Prepared meals sector gathers strength in China
A report released by GlobalData predicts that the prepared meals sector in China will grow from US$6.5 billion (AU$9.8 billion) in 2018 to US$9.1 billion (AU$13.7 billion) by 2023, with a compound annual growth rate (CAGR) of 7.4%. The report reveals that ready meals are the largest category, with value sales of US$6.4 billion (AU$9.7 billion) in 2018 and a CAGR of 7.4% during 2018–2023. Ready meals are forecast to grow the fastest at a CAGR of 4.9% during 2018–2023, followed by pizza (4%) and meal kits (3.8%).
“With increasing employment rate and urbanisation, Chinese consumers are short on time and are seeking convenient and on-the-go food options, thus opting for prepared meal products,” said Sneha Singh, Consumer Analyst at GlobalData.
The report predicts that China’s value share in the global prepared meals sector will increase from 7.2% in 2018 to 8.3% by 2023, with the country’s share at a regional level increasing from 22.2% in 2018 to 23.7% by 2023. The increase is attributed to a large population base, rapid urbanisation and high workforce participation. The per capita consumption (PCC) of prepared meals in China is predicted to rise from 1.2 kg in 2018 to 1.5 kg in 2023. Nissin Food Holdings, Unilever and WH Group are the top three companies in the Chinese prepared meals sector, and offer products in the ready meals category. Hypermarkets and supermarkets are the leading distributors of prepared meals in China, with a value share of 63.2% in 2018, followed by convenience stores (32.6%) and food and drinks specialists (2.8%).
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