Ready meals recorded faster value growth in 2019 versus 2018, as it addressed consumer demand for convenience and players in the major shelf-ready and frozen ready meals categories introduced more and also a greater variety of new products. Shelf-stable ready meals, the largest category, was the key growth driver with its nearly double-digit increase in value sales over the year, as it offers the widest number of brand options among significant categories in ready meals and is also affordable and within reach of the low-income group.
The ready meals offer within the country saw significant expansion in 2018-2019. From start-ups came Auntie Arnie’s line of gourmet frozen ready meals, which only require reheating.
Ready meals remains relatively underdeveloped in the Philippines, with only a handful of brand options available in most categories, such as frozen pizza and dried ready meals. In frozen ready meals, and until recently, the only brands that have broken out and gained some traction are largely those that offer Chinese culinary snacks such as dumplings and other types of dim sum.
The Purefoods-Hormel Co maintained its clear leadership in 2019 despite value share gains made at its expense by its closest competitors over the review period. Holding the lead in both frozen ready meals and shelf-stable ready meals, it derives strength from its extensive distribution reach.
The top two companies (The Purefoods-Hormel Co and Pacific Meat) in ready meals are domestic players that also operate in processed meat and seafood. It is easy for companies in processed meat and seafood to enter ready meals, especially shelf-stable ready meals, and it serves as a way for them to offer more value-added products to consumers.
San Miguel Corp/The Purefoods-Hormel Co is expected to launch more ready meals options over the forecast period once its new manufacturing plant for ready-to-eat products in Laguna becomes fully operational. Phase 1 of the ready-to-eat manufacturing plant was scheduled to start production in March 2019.
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This industry report originates from Passport, our Packaged Food market research database.