The Asia-Pacific prepared meals sector is set to reach almost $51 billion (US$38.4 billion) by 2023, according to a report from GlobalData. Opportunities in the Asia-Pacific Prepared Meals Sector found ready meals had the largest market share in preferred prepared meal market, at 76.9 per cent.
GlobalData consumer analyst Priyanka Jain said hectic lifestyles, long working hours and increasing participation of women in the workforce was leaving little time to make meals from scratch.
The report looked at 19 economies across the APAC region, assessing market size, growth, political, economic, social and technological metrics.
Taiwan, Australia, New Zealand and Japan were identified as high-potential countries, with Japan accounting for 64.1 per cent of market share in 2018.
Nissin Food Holdings, Marumiya Corporation, Toyo Suisan Kaisha, Nichirei, and Katokichi were the leading companies in the APAC prepared meals sector, with Nissin and Toyo Suisan Kaisha also operating in the meal kit category.
In Australia, according to IRI MarketEdge, McCain holds 30 per cent value share of the frozen meals market. A spokesperson for the company told Food & Drink Business the company had noticed a strong uptake in recent years of pre-prepared meal products. “Australian consumers value not only the high quality of our products and their affordable price points, but primarily the amount of time they save by keeping nutritious meals in their freezer, ready to eat at their convenience.”
Jain said it meant there was opportunity for new players to enter the market, as well as develop healthier alternatives.
“Consumers are becoming more health conscious, leading to an increase in demand for products with health and wellness claims such as ‘naturally healthy’, ‘sugar-free, and ‘gluten-free’.
Prepared meals are more likely to be perceived as unhealthy due to preservatives and excess saturated fats, salt and sugar.
“With rising obesity and other lifestyle-related disorders such as cardiovascular diseases and type-2-diabetes in the APAC region, to strengthen their position in the market, manufacturers need to re-launch their products with preservative free and fat free claims.”
McCain’s spokesperson said the brand recorded six per cent growth in its single serve meals across the last three years, but its Man Sized range (50 per cent larger than the original) had grown by 82 per cent.
“This exemplifies the growing consumer demand for better quality and more satisfying frozen meals,” they said.
