Competitor Strategies in Cooking Ingredients and Meals Market 2024 - Global Market Approached Half a Trillion US Dollars in 2023, with Kraft Heinz, Unilever and Nestle Continuing their Lead
Dublin, May 14, 2024 (GLOBE NEWSWIRE) -- The "Competitor Strategies in Cooking Ingredients and Meals" report has been added to * ResearchAndMarkets.com's* offering.
The value of the cooking ingredients and meals industry neared USD 500 billion in 2023, with Kraft Heinz, Unilever and Nestle continuing their lead. This report dives into their key strategies within the industry. It also explores how the wider competitive landscape is leveraging key trends to innovate and stay top of mind in their respective categories and markets.
The Competitor Strategies in Cooking Ingredients and Meals global briefing provides a comprehensive overview of the Cooking Ingredients and Meals market, providing insight on sales and market potential, retail distribution and company and brand shares. Analysis identifies emerging geographies alongside growth opportunities in the most developed, highest value countries.
It also offers strategic analysis of the key trends shaping the industry and consumer demand, such as health and wellness, sustainability, the evolution of eating occasions, in addition to ongoing considerations of convenience and value-for-money in the post-pandemic world. Insight into how these trends are shaping demand informs forecasts to 2028, clearly indicating how the market is expected to change.
*Key Findings*
*The top three leaders remain, though Unilever unseats Nestle*
Kraft Heinz, Unilever and Nestle retain their leadership of the cooking ingredients and meals industry globally. However, second position was swapped from Nestle to Unilever in 2023, benefiting from relatively better performance of sauces, dips and condiments compared to meals and soups.
*Legacy/core/power brands continue to be the key strategy for large players*
Unilever's Knorr and Hellmann's have the advantage of being among the company's Power 30 brands. Similarly, Maggi was Nestle's key growth driver, though the company faced setbacks in the meals market. Other leading companies are also divesting low-performing brands and expanding to fast-growing categories such as within meals and soups.
*Strategies of the top three focus on taste, convenience, health and nutrition, and lifestyle adaptation*
Major companies have approached cooking and eating from polar ends, ranging between helping consumers prepare delicious meals from scratch, and providing instant meal solutions. Key focus areas, therefore, are in empowering consumers to prepare tasty food, and improving portfolios to ensure greater convenience, a more effective health and wellness positioning, and successful integration with various lifestyle choices.
*The wider market sees a surge in plant-based, convenient solutions and premium offerings*
Across the cooking ingredients and meals industry globally, there has been a trend towards introducing more plant-based varieties, expanding from dairy and meats. At the same time, escalating demands for convenience have led to a focus on e-commerce and meal kit formats. Players also try to buck the economy-led trend towards trading down with value-added solutions.
*Key Topics Covered:*
*Competitive environment*
· The global market approaches half a trillion US dollars in 2023
· Owning diverse but effective brands will help companies navigate the fragmented landscape
· The top three see a reshuffle, as Unilever overtakes Nestle for second place
· Most of the leading brands draw huge business from cooking ingredients and meals
· Market fragmentation weakens the growth of leading players, except HelloFresh and Adani
· Limited geographical footprint might sow disadvantages for the long run
· A wide category footprint enables leading players to survive industry headwinds
· 2023 sees continued focus on legacy brands
*Leading players*
· Kraft Heinz: Maximises opportunities in meals and cooking
· Kraft Heinz centres its innovation around its growth pillars
· Unilever: Rising prices fuel the growth of its Power 30 brands, Knorr and Hellmann's
· Unilever's focus on health and nutrition is diverse
· Nestle: Efforts made to balance out struggling categories
· Nestle leverages its strength in meals to adapt to evolving eating occasions
*Top competitive strategies*
· Three key trends that will drive competitor strategies
· Key functional positioning and fortification remain the standard for edible oils
· Vegan and plant-based among the leaders of retail sales growth since 2019
· Brands focus on adding plant-based options to existing portfolios
· Both emerging and incumbent brands are betting on diet and health claims
· Retail e-commerce continues to eat into the share of modern retailers
· The strategies of meal kit brands are shaped by demand for convenience
· Brands seek to gain growth from prepared, microwaveable meals
· Convenient solutions for local palates and lifestyles
· New product launches aim to provide consumers with a culinary experience
*Outlook and conclusion*
· Brands must ready themselves for a slower market in future
· Company rankings expected to reshuffle by 2028, though the top three remain
· How the key trends today will shape competitor strategies tomorrow
For more information about this report visit https://www.researchandmarkets.com/r/e6korf
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