Boston, MA -- (ReleaseWire) -- 06/18/2014 -- Demand for convenience is the key driver of ready meals in 2013, with it clocking stronger current value and volume growth than in 2012. Weak economic conditions are driving consumers to focus more on their work for fear of losing their jobs, thus seeing them handle more hectic schedules. Therefore, consumers are increasingly demanding convenient meal solutions instead of spending time preparing meals from scratch after a hard day at work.
China National Cereals, Oils & Foodstuffs Imp & Exp Corp (COFCO) is expected to see a decline in value share, although sustaining its lead in ready meals, to hold a 45% value share during 2013. Dominant in canned/preserved ready meals, the player is suffering from competition from frozen ready meals players in 2013. This is especially due to consumers perceiving canned/preserved ready meals to be unhealthier in view of the level of preservatives used.
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Ready meals is projected to see positive growth over the forecast period. Though more locals are health consciousness, people in Hong Kong have very long working hours. As a result, they have to work late and might not have enough time to prepare their meals. The busy lifestyle of consumers helps to boost sales of ready meals, especially frozen ready meals where they can quickly heat it up before eating.
Discover the latest market trends and uncover sources of future market growth for the Ready Meals industry in Hong Kong, China with research from Euromonitor's team of in-country analysts.
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If you're in the Ready Meals industry in Hong Kong, China, our research will save you time and money while empowering you to make informed, profitable decisions.
The Ready Meals in Hong Kong, China market research report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- What is the market size of Ready Meals in Hong Kong, China?
- What are the major brands in Hong Kong, China?
- Will retail sales suffer as economic prospects improve and consumers move back to eating out rather than eating at home?
- How are manufacturers leveraging popular restaurant chains to help more austere consumers recreate a restaurant experience at home?
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