READY TO EAT FOOD MARKET ANALYSIS

The Global Ready to eat food Market is projected to reach around US$ 268.71 Billion by the end of 2030, in terms of revenue, growing at a CAGR of 7.7% during the forecast period (2023-2030).

Global Ready to eat food Market: Growth Drivers

Growing demand for convenience food around the globe:

Growing demand for convenience food around the globe is primarily fueling the market growth of the Ready to eat food. This is due to the hectic lifestyle of the consumer along with the increasing number of working women around the globe. Moreover, the growing disposable income of the consumer which is encouraging them to spend on convenience food is further expected to foster the market growth of the ready to eat food over the forecast timeframe.

Rapid urbanization and improving consumer lifestyles are projected to fuel the market growth of the ready to eat food. Moreover, growth in the food processed industry is also contributing to the market growth of ready to eat food. Growing penetration of various food manufacturers in the market is again expected to foster the market growth of the ready to eat food over the forecast timeframe.

Global Ready to eat food Market: Restraints

Growing demand for fresh and healthy foods among health-conscious consumers:

Growing demand for fresh and healthy foods among health-conscious consumers is expected to restrict the market growth of the ready to eat food. According to the Coherent Market Insights analysis, ready to eat foods in some countries such as Canada and Japan are viewed as convenient options and perceived to be unhealthy and are consumed when there is a lack of other options as they are overly processed.

Increasing strict rules and regulations regarding the ingredients present in ready-to-eat food products is projected to negatively impact the market growth over the forecast timeframe.

Market Opportunity

Online grocery shopping and the release of new apps that make it easier for consumers to select their favorite products are two of the most recent market’s trend. Consumers prefer online shopping because it is more convenient and versatile. According to Eurostat, almost a quarter of the population bought groceries and groceries. Groceries from online retailers. With the spread of the Internet and smartphones, ready-to-eat retailers are becoming one of the business platforms. To introduce and sell their food. 

Market Trends

Frozen and chilled meals such as frozen pizza and meals are gaining popularity across the globe. This is expected to foster the market growth of ready-to-eat food. Moreover, increasing consumption of canned meals coupled with the growing demand for dried products such as instant pasta and noodles are further anticipated upsurge the market growth over the forecast period.

Ready-to-eat food products have become a meal replacement trend among the young population due to their taste and convenience. This is expected to stimulate the market growth of the ready-to-eat. Moreover, advancements in freezing technology coupled with the increasing number of consumers visiting quick-service restaurants and mom & pop stores are again anticipated to accelerate the market growth of the ready-to-eat snacks in the near future.

Covid-19 Impact on Global Ready to eat food Market:

The COVID-19 pandemic has had a significant impact on the global ready-to-eat food market. Consumers have been buying more ready-to-eat or ready-to-cook meals because they are readily available at low prices, and severe lockdown measures have been implemented by all restaurants, hotels, and shopping malls, which has impacted eating habits globally due to lockdown and public safety measures. The demand for ready-to-eat meals in the global market is expected to increase amid the COVID-19 pandemic and in the next couple of months. However, owing to the worldwide lockdown, the overall food industry is facing a shortage of adequate labor, and the migration of laborers to their hometowns due to the lack of availability of work is a common issue that every country is facing, Europe dominates the ready-to-eat food market as a result of an increase in demand for frozen ready-to-eat food caused by the COVID-19 pandemic, which has affected several countries

Global Ready to eat food Market: Recent Developments

• In July 2021, Liviana Foods, a division of Madrid-based Ebro Foods, launched Success Garden & Grains Blend, the first boil-in-the-bag product that combines rice with simple ingredients. Success Garden & Grains Blend has two of his flavors. White rice, black beans, corn, peppers, white rice, peas, carrots, red peppers. 
• In August 2021, Nestlé owned brand Freshly launched its first all-vegan meal line. As part of the new Purely Plant menu, the chef-cooked food delivery service will offer six options designed to highlight the nutritional benefits and delicious potential of plant-based foods. 
• In February 2022, VegaBytz launched a plant-based, 100% vegan meat product in India. All meat/chicken/tuna ready meals and curry products in the VegaBytz product line are vegan and made entirely from plants. Additionally, companies operating in the market are focused on taking strategic steps to establish a strong foothold in these countries, thereby driving market growth. 

Global Ready to eat food Market: Market Segmentation

Figure 1: Global Ready to eat food Market Share (%) in terms of Value, By Region, in 2022

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North America region dominated the global ready to eat food Market in 2022, accounting for a 40% share in terms of value, followed by Asia Pacific and Europe, respectively.

Global Ready to eat food Market: By Product Type

On the basis of product type in 2022, the Meat Poultry segment has accounted for the largest market share of 46% in terms of value.

Figure 2: Global Ready to eat food Market Share (%) in terms of Value, By Product Type, in 2022

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Global Ready to eat food Market: Key Companies

Key Companies are Nomad Foods Ltd., Bakkavor Foods Ltd., General Mills, McCain Foods, Premier Foods Group Ltd., 2 Sisters Food Group, Greencore Group Plc., Orkla ASA, ConAgra Foods Inc., ITC Limited

Definition: Ready to eat food are a ready meal that is convenient to consume as they help in saving time and effort. Such foods have longer shelf-life and can be classified into canned, frozen, and retort. They are widely available across convenience/departmental stores, hyper/supermarkets, and specialty stores.