New Consumer Opportunities in Prepared Meals & Meal Components

New Consumer Opportunities in Prepared Meals & Meal Components

Published: November 2012
Publisher: Canadean Ltd
Product ref: 153747
Pages: 90
Format: PDF
Delivery: By product vendor

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Product Synopsis
This report shows that opportunities exist in Prepared Meals & Meal Components even as competition intensifies. These opportunities can be exploited by analyzing the impact of specific consumer groups, behaviors, and trends on the market using actual consumer survey data in 12 Prepared Meals & Meal Components sectors across 10 core countries.

Introduction and Landscape
Why was the report written?
Limited growth in Prepared Meals & Meal Components sectors means marketers must focus on key consumer groups as competition intensifies. Vital to reaching these key consumer groups is understanding their consumption needs and motivations: this report provides unique insight not only into who the key consumer groups are, but why they eat what they eat and how to target them.

What is the current market landscape and what is changing?
The high importance of Value for Money and limited growth in Prepared Meals & Meal Components sectors means private labels will increase their share of the market. As leading brands and private labels battle to target consumer hotspots, “B” and “C” brands will struggle and lose share if they cannot establish clear differentiators from other products.

What are the key drivers behind recent market changes?
Kids & Babies and Tweens & Early Teens consume above average volumes of Prepared Meals and Meal Components. However, Older Consumers shouldn’t be forgotten about either: aging populations worldwide means that Older Consumers already account for large absolute volumes, and will account for even larger ones by 2016. This doesn’t just apply to the Non-BRIC region: populations in China and Russia are older than many think.

What makes this report unique and essential to read?
This report provides a unique opportunity to update marketing tactics and strategy in line with the latest consumer behaviors in Prepared Meals & Meal Components by highlighting the key consumer trends and groups, and integrating robust survey-based data with market data to show the actual impact of these consumer behaviors on sector volumes and values.

Key Features and Benefits
The value and volume of key age groups and their consumption habits in 10 core countries is quantified through a unique integration of survey and market data. This allows the impact of consumer trends to be compared by age group, exactly which trends are most important to target.

Concise case studies show how leading brands and retailers are effectively targeting key consumer trends and consumption behaviors, such as how producers of Prepared Meals are targeting consumers who have time to cook meals from scratch, but lack the desire or culinary expertise to do so.

The Volume and Value dynamics of 61 categories in 12 Prepared Meals & Meal Component sectors in 10 core countries are analyzed to show where hotspots to target exist in the next five years.

Key Market Issues
Value growth is forecast to be slightly higher in most sectors during 2011–2016 than it was during 2006–2011, though growth will slow down slightly in Meat, Dairy Foods and Oils & Fats. The lack of significant variation between historic and future growth rates limits the opportunities to grow volume sales. This makes it vital that marketers focus on targeting very specifically defined consumer groups and their driving motivations.

Within the BRIC region, Meat and Dairy Food in Brazil all have high per capita value consumption and will record relatively high growth rates during 2011–2016. Meat and Dairy Food also offer strong opportunities in the Non-BRIC region. While these sectors will grow quickly, the low growth rates in most other sectors mean there will be even greater competition during 2011–2016, making it likely that weaker brands are going to be squeezed and private labels will gain ground.

Kids & Babies and Tweens & Early Teens consume above average volumes of Prepared Meals & Meal Components overall, while Young Adults and Pre-Mid-Lifers’ account for a volume share far below their share of the population. This result is driven by Kids & Babies’ and Tweens & Early Teens’ high consumption of Dairy Food, though they are also above average consumers of Prepared Meals and Savory & Deli Foods worldwide, and of Pasta & Noodles in the Non-BRIC region.

No motivation influences a larger volume of Prepared Meals & Meal Components eaten than the need to meet age-specific needs, be it healthy bone development for children or low cholesterol for older adults. In particular, this result is heavily influenced by the Dairy Food sector; while this shows that consumers are looking for Dairy Food products that, for instance, contain high calcium levels to help children’s development, different consumer trends are key in other sectors.

A category breakdown of the Prepared Meals sector globally by age shows that Kids & Babies and Tweens & Early Teens are just as likely to eat Ready Meals as adults, despite concerns regarding their high salt content and lack of nutritional content. Ready Meals allow busy and tired parents to provide a quick hot meal to their children, while the importance of the Personal Space & Time consumer trend shows that parents value how less time cooking means more time relaxing.

Key Highlights
Pasta & Noodles is the only sector whose value will grow significantly faster during 2011–2016 than it did in the past. Noodles will be the primary driver of increasing value within this sector, recording strong value growth in Brazil and China in particular as packaged versions of these products become increasingly popular. Other sectors which will experience strong growth during 2011–2016 are Soy Products, for which Brazil and China are also the most important countries, and Savory & Deli Foods.

China and India will record strong value growth but from much lower levels of consumption. Growing incomes and the spread of modern retail formats such as supermarket and hypermarket chains will boost consumption of Prepared Meals & Meal Components in China and India and expose consumers to a wider variety of products than they enjoyed in the past.

The Bakery & Cereals sector has a significant bias towards consumers in older age groups: Mid-Lifers and Older Consumers both account for a higher volume share of the sector than they do of the population in both the BRIC and Non-BRIC regions. Young Adults are the key under-consuming age groups in both regions.

Trust is important in the Meat sector, particularly in China and the US, where recent food scares — such as when Wal-Mart’s mislabeling of non-organic pork as organic meant it had to temporarily suspend trading in 13 stores in Chongqing in 2011 — mean consumers are concerned about the provenance and safety of the Meat they eat. Transparent food safety regulations are key to regaining consumers’ trust. Furthermore, marketers can use organic food accreditation schemes, which will satisfy the demands of consumers who are increasingly concerned by the chemicals used in modern agricultural techniques.

Experience Seeking is the third most important consumption motivator in the Seasonings, Dressings & Sauces sector. Like Prepared Meals, Sauces in particular allow consumers to explore new types of cuisine at home. Asian food in particular is a growing trend in Europe; brands such as Suzi Wan, which is active in France, Italy, Netherlands, Switzerland and Belgium, are aiming to attract consumers eager to try something new, but may not have the time or expertise to create meals from scratch.

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