The more UK-facing convenience meals business is believed to be more challenged and therefore less attractive to acquirers.
Other companies such as Greencore, Bakkavor and Samworth dominate the UK chilled consumer market, as Kerry has focused instead on growing its leading taste and nutrition business.
While sources said one of those three, or possibly Two Sisters or McEvoy, could try to consolidate the sector, trade acquisitions in convenience foods are relatively rare.
Industry sources speculated that Kerry s consumer food brands would therefore most likely be broken up and sold piece by piece to regional buyers seeking food factories near their existing production facilities.