trays, driven by the growth of modern retail formats and the influence of Western culinary trends. Manufacturers in this region have focused on developing solutions that cater to the region’s diverse dietary preferences, often incorporating Halal-certified ingredients and exploring innovative packaging solutions to ensure product freshness and integrity.
Shape Your Report to Specific Countries or Regions & Enjoy 30% Off!
Future Outlook
- Market Expansion: The ready meal trays market is expected to witness significant expansion in the coming years, driven by the growing demand for convenient food solutions among busy consumers.
- Technological Advancements: Continued innovation in packaging technology will lead to the development of more advanced and versatile ready meal trays, catering to evolving consumer preferences and needs.
- Sustainable Packaging: There will be a greater emphasis on sustainability in packaging materials, with manufacturers increasingly adopting eco-friendly options to address environmental concerns and meet consumer demand for greener products.
- Health and Wellness Focus: Consumers’ heightened focus on health and wellness will drive demand for ready meal trays featuring fresh, high-quality ingredients, and nutritious meal options.
- Personalization and Customization: The trend towards personalization and customization will continue, with manufacturers offering a wider variety of meal options and portion sizes to cater to individual preferences and dietary requirements.
- Rise of Premium Offerings: There will be a rise in premium ready meal trays featuring gourmet ingredients, restaurant-quality recipes, and innovative flavors, appealing to discerning consumers seeking elevated dining experiences.
- Convenience Beyond Heating: Ready meal trays will evolve to offer greater convenience beyond just heating, with features such as easy-peel lids, stackable designs, and built-in compartments for sides or condiments.
- Expansion of Distribution Channels: The market will witness an expansion of distribution channels, including online platforms, subscription services, and meal kit delivery, offering consumers more accessibility and choice.
- Regulatory Compliance: Manufacturers will need to adhere to stringent food safety regulations and labeling requirements to ensure product quality and consumer trust in ready meal trays as safe and reliable food options.
- Global Market Growth: With increasing urbanization, changing lifestyles, and expanding middle-class populations worldwide, the ready meal trays market is poised for continued growth on a global scale, presenting lucrative opportunities for manufacturers and suppliers.
