Impact Analysis of Covid-19
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.
Definition of Market/Industry:
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.
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
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.
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.
Ready to Eat Food Market Report Coverage
||Market Size in 2019:
||US$ 122,488 Mn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 209,366 Mn
- North America, Western Europe, Eastern Europe, China, APEJ, MEA, Japan
- By Product Type: Meat/Poultary, Cereal Based, Vegetable Based, and Others
- By Packaging: Canned, Frozen/Chilled, Retort, and Others
- By Distribution Channel: Hypermarkets and Supermarkets, convenience Stores\Departmental Stores, Specialty Stores and Online Stores
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
- Growing demand for convenience food around the globe is primarily fueling the market growth of the ready to eat food.
- Growing penetration of various food manufacturer in the market drives the market growth.
|Restraints & Challenges:
- Growing demand for fresh and healthy foods among health-conscious consumers is expected to restrict the market growth of the ready to eat food.
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
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
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:
- Prevent the growth of L. monocytogenes;
- Treatment of foods to destroy viable cells of L. monocytogenes;
- Controls on ingredients;
- Controls on storing RF-RTE foods
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.
- 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
Few Recent Developments
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.