Factors such as busy lifestyle and hectic schedules, along with the rising numbers of students/ graduates/ and working professionals, are some of the recognized factors driving the Australia Ready Meals Industry forward in the projected period of 2022-2027
Australia Ready Meals Market Segmentation Analysis By Product Type
The Australia Ready Meals market based on product type can be further segmented into Frozen Ready Meals, Chilled Ready Meals, Dry Ready Meals, and Canned Ready Meals & Others. Dry ready meals held a dominant market share in the year 2021. It is owing to the resurgence of the pandemic in Australia, which again made the people shut their houses and be dependent on ready meals. Major market players such as Coles and Woolworths introduced a variety of ready meals, which contained and fulfilled various wants of the people. For example, Coles launched 100 new different ready meals for the people in the population to fulfil an entire meal.
Moreover, the dry ready meals segment is estimated to be the fastest-growing, with a CAGR of 6.8% over the forecast period of 2022-2027. It is owing to the various notions being kept forefront, such as following NON-GMO practices, making vegan products more vigilant on the shelf, and various others, which will allow the following segment to grow at a steadfast pace. Additionally, the growing number of Asian students who prefer their local food will further allow the segment to grow.
Australia Ready Meals Market Segmentation Analysis By Distribution Channel
The Australia Ready Meals market based on distribution channels can be further segmented into offline and online. The online segment dominated the market in the year 2021. It is owing to the lockdown closures which forced the people to take the online route. Moreover, the major supermarkets launched their mobile application, some prominent examples being Woolworths and Coles. By allowing the said online feature, they observed an increased sale. Moreover, the online segment is estimated to be the fastest-growing, with a CAGR of 7.0% over the forecast period of 2022-2027. It is owing to various schemes and cash discounts being launched, and the sales value has not shied away as well. The group e-commerce sales jumped 58% over the former year and hit a revenue of A$5.6 billion. Lastly, with the inclusion of more and more players online with being receptive to consumer needs, the following segment would propel and provide opportunities to the markets.
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Australia Ready Meals Market Drivers
Growing number of school admissions along with rising influx of foreign internationals have acted as a key driver for the market
Ready meals are highly consumed by the students and young professionals, especially the former. Hence, a positive correlation can be established between the sales of ready meals and the number of school admissions. As per the statistics released by the Australia Bureau of Statistics, the number of enrolments has increased by 5.5% from 2016-2020. Moreover, the trends will continue to rise as the number of schools in the region is increasing as well, which will allow for more admissions and will thereby help in the ready supply of ready meals. Additionally, the influx of foreign international students has allowed the market to take space and grow. Around 3.5 million people took admissions within the Australian colleges and universities. However, the numbers have been constant and have slightly dipped in the pandemic year, but the Australian government readily accepts various foreign vaccination certificates will allow the influx of students and hence supplement the growth of ready meals.
Long working hours and hectic work schedules of working professionals have allowed the market to grow
Australia is readily seeing new multinationals being set up, as it allows the marketers to capture a niche and a relatively small market. Companies like Goldman Sachs is readily employing employees, and the working hours of investment banks can shoot as high up to 13-14 hours a day, which is higher than the average stipulated working hours of 8 in a day. The influx of multinational and cross-cultural boundaries removal will allow the ready meals market to supply a wholesome range of meals to various end-users. Additionally, the governments proposal to allow for a reimbursement of meals consumed post-over time will allow the market to space actively.
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Australia Ready Meals Market Challenges
Health hazards and the ready usage of preservatives presents as a grave market challenge
Pre-cooked or ready meals have been associated for a long time with the containment of various additives and taste-makers to enhance the taste offerings and shelf-life. Consumers often back down when the products are loaded with additives; additionally, as per various dieticians, the chances of bacterial manifestation in ready meals are high- which again poses a health risk. Hence, consumers have to be wary about the time the dish has been kept out of the refrigerator or stipulated time. Lastly, vegetable oils are heavily infused, which, of course, poses a health risk. Vegetable oils such as canola, sunflower, and others contain huge quantities of polyunsaturated fatty acids, which in turn develops health risks such as fatty liver and other heart ailments. Further, around 1.2 million Australians have at least one or more vascular or heart conditions.
Australia Ready Meals Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the India Australia Ready Meals market. The top 10 Australia Ready meals market companies include:
Kraft Heinz Company
Chao-Xiang Yuan Food
Green Mill Foods
In October 2021, OmniFoods launched OmniMeats in the Australian region after success in the UK. The range would include mince, strips, and luncheon meat-plant based foods. The product would be available on Woolworths- A giant supermarket chain in the country. Moreover, the packaging is kept as eco-friendly and have minimal preservatives. Non-GMO soy, pea, shiitake mushrooms and rice are the key ingredients. All products are cruelty-free, vegan friendly, and free of antibiotics and hormones.
In June 2020, Coles supermarket launched its largest ready-made meals across the stores in Australia. The brand line dedicated for the same is Coles Kitchen. A total of 100 new quick and easy meals were launched, which had flavors of Italian, Indian, and Australian. Some of the meals are, Slow-cooked Beef Brisket Bourguignon, Slow-cooked Greek Inspired Pork, Chicken Tikka Masala with Rice and Roasted Cauliflower Chana Masala.
In June 2019, Woolworths Group went into form a partnership with A$30 million. Woolworths will gain valuable insights from Marley Spoons market experience as it looks to complement its current customer offering online by promoting Marley Spoons meal kits service through the partnership. Moreover, with the substantial partnership the online sales soared by a great margin which compels the company to elongate their relationship.
The availability of a variety of ready meals available in the market makes the end-user aware of various brand offerings. Additionally, the rising number of institutions demanding more student inflow are some of the key drivers for the market.
However, clouds supplanting the health hazards and the ready usage of preservatives presents a grave market challenge.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Australia Ready Meals Market Report.
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