Canned Ready Meals: Expanding into Single Serve and Meal Kit Applications
Canned ready meals have long been a staple in households around the world, offering convenience and ease of preparation for busy individuals and families. However, as consumer preferences shift towards more personalized and convenient meal options, the canned food industry has had to adapt to meet these evolving demands. In recent years, there has been a growing trend towards single-serve and meal kit applications for canned ready meals, offering consumers more variety and customization in their meal choices.
Market Trends and Insights
The market for canned ready meals has been steadily growing, with a CAGR of 3.2% from 2019 to 2024, according to a report by Market Research Future. This growth can be attributed to the increasing demand for convenient and ready-to-eat meal options, especially among busy urban consumers. As a result, many canned food companies have been investing in product innovation and development to cater to this growing market segment.
One of the key trends driving the expansion of canned ready meals into single-serve and meal kit applications is the rise of solo living and smaller households. With more people living alone or in smaller families, there is a growing demand for individual portion sizes and meal kits that cater to the needs of smaller households. Canned food companies have recognized this trend and are now offering a variety of single-serve options in their product lines.
Financial Data and Industry Insights
Several major canned food companies have already ventured into the single-serve and meal kit market, including Campbell Soup Company, Conagra Brands, and Hormel Foods Corporation. These companies have reported strong growth in their canned food segments, with Campbell Soup Company reporting a 5% increase in net sales for its meals and beverages segment in 2020.
In addition to traditional canned ready meals, these companies have also introduced single-serve options and meal kits to cater to the changing needs of consumers. For example, Conagra Brands offers single-serve microwave meals under its Healthy Choice brand, while Hormel Foods Corporation has launched meal kits under its Hormel Compleats line.
Consumer Preferences and Demand
Consumer preferences are also driving the expansion of canned ready meals into single-serve and meal kit applications. According to a survey by Mintel, 67% of consumers prefer single-serve portions for convenience and portion control. In addition, 42% of consumers are interested in trying meal kits that offer pre-portioned ingredients and easy-to-follow recipes.
This shift towards single-serve and meal kit options reflects a growing demand for convenient and customizable meal solutions that cater to busy lifestyles. Canned food companies are capitalizing on this trend by offering a wide range of single-serve and meal kit options to meet the diverse needs of consumers.
Future Outlook and Opportunities
As the market for canned ready meals continues to evolve, there are several opportunities for growth and expansion in the single-serve and meal kit market. With the rise of e-commerce and online grocery shopping, canned food companies have the opportunity to reach a wider audience and offer more personalized meal solutions through digital platforms.
In addition, the growing trend towards healthy and organic food options presents an opportunity for canned food companies to innovate and develop new products that cater to health-conscious consumers. By offering single-serve and meal kit options that are nutritious, convenient, and customizable, canned food companies can stay ahead of the curve and meet the changing needs of consumers.
In conclusion, the expansion of canned ready meals into single-serve and meal kit applications presents a significant opportunity for growth and innovation in the canned food industry. With consumer preferences shifting towards more personalized and convenient meal options, canned food companies are adapting to meet these evolving demands and offer a wide range of single-serve and meal kit options to cater to the diverse needs of consumers. By investing in product innovation and development, canned food companies can stay competitive in the market and capitalize on the growing demand for convenient and customizable meal solutions.
