READY TO EAT FOOD MARKET ANALYSIS

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.

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

• In July, 2021, Riviana Foods Inc., a business unit of Madrid, Spain-based Ebro Foods, launched Success Garden & Grains Blends, the first boil-in-bag product to combine rice with simple ingredients. Success Garden & Grains Blends are available in two varieties: White rice, black beans, corn and bell peppers, and white rice, peas, carrot and red bell peppers.​
• In August, 2021, Nestlé-owned brand Freshly launched its first fully vegan meal line. Under its new Purely Plant menu, the chef-prepared meal delivery service will offer six options developed to showcase the nutritional benefits and delicious possibilities of plant-based foods.
• In November 2020, the producers of seeds and nuts, Whitworths introduced plant-based ready meals that are suitable options for vegan consumers. Each 250g pack of the product contains 20g of plant protein from pulses and grains such as pinto beans, quinoa, lentils, and wheatberries.

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