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Press Release: Ready to Eat Food Market To Surpass US$ 209,366 Mn By 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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.
The global ready to eat food market was accounted for US$ 122,488 Mn in terms of value by the end of 2019.
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, 2019
Statistics:
North America region dominated the global ready to eat food market in 2019, accounting for 40.2% share in terms of value, followed by APEJ and Western Europe, respectively.
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: | 2019 | Market Size in 2019: | US$ 122,488 Mn |
| Historical Data for: | 2017 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 7.2% | 2027 Value Projection: | US$ 209,366 Mn |
| 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 Opportunities
The advent of organic and natural ready-to-eat food products is expected to serve potential growth opportunities to the market of ready-to-eat food. For instance, in March 2019, Applegate launched two types of organic burgers blended with meat and mushrooms at Natural Products Expo West. The Great Organic Blend Burger offers both a turkey and a 100% grass-fed beef variety. Moreover, the new product contains only humanely raised organic meat or poultry, organic mushrooms, and rosemary extract.
The growing focus of the manufacturer to develop ready-to-eat food products with innovative and attractive packaging to increase the consumer base is expected to provide lucrative opportunities to the market. Also, various manufacturers are focusing on offering ready-to-eat food in bio-based packaging materials due to rising environmental concern and need to promote environmental sustainability is expected to augur the market growth over the forecast period.
Figure 2. Global Ready to Eat Food Market – Opportunity Analysis
Statistics:
Global ready to eat food market was valued at US$ 122,488 million in 2019 and is forecast to reach a value of US$ 209,366 million by 2027 at a CAGR of 7.2% between 2019 and 2027.
Market Trends/Key Takeaways
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 3. Global Ready to Eat Food Market, Revenue Share (%), By Product Type, in 2019
The meat/poultry segment dominated the global ready to eat food market in 2019, accounting for 45.9% share in terms of value, followed by cereal based and vegetable based segment respectively
Regulations
North America
U.S. Regulations: Guidelines to control Listeria monocytogenes (L. monocytogenes) in refrigerated or frozen ready-to-eat (RF-RTE) foods
These guidelines help manufacturers to:
Global Ready to Eat Market - Impact of Coronavirus (Covid-19) Pandemic
The novel Coronavirus (COVID-19) has impacted almost all the industries globally including food and beverage industry. Rising demand for packed food products owing to rising health and hygiene awareness supports the growth of the ready to eat food market globally.
Competitive Section:
Company Names
Few Recent Developments
General Mills
In January 2018, General Mills Inc. has invested in a California food company that specializes in plant-based ready-to-eat meals, snacks, and cold-pressed juices.
The Global Ready to Eat Retort Market is accounted for US$ 122,488 Mn in terms of value by the end of 2019. 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, The 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:
“*” marked represents similar segmentation in other categories in the respective
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