Published on : Jul 28, 2017
Albany, New York, July 28, 2017: The growth of ready meals all over the world shows that Europe market holds maximum share, making it the most lucrative global market. Market Research Hub (MRH) has recently included a study titled “U.K. - Attitudes towards Ready Meals and Ready-to-Cook Foods- June 2017” to its online repository, which identifies the current trends as well as future growth potential. The main relevance of conducting this research is to study the shifting U.K. consumers’ attitude and behavior towards ready meals & ready to cook foods; and measure the growth prospects by assessing the various factors leading to their growth.
Ready meals are fully cooked and ready to eat foods with a shelf life that ranges from few months to 3 years. They are one of the fastest increasing areas of the food market in both established and developing countries. A demand for ready meals is growing continuously everywhere including U.K. As per the study, 89% eat ready meals or RTCs, a third eat chilled at least weekly. One of the most important factors is that consumers buying ready meals in U.K. also include an increasing number of seniors who are living alone and for them, the idea of cooking from scratch is generally unappealing.
Moreover, the issues and insights are introduced in the report that reveals the facts and implications of the ready meals and ready to cook foods market. As per the findings, inflation is expected for the market, it will put pressure on producer’s margins. Over half of ready meal/ready-to-cook eaters/buyers in U.K. opt to cook from scratch more when money is tight leaves the sector vulnerable given that mounting inflation is expected to put pressure on disposable household incomes. Apart from that, growing consumer lifestyle trends could discourage sales. The potential competition in the market is coming from recipe box delivery services, as a result, retailers look to compete with recipe box subscription schemes. The research also examines that in 2016, overall advertising spend has grown. The retailers remain dominant in advertising, with a focus on quality.
A section covering the major market drivers are also mentioned in the study which analyzes that the prepared meals are at risk if incomes come under pressure, Government sets targets for industry to further reduce salt and EFSA rules makes it difficult to make a low-salt claim. However, premium products should benefit from people choosing these as a money-saving alternative to eating out, although regular innovation is needed to keep shoppers engaged.
Further, the research highlights launch activity and innovation, advertising and marketing activity of the major companies and brands providing amazing services to remain competitive in this market. It has been analyzed that Wiltshire Farm Foods remains the largest advertiser amid a rise in overall spending.
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