The Global Ready to eat food market is expected to surpass US$ 268.71 Billion by 2030, exhibiting a CAGR of 6.7% during the forecast period (2023-2030).
Global Ready to eat food market is estimated to account for around 148.72 Billions in terms of value in the year 2022 and it is predicted to grow at a CAGR of 6.7% during the forecast period (2023-2030)
Market Trends
The growth of the ready to eat food market is driven by the increase in the convenience offered, in terms of time-saving, and the little effort required for the preparation of these meals. Moreover, the preference for these meals by the working population and millennial has increased, owing to the fact that they only require heating before consumption, which reduces the overall effort. With the increasing demand, manufacturers are focusing on developing innovative products to capture the demand and achieve major market shares. For instance, in 2020, Freshly Inc., the meal delivery service acquired by Nestle SA, launched a new product line for consumers. FreshlyFit ready to eat meals are inspired by attributes of keto, paleo, and plant-based diet principles. The offerings are gluten-free, clean label, made with whole-food ingredients, and may be heated and served in three minutes.
COVID-19 Impact on Ready to Eat Food Market
The outbreak of the novel coronavirus disease (COVID-19) has increased the demand for convenient products. During the pandemic, consumers continued to buy ready-to-eat or ready-to-cook meals due to their low prices and ready availability. Strict lockdown measures are in place for all restaurants, hotels, and shopping malls, with lockdowns and security measures affecting diets around the world. This factor also limits eating-out options, leaving many to opt for home-cooked or prepackaged meals delivered to their homes through multiple supermarkets, hypermarkets, and e-commerce grocery stores with home delivery options. Concerns about the spread of the virus in public places have led people to buy prepackaged, long-lasting, prepared foods instead of perishables.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/ready-to-eat-food-market-4309
Competitive Section:
Company Names
- Nomad Retorts Ltd.
- Bakkavor Retorts Ltd.
- General Mills
- McCain Retorts
- Premier Retorts Group Ltd.
- 2 Sisters Retort Group
- Greencore Group plc
- Orkla ASA
- ConAgra Retorts Inc.
- ITC Limited
