World Market for Cooking Ingredients and Meals

Delivery

This report comes in PPT.

Key Findings

Inflation surge results in shifts in company strategies and consumers’ purchasing behaviour

Inflationary pressures are contributing to the strong value sales seen in the industry but will continue to pose challenges to volume growth in the near term. Changes in pack mix, reformulation and SKU rationalisation are being followed by manufacturers, while many consumers are becoming less brand loyal and downtrading.

Health will remain pivotal, with innovation around positive nutrition and functionality

Penetration of health claims remains small in the cooking ingredients and meals industry. Organic and clean label-related claims lead the way, but opportunities abound to develop offerings with functionality and attractive nutritional profiles. This can change the perception that certain meals and condiments are heavily processed.

Restaurant-at-home strategies are necessary to win, in line with hybrid lifestyles

Sales of cooking ingredients and meals through foodservice have still not recovered to pre-pandemic levels. Hybrid working arrangements and lower disposable incomes are benefiting the restaurant-at-home trend, as consumers increasingly look for in-home experiences that can replicate restaurant-style meals.

Demand for convenient solutions that aid the cooking journey increases

Cooking fatigue and time-poor lifestyles will make convenience a long-term strategy to win in the industry. Ready to eat, and simple to assemble heat-and-eat options are gaining ground. Prepared salads and offerings in chilled formats will drive growth in the meals space, benefiting from their natural and fresh image.

Plant-based expands across the cooking ingredients and meals spectrum

Plant-based innovation is intensifying in meals, sauces, dips and condiments. From a positioning perspective, vegan and vegetarian claims are used most in the industry, while many opportunities remain in using more holistic claims, such as plant-based.