By Tara Irwin – MarketingDaily
Sales of prepared foods and ready-to-eat foods at retail will reach $32.45 billion in 2012, up 7.5% from 2011, according to Packaged Facts.
The prepared foods retail net extends across a wide number of retail formats, but supermarkets command majority share. Supermarkets garner 60% of prepared foods purchase visits, trailed by Walmart (15%) and convenience stores (12%), according to Prepared Foods and Ready-to-Eat Foods at Retail, a just-released report from Rockville, Md.-based Packaged Facts.
The market for store-made meals and prepared foods — which include rotisserie or fried chicken, hot pizza, hot food bars with Asian-style entrees, sushi bars, deli sandwiches, and soup and salad bars — is doing well in this period of economic doldrums. That’s partly because the cost of meals are not on par with fast food and family restaurant options — they beat them, making them accessible to a wide range of household incomes.
Strong, high-quality store-brand portfolios are a significant advantage for prepared foods retailers in keeping the price points of prepared foods down, and part of the winning formula. Read the complete article