Introduction
The market for ready meals has been growing steadily over the past few years, with convenience being a key factor driving consumer behavior. Microwavable packaging has played a crucial role in this growth, allowing consumers to easily heat up their meals in a matter of minutes. In this report, we will explore why microwavable packaging remains essential in the ready meal category, looking at industry insights, financial data, and actual companies leading the way in this market.
Industry Insights
The ready meal category has seen significant growth in recent years, with busy lifestyles and changing consumer preferences driving demand for convenient meal options. According to a report by Grand View Research, the global ready meal market was valued at $95.02 billion in 2020 and is expected to reach $128.42 billion by 2028, growing at a CAGR of 4.0% during the forecast period.
Consumer Demand
Consumers are increasingly looking for quick and easy meal solutions that require minimal preparation. Microwavable packaging allows for convenient heating of meals, making it a popular choice among consumers looking for hassle-free options. According to a survey by Mintel, 72% of consumers in the US have purchased ready meals in the past year, with convenience being a key driver of purchase.
Health and Wellness Trends
In addition to convenience, consumers are also becoming more health-conscious, driving demand for healthier ready meal options. Microwavable packaging allows for portion control and easy customization of meals, catering to the growing trend of personalized nutrition. Companies are responding to this trend by offering a variety of healthy and nutritious ready meal options in microwavable packaging.
Financial Data
The market for microwavable packaging in the ready meal category is a lucrative one, with companies investing heavily in research and development to meet consumer demands. According to a report by Market Research Future, the global microwavable packaging market was valued at $7.5 billion in 2020 and is projected to reach $10.8 billion by 2027, growing at a CAGR of 5.2% during the forecast period.
Key Players
Several companies are leading the way in the microwavable packaging market, including Amcor plc, Sealed Air Corporation, Mondi plc, and Berry Global Group, Inc. These companies offer a range of innovative microwavable packaging solutions designed to meet the needs of the ready meal category, such as steamable pouches, trays, and containers.
Investment and Expansion
Companies in the microwavable packaging market are investing in new technologies and expanding their production capacities to meet the growing demand for ready meals. For example, Amcor plc recently announced a $25 million investment in a new state-of-the-art microwavable packaging plant in the US, aimed at increasing production capacity and meeting the evolving needs of consumers.
Future Outlook
The future of microwavable packaging in the ready meal category looks promising, with continued growth expected in the coming years. As consumers continue to prioritize convenience and health-conscious options, companies will need to innovate and adapt to meet these evolving needs. Microwavable packaging will remain essential in the ready meal category, providing a convenient and efficient solution for busy consumers looking for quick and easy meal options.
