Table of Contents
Executive Summary
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- The market
- A steady growth in ready meal market
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- Figure 1: Best- and worst-case forecast for sales value of ready meal market, China, 2014-24
- Volume growth in the chilled faster than in the frozen ready meal market
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- Figure 2: Best- and worst-case forecast for sales volume of ready meal market, China, 2014-24
- Stimulus from foodservice business
- Demand for product upgrade and premiumisation
- Innovative retail channels expand ready meal availability
- Freeze-drying technology spurs further market growth
- Companies and brands
- Sanquan lost market share
- Synear and Wanchai Ferry gained market share
- Expanding business through new retail channels
- Developing a supply chain to control cost
- Vegetable oils latest trend
- The consumer
- Demand for upgrading traditional frozen ready meals
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- Figure 3: Foods purchased, China, April 2019
- Enhance frozen ready meals’ family sharing image
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- Figure 4: Consumption occasions, China, April 2019
- Trade up potential in frozen dumplings and meat meal sets
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- Figure 5: Trading up potential, China, April 2019
- Nutrition labels and familiar flavours make breakfast ready meals more appealing
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- Figure 6: General attitude/habit, China, April 2019
- Intrinsic factors are more essential when boosting health value
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- Figure 7: Factors associated with health value, China, April 2019
- Reasons for different penetration rates of ready meals/snacks
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- Figure 8: Consumption of and interest in ready meals and snacks, China, April 2019
- What we think
Issues and Insights
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- Develop premium frozen ready meals for breakfast occasion
- The facts
- The implications
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- Figure 9: Buns with imported, nutritious ingredients, by Synear, China, 2019
- Enhance the performance of chilled ready meals in the lunch occasion
- The facts
- The implications
- Freeze-dried products provide convenience with maximum level of nutrition
- The facts
- The implications
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- Figure 10: Freeze-dried noodle, by Jin Mai Lang, China
- Figure 11: Bird nest and tremella thick soup, by Zao Can Li, China
The Market – What You Need to Know
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- Frozen ready meal market is growing steadily
- Solid performance in chilled ready meal market
- A promising market for ambient ready meals
Market Size and Forecast
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- Frozen dominates while chilled grows steadily
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- Figure 12: Changing proportion of frozen and chilled ready meals in value, China, 2014-19
- Figure 13: Best- and worst-case forecast for sales value of ready meal market, China, 2014-24
- Sales volume easing
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- Figure 14: Best- and worst-case forecast for sales volume of ready meal market, China, 2014-24
Market Factors
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- Foodservice businesses enter the ready meal market
- Increasing health consciousness motivates premiumisation
- Innovative retail channels expand the availability of ready meals
- Technology like freeze-drying helps further growth
Market Segmentation
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- Steady value growth in frozen ready meal market
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- Figure 15: Best- and worst-case forecast for sales value of frozen ready meal market, China, 2014-24
- Slowing volume growth in frozen ready meal market
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- Figure 16: Best- and worst-case forecast for sales volume of frozen ready meal market, China, 2014-24
- Chilled ready meal market enjoys double-digit value growth
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- Figure 17: Best- and worst-case forecast for sales value of chilled ready meal market, China, 2014-24
- Chilled ready meals see giant increase in volume
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- Figure 18: Best- and worst-case forecast for sales volume of chilled ready meal market, China, 2014-24
- Ambient ready meals are essential part of ready meal market
Key Players – What You Need to Know
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- Sanquan dumplings were struggling
- Synear won market share thanks to high consumer satisfaction
- Wanchai Ferry gained share thanks to younger consumer market
Market Share
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- Sanquan’s core business faced bottleneck
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- Figure 19: Leading companies in frozen and chilled ready meals, by value share 2017-18
- Synear garnered high consumer satisfaction
- Wanchai Ferry expended the younger consumer market
Competitive Strategies
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- Utilise new sales channels to expand
- Focus on developing supply chain
- Enhance products’ health value
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- Figure 20: Vegetarian dumpling, by Sanquan, China
- Figure 21: Red bean and Job’s tears porridge, by Wu Fang Zhai, China
Who’s Innovating?
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- Trend of using healthy vegetable oil
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- Figure 22: Trends in ingredient claims in the ready meal market, China, Jan 2018-Jun 2019
- Greater focus on the younger consumer market
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- Figure 23: Trends in claims in ready meal market, China, Jan 2018-Jun 2019
The Consumer – What You Need to Know
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- More women prefer exotic ready meals
- Ambient ready meals have advantage at breakfast occasions
- Premiumisation of sushi and lunchboxes
Foods Purchased
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- Big difference in penetration rates for different types of ready meals
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- Figure 24: Foods purchased, China, April 2019
- Women show a higher preference for exotic ready meals
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- Figure 25: Selected purchased ready meals, by gender, China, April 2019
- Sales strategy could be varied based on city tiers and regions
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- Figure 26: Purchased ready meals, by city tier, China, April 2019
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- Figure 27: Purchased ready meals, by region, China, April 2019
Consumption Occasions
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- Develop frozen ready meals based on different needs
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- Figure 28: Consumption occasions, China, April 2019
- Ambient ready meals have advantage at breakfast occasion
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- Figure 29: Freeze-dried congee breakfast pack, by Hai Fu Sheng, China
- Ambient ready meals brands could develop the late-night occasion
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- Figure 30: Packaged ambient ready meals in a “late night canteen” food box, China
- Figure 31: Late-night food pack, by Bai Cao Wei, China
Trading up Potential
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- Going premium to differentiate from competitors
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- Figure 32: Trading up potential, China, April 2019
- High trade up potential in Western-style frozen ready meals
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- Figure 33: Comparison of “ready meal purchased” and “trade up potential”, China, April 2019
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- Figure 34: Steak meal sets targeting different group of consumers, by Niu Da Chu, China
- Demand for introducing premium sushi and lunchbox
General Attitudes/Habits
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- Make breakfast ready meals more appealing
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- Figure 35: General attitude/habit, China, April 2019
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- Figure 36: Attitudes of consumers who think ready meals designed for breakfast would be appealing, China, April 2019
- Collaborate with potential platforms
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- Figure 37: General attitude/habit, China, April 2019
- Develop single-serve size ready meals for 20-24s
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- Figure 38: Agree that ready meals are a suitable option for dining alone, by age, China, April 2019
- Figure 39: All-in-one cooking devices, by Bear, China
Factors associated with Health Value
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- Consumers pay more attention to intrinsic factors
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- Figure 40: Factors associated with health value, China, April 2019
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- Figure 41: Oats with higher in iron claim, by Seamild, China
- Attention to short shelf life implies opportunities for chilled ready meals
- Upgrade ingredients to enhance the healthy image of local ready meals
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- Figure 42: Selected factors associated with health value, by different ready meal buyers, China, April 2019
Future Trends
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- Filling snacks would become ready meals
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- Figure 43: Consumption of and interest in ready meals and snacks, China, April 2019
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- Figure 44: Users’ satisfaction rate, China, April 2019
- Highlight the strengths of and improve freeze-dried food
- Regional specialty snack brands could try to reach new consumers
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- Figure 45: Non-users’ interest in trying, China, April 2019
Meet the Mintropolitans
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- Premium frozen ready meals have potential to grow in certain occasions
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- Figure 46: Selected consumption occasions of frozen ready meals, by consumer classification, China, April 2019
- Figure 47: Selected frozen ready meals which consumers are willing to pay more for a premium variety, by consumers classification, China, April 2019
- Multi-pack ready meals would meet MinTs’ needs
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- Figure 48: Habit - I prefer to buy family sized ready meals, China, April 2019
Appendix – Market Size and Forecast
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- Figure 49: Best- and worst-case forecast for sales value of ready meal market, China, 2014-24
- Figure 50: Best- and worst-case forecast for sales volume of ready meal market, China, 2014-24
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Appendix – Market Segmentation
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- Frozen Ready meal market
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- Figure 51: Best- and worst-case forecast for sales value of frozen ready meal market, China, 2014-24
- Figure 52: Best- and worst-case forecast for sales volume of frozen ready meal market, China, 2014-24
- Chilled Ready meal market
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- Figure 53: Best- and worst-case forecast for sales value of chilled ready meal market, China, 2014-24
- Figure 54: Best- and worst-case forecast for sales volume of chilled ready meal market, China, 2014-24
Appendix – Methodology and Abbreviations
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- Methodology
- Fan chart forecast
- Abbreviations
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