Ready to eat food are ready meal that is convenient to consume as they help in saving time and efforts. Such foods have longer shelf-life and can be classified into canned, frozen, and retort. They are widely available across convenience/departmental stores, hyper/supermarket, and specialty stores.
Global ready to eat food market was valued at US$ 138407.62 Million in 2021 in terms of revenue, exhibiting a CAGR of 6.8 % during the forecast period (2022 to 2030).
Drivers
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 working women around the globe. Moreover, 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 the ready to eat food. Growing penetration of various food manufacturer in the market is again expected to foster the market growth of the ready to eat food over the forecast timeframe.
Figure 1. Global Ready To Eat Food Market Revenue share (%), By Region, 2021
Market Restraints
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 the ready-to-eat food products is projected to negatively impact the market growth over the forecast timeframe.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 138407.62 Mn |
| Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
| Forecast Period 2022 to 2030 CAGR: | 6.8 % | Forecast Period: | 2022-2030 |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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 |
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| Growth Drivers: |
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| Restraints & Challenges: |
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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, advancement 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.
Figure 2. Global Ready to Eat Food Market Revenue Share (%), By Product Type, 2021
Recent Developments
Competitive Section
Major players operating in the global ready to eat food market include 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
The global ready to eat food market is accounted for US$ 138407.62 Mn in terms of value by the end of 2021. Ready to eat food are ready meal that is convenient to consume as they help in saving time and efforts. Such foods have longer shelf-life and can be classified into canned, frozen, and retort.
Market Dynamics
Consumer interest in ready to eat (RTE) snack and ready to eat food is growing due to their convenience, value, attractive appearance, taste and texture. Moreover, rising per capita income of consumers globally also supports the market growth. Increased employment opportunities have augmented migration of people from tier 1 and tier 2 cities to metropolitans that is further expected to drive the overall RTE food market over the forecast period.
North America is expected dominate the ready to eat food market over the forecast period owing to increased demand for convenience and packed food products. For instance, reports by Credit Suisse, a leading financial services company suggests that Grocery chains and key food products manufacturers such as Tyson Foods, Inc., J.M. Smucker Co., Hormel Foods Corp., and Kraft Heinz Co. have witnessed 50% increase in the sales of food and beverage in the month of March, 2020.
Key features of the study:
Detailed Segmentation:
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