Cooking ingredients and meals has experienced turbulent times, with inflationary pressures and changing working environments in the post-pandemic world causing both channel and category shifts. Consumers are changing their cooking and eating habits, requiring companies to adapt and provide innovations. Focusing on sustainable and health-focused solutions is expected to generate growth over the forecast period, while the premium segment is expected to bring excitement to the market.
This report comes in PPT.
Plant-based options were historically scarce across cooking ingredients and meals categories but have been expanding in global markets. Trust in labels like “vegan” has grown significantly over the last few years, as exposure increases. While plant-focused diets are gaining popularity, products with such claims have low penetration, leaving room for new entries focusing on familiar tastes and ease of use.
Demand for cooking ingredients and meals with more nutritious ingredients continues to rise. Health claims linked to reduced sugar, gluten-free and lactose-free options have experienced substantial growth in the industry. In the case of sweet spreads, which are often seen as unhealthy, demand for lower sugar content and added fibre or protein has been on the rise. Permissible indulgence will drive the development of product variations with improved recipes and catering to various dietary needs.
Over 2022-2023, global economies went through turbulent times, with many households having to cut their expenditure on non-essential items. Despite the cost-of-living crisis, premiumisation continues to rise, as many consumers still want high-quality, gourmet products that also provide the convenience of easy meal preparation. Focusing on improving the overall experience of products like ready meals or sauces will remain important.
Consumers are increasingly focused on sustainability and their impact on the environment. Organic has been at the forefront of providing a “greener” choice when shopping, but other sustainable sourcing claims are gaining interest, too. The cooking ingredients and meals industry, with its diverse product range and wide variety of ingredient sources, is expected to see a rise in products with sustainable sourcing claims focusing not only on agriculture but fisheries, forestry and packaging.
New retail solutions are taking ready meal convenience to the next level. Choice is becoming more important for consumers, and pure ready meal stores can provide this, while also gathering feedback direct from consumers. Unconventional working hours often limit food choices, thus vending machines are a promising way to expand purchasing occasions for ready meals. More retail solutions offering convenience are expected to be seen over the forecast period.
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