The untapped opportunities in plant-based ready-meals

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We explore the future of plant-based ready-meals: trends, gaps, and what’s next

As consumers increasingly demand convenience without compromising on health or sustainability, plant-based ready meals are emerging as a significant market player.

A growing market

Currently valued at an estimated USD 11.3 billion (2024), the plant-based sector is expected to grow at a compound annual growth rate (CAGR) of 12.2% between 2024 and 2033. By 2033, this market is expected to soar to USD 35.9 billion, reflecting the growing consumer interest in more plant-forward foods.¹

Meanwhile, the global ready-meal market is experiencing upward growth. With consumers increasingly looking for easy, convenient meals, experts predict that the ready-meal market will reach USD 391.1 billion by 2034.² The growing demand for ready-meals is worldwide, for example, in the UK, research suggests that more than three-quarters of all UK adults purchase ready-meals, with 30% consuming them on a weekly basis.³ Likewise, in Germany, 84% of consumers report enjoying ready-meals or meal kits – with recent years attributed to most of this percentage.
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With these markets growing in tandem, plant-based ready-meals have been on the rise. Globally, plant-based ready-meals now occupy a staggering 40.3% market share of the overall market.⁵

Foodservice venues and retailers are to thank for this increased presence. In recent years, supermarkets have increased their numbers of plant-based ready-meal products, while restaurant chains are increasingly developing plant-based ready-meal versions of their most profitable products. Major corporations like Unilever, Nestle and McCain Foods have also begun to invest in product development in this area.

In 2021, McCain Foods invested USD 55 million in plant-based food company, Strong Roots, who produce a line of frozen ready-meals and heat-to-eat products.⁶ Likewise, in Germany, Rügenwalder Mühle, a company known for its meat production, has also tapped into the plant-based food market. Alongside it, Frosta, a leading producer of heat-and-eat meals, has expanded its offerings to include a wide variety of plant-based ready-made products available in supermarkets. These companies have risen to the challenge of meeting consumer demands and interests in plant-based alternatives and are also driving innovation and availability of plant-based ready-meals in mainstream retail outlets. In doing so, they demonstrate how businesses can and should adapt to new market and consumer trends.

Trends shaping the plant-based ready-meal space

Ready-meals provide a practical and convenient option for the time-pressed consumer. However, health- and environmentally-conscious consumers are also driving the direction of the plant-based ready-meal market. There is a growing demand for clean-label, healthy, and eco-friendly meals, with consumers seeking transparency about ingredients, environmental impact, and sustainability.

Technological advancements in food processing are also enabling producers to offer high-quality ready-meals that mimic meat and dairy products, with pea, chickpea, and soy proteins leading the charge.

Packaging innovations, such as the use of biodegradable or compostable materials, are also growing in importance as consumers look for ways to reduce their environmental impact.

Whitespaces in the market: opportunities for innovation

Despite its growth, the plant-based ready-meal market requires further development. One key area is the limited variety of global and ethnic cuisines, with much of the current offering focused on familiar Western dishes. Brands and retailers such as Tesco have introduced more diverse flavors, but there remains a gap in exploring Asian, Middle Eastern, and African cuisines.

plant-based ready-meals — Free-from brand Kirsty’s has been in the ready-meal space for a while, and has a delicious range of plant-based meals. Image source: kirstys.co.uk

Additionally, there’s a shortage of premium or gourmet plant-based ready-meal offerings, with the ratio of those compared to animal-based products extremely low – especially in supermarkets. Breakfast-based ready-meals are similarly lacking – currently, the majority of plant-based ready-meal products tend to focus on lunch and dinner. This presents a great opportunity for companies to cater for early-risers and the growing workforce. For example, in Japan, the upsurge of women in the Japanese workforce has created a demand for ready-made breakfast meals.⁷

Specific dietary needs (gluten-free, soya-free, or allergen-friendly products) and higher protein interests should also be better catered for. More and more consumers are particularly interested in the protein content of plant-based alternatives, with 36% of consumers worldwide citing protein as a decisive factor in buying plant-based meals.⁸

With increasing interest in cleaner-label products and wholefoods, another area to explore is wholefood-based ready-meals that use minimally processed ingredients.

What’s next for plant-based ready-meals

The integration of alternative proteins, including those produced through cellular agriculture and fungi-based ingredients, will shape the future of plant-based ready-meals.

These innovations provide great promise in terms of improved taste and texture, addressing a key challenge for plant-based products. The diversification of plant-based meals to include more regional and cultural flavors will also play an increasingly important role in the success of businesses seeking to tap into this market, as more consumers look for more authentic and adventurous flavors from around the world.

Younger generations are also fuelling demands for heat-and-eat options and meal-kits,⁹ as well as transparency and ethical practices from food brands. The expansion of e-commerce and online retail is another factor driving market growth, with digital platforms and social media enabling consumers to access a wider range of plant-based products and reviews from other consumers.

Actionable insights for food industry professionals

ProVeg makes the following recommendations for food industry stakeholders looking to leverage the growing plant-based ready-meal market:

Focusing on innovation is critical to capitalizing on the market’s potential. Investing in diverse product portfolios that include ethnic, premium, and functional ready-meals can help businesses carve out a distinct market share that caters to underserved market segments.
Enhancing the taste, texture, and nutritional quality of current plant-based ready-meals can unlock significant success for businesses. By overcoming these key challenges that many consumers face, companies stand to gain increased profitability and attract a larger, more loyal customer base.
Partnering with tech startups and sustainability-focused packaging firms can enhance production efficiency and product appeal. This can further advance food technology and drive faster innovation in producing plant-based products.
Leveraging collaborations with retailers and online platforms will expand distribution channels, enabling broader market penetration.
Embracing transparency in both ingredient sourcing and packaging to build trust with increasingly discerning consumers.

The plant-based ready-meal market presents vast growth opportunities for food professionals, driven by evolving consumer preferences and technological advancements. By focusing on innovation, sustainability, and underserved market segments, businesses can position themselves at the forefront of this growing industry.