Cooking ingredients and meals in 2024: The big picture
In cooking ingredients and meals in the US in 2024, retail current value sales are set to maintain slow and stable growth, while retail volume sales are expected to struggle to achieve growth overall. While 2024 has seen inflation ebb in the US in general, in many food categories consumer reticence to return to the previous per capita consumption held fast as the cost-of-living crisis came to a head.
Key trends in 2024
The exceptional recent success of meal delivery companies looks to be receding, as fewer consumers are willing to spend their dwindling funds on meal kits. EveryPlate, Home Chef, Blue Apron, and Green Chef all lost dollars and volumes through e-commerce in 2023, and 2024 looks similarly dismal.
Competitive landscape
Cooking ingredients and meals in the US is set to remain highly fragmented in 2024, with no individual player expected to hold a double-digit retail value share. HelloFresh’s dominance of meal kits is set to be maintained in 2024, even though the overall category increasingly struggles to resonate with consumers.
Channel developments
Inflationary pressures, particularly labour costs, were evident in foodservice in the US in 2023, leading to limited growth in foodservice volume sales, with sales set to turn to slight decline in 2024. The return to normalcy marches on, but the nature of consumption has changed, as many consumers have struggled with decreased spending power.
What next for cooking ingredients and meals?
Cooking ingredients and meals in the US is expected to maintain retail current value growth throughout the forecast period, with retail and foodservice volume sales also expected to return to growth.
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Overview:
Understand the latest market trends and future growth opportunities for the Cooking Ingredients and Meals industry in USA with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to a comprehensive range of core packaged food categories.
If you're in the Cooking Ingredients and Meals industry in USA, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Cooking Ingredients and Meals in USA report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Cooking Ingredients and Meals in USA?
- Which are the leading brands in Cooking Ingredients and Meals in USA?
- How are products distributed in Cooking Ingredients and Meals in USA?
- How is the rise of e-commerce and/or the expansion of modern grocery retail impacting traditional retail?
- What are the key health and wellness concerns driving, or challenging, sales in Cooking Ingredients and Meals?
- How significant are vegan and vegetarian dietary requirements in determining sales growth in USA?
- How has COVID-19 impacted consumer demand? To what extent have lockdown, home seclusion and stockpiling boosted sales? Will the longer term economic repercussions of the pandemic stimulate or suppress future growth?
- Where is future growth expected to be most dynamic?
- How significant will values-based claims, such as sustainability and ethical labelling, be in supporting future growth and brand equity?
Cooking Ingredients and Meals in the US
Cooking ingredients and meals in 2024: The big picture
Key trends in 2024
Competitive landscape
Channel developments
What next for cooking ingredients and meals?
DISCLAIMER
Edible Oils in the US
KEY DATA FINDINGS
Unit price increases drive value growth, but volume performances differ
Demand for olive oil rises, with private label capitalising on demand
Competitive landscape remains stable
Climate change set to have a significant impact on edible oils
Nature-identical oils to disrupt the category
The impact of biofuel legislation on edible oils
Meals and Soups in the US
KEY DATA FINDINGS
Consumers buckle as food inflation slows
Meal kits no longer performing as well
Wellness, innovation, and convenience trends drive format shifts
Retail e-commerce will impact bricks-and-mortar in ready meals
Consumers willing to sacrifice choice for novelty, convenience, and value
Private label share growth likely to stick
Sauces, Dips and Condiments in the US
KEY DATA FINDINGS
Cooling inflation drives a mixed performance for sauces, dips and condiments
Dips prospers due to convenience and variety
Chili sauces remains a vibrant space
Shaky consumer confidence will benefit at home food preparation
Cooling interest rates will incentivise mergers and acquisitions
Permacrisis to pervade buying habits in the near future
Sweet Spreads in the US
KEY DATA FINDINGS
Honey sweetens volume growth as sweet spreads struggles to grow demand
Nut and seed based spreads embraces diverse consumer bases
Shaky supply chains maintain pressure on chocolate spreads
Supply chain tensions to maintain pressure on pricing
Diversifying consumer demographics to fuel opportunities for nut and seed based spreads
Small brands to find opportunity as homesteading and influencers trend
The following categories and subcategories are included:
Cooking Ingredients and Meals
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- Olive Oil
- Corn Oil
- Palm Oil
- Rapeseed Oil
- Soy Oil
- Sunflower Oil
- Other Edible Oil
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- Dried Ready Meals
- Shelf Stable Ready Meals
- Chilled Ready Meals
- Frozen Ready Meals
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- Dry Soup
- Shelf Stable Soup
- Chilled Soup
- Frozen Soup
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- Chilled Pizza
- Frozen Pizza
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- Meal Kits
- Quick Recipe Kits
- Chilled Lunch Kits
- Prepared Salads
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- Liquid Stocks and Fonds
- Stock Cubes and Powders
- Gravy Cubes, Powders and Pots
- Monosodium Glutamate
- Herbs and Spices
- Tomato Pastes and Purées
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- Liquid Recipe Sauces (excl pasta sauces)
- Dry Recipe Sauces
- Pasta Sauces
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- Barbecue Sauces
- Fish Sauces
- Ketchup
- Mayonnaise
- Mustard
- Oyster Sauces
- Salad Dressings
- Soy Sauces
- Chili Sauces
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- Dips
- Yeast-based Spreads
- Pickled Products
- Other Sauces and Condiments
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- Honey
- Chocolate Spreads
- Jams and Preserves
- Nut and Seed Based Spreads
Why buy this report?
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- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Cooking Ingredients and Meals research and analysis database.
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