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Identifying new opportunities in the Prepared Meals markets and responding to evolving consumer need states

  • May 2014
  • 76 pages
  • GlobalData
Report ID: 2154073

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Summary

“Identifying new opportunities in the Prepared Meals markets and responding to evolving consumer need states”provides detailed insight into new opportunities in Prepared Meals in both developing and developed countries. The evolution of consumption habits across the world means both retailers and manufacturers need a renewed understanding of consumer's changing lifestyles, and how this will affect their product choices. To do this, the report highlights innovative new product development for effectively targeting consumers' most important needs,and offers strategic recommendations to capitalize on the evolving motivations driving consumption.

Key Findings

- Consumers in the global bottom 50 percentile of global wealth are more likely to turn to Ready Meals than those in the top 50 percentile
- Men are more reliant on convenient offerings than women in developed countries
- Eating occasions are becoming increasingly informal, with people more likely to eat on their own, or jn combination with other activities
- Consumers are looking for indulging treats that offer moments of escapism
- Sales of premium Ready Meals are increasing as consumers increasingly associate processed food with inferior taste and quality.

Synopsis

“Identifying new opportunities in the Prepared Meals markets and responding to evolving consumer need states”shows how consumer behavior is evolving and this will open up new opportunities in the Prepared Meals market. This includes a more holistic understanding of health and the role drinks can play in meeting these needs, the continuing influence consumers' busy lives has in changing consumption habits, the ongoing key role taste will play in consumer choices.
In particular, this report includes:
- Identification of the key consumer demographic groups driving consumption of Prepared Meals in two regions based on economic positioning: Developed Economies (France, Germany, Italy, Spain, the UK and the US), and Emerging Economies (Brazil, China, and Russia). The figures show the volume of Prepared Meals consumption attributed to specific age, gender, wealth, and location groups, as well as identifying the key motivations driving consumption in each of these regions.
- In addition the report identifies whether these consumers "over" consume in Prepared Meals (i.e. they account for a higher proportion of occasions than the proportion of society they represent overall)
- Breakdowns are provided for infrequent consumers of Prepared Meals into age, gender and leisure time
- The evolution of consumer need states will create opportunities for marketers in four areas: evolving meal times, managing living costs, indulgence and health. The report explores the consumer behavior underpinning these trends, highlights innovative product development driven by these evolving consumer needs, and provides actionable insights for marketers to better position their products to meet these trends.

Reasons To Buy

- This report provides actionable insight into new opportunities emerging in Prepared Meals markets bybringing together consumer analysis and case studies
- This is based on Canadean's unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivations in 3 Prepared Meals categories
- Understanding these trends, and how the most innovative marketers are seeking to target them, will allow marketing tactics and strategy to be updated in line with the very latest consumer behaviors.

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