Ready-to-Eat Meals - Peru

Peru

Highlights

Revenue in the Ready-to-Eat Meals market amounts to US$4.05bn in 2024. The market is expected to grow annually by 5.95% (CAGR 2024-2029).
In global comparison, most revenue is generated China (US$149bn in 2024).
In relation to total population figures, per person revenues of US$116.80 are generated in 2024.
In the Ready-to-Eat Meals market, volume is expected to amount to 945.20m kg by 2029. The Ready-to-Eat Meals market is expected to show a volume growth of 5.2% in 2025.0.
The average volume per person in the Ready-to-Eat Meals market is expected to amount to 22.8kg in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Ready-to-Eat Meals Market in Peru is experiencing minimal growth, hindered by factors such as low consumer awareness, limited availability of healthy options, and rising preference for fresh, home-cooked meals. Despite these challenges, convenience offered by pre-packaged meals is driving some growth.

Customer preferences: As consumers in Peru become more attached to convenience and time-saving options, the demand for ready-to-eat meals is on the rise. This trend is further driven by the growing number of working professionals and busy urban dwellers who are seeking quick and hassle-free meal solutions. Additionally, there has been a shift towards healthier and more nutritious ready-to-eat options, as consumers become more health-conscious and aware of the impact of their food choices on their well-being. This has led to a surge in demand for plant-based and organic ready-to-eat meals, catering to the increasing number of vegetarian and vegan consumers in the country.

Trends in the market: In Peru, the Ready-to-Eat Meals Market of the Convenience Food Market within The Food market is experiencing a surge in demand due to the increasing urbanization and busy lifestyles of consumers. This trend is expected to continue as more Peruvians opt for convenient and time-saving meal options. Additionally, there is a growing preference for healthier and more natural ready-to-eat options, leading to the introduction of organic and plant-based meal options in the market. This trend is significant as it reflects the changing consumer preferences and presents opportunities for industry stakeholders to diversify their product offerings and cater to a wider audience. However, it also poses challenges for traditional players in the market who may struggle to adapt to these new trends. As such, companies in the Ready-to-Eat Meals Market must stay updated and agile to remain competitive and meet the evolving demands of consumers.

Local special circumstances: In Peru, the Ready-to-Eat Meals Market of the Convenience Food Market within The Food market has been greatly influenced by the country's diverse geography, with the coastal region having a strong demand for seafood-based meals, while the highlands prefer dishes made with potatoes and corn. Additionally, Peru's rich cultural heritage has led to the popularity of traditional ready-to-eat meals, such as ceviche and causa. Furthermore, the government's efforts to promote healthy eating habits have resulted in the rise of organic and natural ready-to-eat options in the market.

Underlying macroeconomic factors: The Ready-to-Eat Meals Market of the Convenience Food Market within The Food market in Peru is also influenced by macroeconomic factors such as the country's economic health, fiscal policies, and global economic trends. Peru's strong economic growth, stable political climate, and increasing disposable income have contributed to the growth of the convenience food market, including the ready-to-eat meals segment. Additionally, the government's efforts to modernize the food industry and promote foreign investment have created a favorable regulatory environment for businesses operating in this market. However, the recent economic downturn caused by the COVID-19 pandemic has had a significant impact on the demand for ready-to-eat meals, leading to a decline in market growth. As the economy recovers and consumer spending increases, the market is expected to rebound and continue its growth trajectory.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.