The global ready to eat food industry is witnessing tremendous growth, and the trend will likely persist in the coming years. This is mostly due to rapid urbanization, rising demand for convenience food, and evolving consumer preferences.
Modern consumers are constantly seeking convenient and healthy foods that fit their busy lifestyles. This has triggered intense competition and innovations in the ready to eat food industry. Many start-ups are also entering the scene by introducing new varieties, especially plant-based ready-to-eat food products, to woo customers.
Leading ready to eat food manufacturers are constantly innovating to meet the evolving needs of consumers. They are also employing strategies like partnerships and acquisitions to increase their market share in ready to eat food industry. Let’s learn about ready to eat food market leaders and their growth strategies.
- Nestle
Nestle, headquartered in Switzerland, tops our list of leading ready to eat food companies. It holds a major chunk of the global ready-to-eat food industry courtesy of its strong brand portfolio, extensive distribution network, and continuous innovation in food technology.
Nestle is the world’s largest food and beverage company and features over 2,000 brands. It offers a wide range of ready-to-eat food products, including soups, frozen meals, and snacks. The company is taking consumer health considerations into account by reducing usage of sugar, sodium, and artificial additives in its products.
Nestle is constantly innovating to meet evolving preferences of its consumers. For instance, the company recently expanded its plant-based RTE products portfolio under the Garden Gourmet brand. It is also focusing on using smart and eco-friendly food packaging to reduce waste and woo eco-conscious customers.
- Conagra Brands
Headquartered in the United States, Conagra Brands is another leading ready to eat food manufacturer. It is known for its diverse portfolio of ready-to-eat food brands, including frozen dinners, snacks, and other packaged food items, with iconic brands like Slim Jim and Healthy Choice.
New product innovations and acquisitions have become key strategies for Conagra Brands to gain a competitive edge in the ready to eat food industry. For instance, it unveiled new meals, vegetable slides, and RTE snacks at Natural Products Expo West 2024. It is leading from the forefront when it comes to frozen RTE innovations by introducing products like microwavable meals.
Conagra Brands has also expanded its ready-to-eat portfolio by acquiring companies like Pinnacle Foods. Similarly, it is focusing on retail expansion by selling its products across convenience stores, supermarkets, and online platforms. Conagra is also committed to reducing plastic waste through usage of sustainable RTE meal packaging.
- General Mills
Talking about major ready to eat food brands without mentioning General Mills is incomplete. The company’s portfolio boasts some of the best ready-to-eat and ready-to-cook food brands, including Pillsbury, Nature Valley, and Betty Crocker. It operates in over 100 countries, making it a prominent global ready-to-eat manufacturer and marketer.
General Mills is best known for its ready-to-eat cereals and snacks. It offers these products under brands like Cheerios, Lucky Charms, Wheaties, and Nature Valley. The company is continuously investing in digital marketing and direct-to-consumer sales.
General Mills is focusing on developing healthy ready to eat food products to woo health-conscious customers. It has launched new RTE meals with high protein, lower carb, and organic ingredients. The company is also using advanced technologies, including AI, to stay ahead of the curve.
- Kraft Heinz
Kraft Heinz is another prominent player in the RTE food industry. It is constantly expanding its RTE offerings by launching quick-serve meal kits and single-serve RTE options. Kraft Heinz is also investing in biodegradable and recycled packaging materials to reduce its environmental impact.
The future of ready to eat foods looks bright and exciting. This is attributable to rising demand for convenient, healthy RTE meals and ongoing innovations. Top players are constantly introducing novel versions like vegan RTE food as well as using sustainable packaging to stand out from the crowd.
Expansion of e-commerce and online meal delivery services are also positively impacting the industry. According to Coherent Market Insights (CMI), the global ready to eat food industry size is set to total US$ 312.25 billion in 2032. Overall demand for ready to eat foods will likely increase at 7.7% CAGR during the assessment period.
Sources:
Company: Nestle, Conagra Brands, General Mills
