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KEY NOTE Ready Meals Market Plus : June 2004

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This report covers: ready meals, healthy eating, meat free, and, organic, children, chilled, frozen, salt in foods, chicken concerns,

Companies covered include: Findus, Geest, Hazlewood Foods, Kerry Foods, Northern Foods, Oriental Express Frozen Foods, S & A Foods, WT Foods, Young's Bluecrest Seafood Holdings, HJ Heinz, Unilever Ice Cream and Frozen Foods, Baxters Food Group, Marlow Foods, RHM Frozen Foods, ASDA, CO-op, Dalepak, Findus, Kwik Save, Nisa, Safeway, Sainsbury's Schwans, Spar, Tesco, Waitrose, Weight Watchers, Weight Watchers, WeightWatchers from Heinz, Slim Fast, Planet Hollywood, Simply Organic, Farmshop Specials, Hotcan, Yang Sing, Sainsbury's Local, Thresher, Netto, Makro, Fach, Leaping Salmon Sale, Findus, Ter Beke, Northern Foods,

EXECUTIVE SUMMARY

The ready meals market forms part of the UK convenience foods sector. Volume sales have been increasing since the late 1990s, while value has also been added to products, hence driving sales growth. By 2003, the market was valued at £1.87bn. The market can be separated into two sectors; chilled ready meals and frozen ready meals. The former has experienced the fastest rate of growth over the past 5 years. Sales of chilled foods developed rapidly from the mid 1990s, as consumer spending in the food market began to grow.
Chilled products were perceived as better quality and fresher. They are well positioned instore near the entrance of most outlets and a wide range of products are available in terms of type of cuisine and price points (from value to premium). The frozen ready meal sector is much more mature in nature and this has contributed to a slower rate of growth.
Increasingly busy lifestyles, limited food preparation knowledge and the simple need for convenience have all contributed to growth in the ready meal market. The widening product portfolio has also been an important factor. The major multiples have invested in expanding the chilled fixture, with meals and recipe dishes available from a wide range of countries. Accompaniments are also provided to enhance the eating experience. The development of sub-brands by retailers must also be highlighted. The provision under the umbrella own label of premium recipes, regional labelling and varying price points have all enhanced the choice available in the market.
The frozen sector has also seen investment with more authentic recipes and a wider choice of dishes being offered. Premium branding has been particularly important at a time when consumer spending in the food sector has been increasing and levels of household disposable income have risen. Consumers have been convinced that paying a little more will give them a better quality range of foods and the success of the experience has encouraged repeat purchases.
Premium branding has had more limited success in the frozen ready meals market. However, suppliers feel that this can be addressed and that consumers are willing to pay more for frozen brands in the same way they have taken to chilled. The healthy eating market has been another area that has experienced high levels of product development with some success. Concerns about weight and its negative health implications are widely reported and this has contributed to the success of brands such as WeightWatchers from Heinz, Sainsbury's Be Good to Yourself and Marks & Spencer's Count on Us.
The ready meals market as a whole is still in a growth phase and this will facilitate the success of further new product developments and rising sales. Consumers have become more educated in their tastes and premium products with more authentic ingredients will benefit. Healthy eating is also set to gain further sales. Overall, the outlook for the ready meals market remains positive.

TABLE OF CONTENTS

Executive Summary

1. Market Definition

Report Coverage

MARKET SECTORS

MARKET TRENDS

Premium Results

Household Size

Table 1: Average Household Size in Great Britain (%), 1971, 1981, 1991 and 2002

Healthy Eating

Meat Free and Organic

Children and Ready Meals

Table 2: UK Child Population, 1998, 2000 and 2002

ECONOMIC TRENDS

Gross Domestic Product

Table 3: UK Gross Domestic Product at Current and Annual Prices (£m), 1999-2003p

Household Disposable Income

Table 4: Household Disposable Income (£ and %), 1998-2002

Inflation

Table 5: UK Rate of Inflation (%), 1999-2003

MARKET POSITION

The UK

Table 6: Index of UK Spending on Food and Ready Meals by Value at Current Prices (1999=100), 1999-2003e

Overseas

2. Market Size

THE TOTAL MARKET

Table 7: The Total UK Ready Meals Market by Value at Current Prices (£m at rsp), 1999-2003e

by MARKET SECTOR

Chilled Ready Meals

Table 8: The Total UK Market for Chilled Ready Meals by Value at Current Prices (£m at rsp), 1999-2003e

Table 9: The Chilled Ready Meals Sector by Type by Value at Current Prices (£m at rsp and %), 2003

Frozen Ready Meals

Table 10: The Frozen Ready Meals Market by Value at Current Prices (£m at rsp), 1999-2003e

Table 11: The Frozen Ready Meals Sector by Ingredient Type (£m and %), 2003

3. Industry Background

RECENT HISTORY

NUMBER OF COMPANIES

Table 12: Number of UK VAT-Based Enterprises Engaged in the Manufacture of Food by Turnover Sizeband (£000 and %), 2003

Employment

Table 13: Number of UK VAT-Based Local Units Engaged in the Manufacture of Food by Employment Sizeband (number of employees and %) 2003

Regional Variations in the Marketplace

Distribution

Table 14: Retail Distribution of Chilled Foods by Value (%), 2003

HOW ROBUST IS THE MARKET?

LEGISLATION

key TRADE ASSOCIATIONS

Chilled Foods Association

British Frozen Food Federation

4. Competitor Analysis

THE MARKETPLACE

MARKET LEADERS

Findus Ltd

Company Structure