Malaysian Ready-to-Cook Market 2024: Growth, Innovation, and Global Expansion

The ready-to-cook food sector in Malaysia is experiencing significant growth and innovation in 2024, driven by changing consumer preferences and a focus on convenience. Several companies like Yeam Seng, Meals in Minutes, and Linaco are expanding their product offerings to cater to busy lifestyles while maintaining quality and authenticity. The ready-to-cook market in Malaysia is expected to generate USD 2.15 billion in revenue in 2024 and is projected to increase at a compound annual growth rate (CAGR) of 6.75% from 2024 to 2029, according to Statista.

Rising Export Markets for Malaysian Food-Prepared Products: Türkiye and Thailand Lead Growth

Despite a minor decrease in the export value of food-prepared products, which amounted to USD 911.14 million in 2023, exports have risen significantly in recent years, with a 33.80% increase since 2019 and achieved USD 680.94 million. In 2023, the top five export markets were Singapore, Indonesia, the Philippines, Türkiye, and Vietnam.

Out of these, only Türkiye showed a significant increase, soaring to USD 62.50 million, with a 19.35% year-on-year (YoY) growth. Exports of ready-to-eat products to Türkiye have surged in recent years, nearly tripling since 2019, when they totaled USD 23.17 million. The increase in Malaysian food preparation product exports to Türkiye can be attributed to the Malaysia-Turkey Free Trade Agreement (MTFTA) – effective August 1, 2015 – which includes prepared food products among its commodities.. Another important market for Malaysian traders is Thailand, with export value soaring 33.30% YoY to USD 55,17 million. Thailand's food and beverage business has expanded significantly in recent years due to the increased number of convenience stores and the growing number of foreign tourists.

Figure 1: Export Value of Food Preparations from Malaysia 2019-2023

Source: Tridge, TradeMap

Innovative Ready-to-Cook Solutions

One example of an innovative Malaysian ready-to-cook company is Yeam Seng Frozen Goods & Fishery, a key player in the seafood market that has recently expanded its ready-to-cook portfolio.. Yeam's flagship product, the 8-Minute Fish Steak, features a frozen barramundi fillet paired with various sauces inspired by authentic Asian flavors, such as Asam Laksa and Kampong Curry. This product has gained recognition as a finalist for Best New Product at the Seafood Expo Asia 2024, highlighting the trend toward value-added seafood that caters to busy consumers seeking quick meal solutions.. Although this product is not currently being exported since it is still in development, it shows how the Malaysian food sector is growing by diversifying product offerings.

On the other hand, rising startup Meals in Minutes redefines the frozen food market by offering gourmet-style meal kits designed for quick preparation. Their flash-frozen products maintain freshness and flavor, allowing consumers to prepare meals in about 15 minutes. This approach targets individual consumers and businesses, addressing the growing demand for convenient yet healthy meal options while combating negative perceptions associated with frozen foods.

Figure 2: Meals in Minutes Product Pictures

Source: Meals in Minutes

The diversity of ready-to-cook products available in Malaysia is further exemplified by companies like Linaco Ingredients Sdn Bhd, which offers herbal soup mixes and traditional sauces. According to Tridge data, the majority of Linaco's exports, totaling 2.56 million kilograms (kg) from Mar-23 to Mar-24, went to Pakistan, Türkiye, and Bangladesh. The average unit price of traded food prepared products was USD 0.91/kg in the observed period. Besides soups and sauces, Linaco Ingredients Sdn Bhd is a well-known producer of coconut-based ingredients and other culinary solutions, like pre-mixed spices and caramelized sugar.

Figure 3: Tridge LINACO INGREDIENTS Company Analytics

Source: Tridge Transaction Data Service

The Malaysian ready-to-cook market in 2024 is marked by innovation and a strong presence in global trade, offering a wide range of convenient yet high-quality meal solutions. Companies like Yeam Seng Frozen Goods & Fishery and rising startups like Meals in Minutes lead the way with creative product offerings catering to modern consumer needs. Despite minor export setbacks in 2023, the sector is poised for further growth domestically and internationally as it continues to diversify and adapt to changing market demands. With the increasing focus on convenience, the ready-to-cook industry in Malaysia is set to become a key player in the global food market.