Ready to Eat Food Market To Surpass US$ 209,366 Mn By 2027 - Coherent Market Insights

Definition of Market/Industry:

Ready to eat food is prepared for ease of consumption and doesn't require further preparation. It also has a long shelf-life and can be easily carried anywhere. These are food products are highly convenient and save efforts and time required for the preparation of the food. They are the best alternative for the busy people as they are precooked.

The global ready to eat food market was accounted for US$ 122,488 Mn in terms of value by the end of 2019.

Drivers:

Rising population especially millennial population and growing on-the-go consumption habits are projected to spur the market growth of the ready to eat food. Easy availability of the ready-to-eat food products due to expanding retail industry along with the ongoing promotional efforts by manufacture in order to position their products in the market are some of the other.

Market Opportunities

Increasing penetration of the players across developing countries such as India and China where ready-to-eat food is high on demand due to increasing population is expected to serve major opportunities to the market. According to the Coherent Market Insights analysis, China's frozen food market has shown rapid double-digit growth in recent years; whereas India’s ready-to-eat food market has also grown rapidly, which offers excellent opportunities for major players to enter growing markets in these regions.

Market Restraints

Rising awareness regarding the negative health impact of ready-to-eat food is projected to hamper the market growth.  Moreover, growing cases of obesity and other lifestyle disease are further projected to hinder the market growth of the ready to eat foods.

Key Takeaways:

Global ready to eat food market was valued at US$ 122,488 million market in 2019 and is forecast to reach a value of US$ 209,366 Mn by 2027 at a CAGR of 7.2% between 2019 and 2027.

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.

Market Trends

Shifting consumer's preferences towards ready-to-eat snacks among the health-conscious consumer due to ongoing health wellness trend is projected to foster the market growth. For instance, in September 2019, Soreen has launched its new healthy snacking product at lunch!. The Banana Loaf Bar not only has Soreen’s squidgy texture and natural energy content but is also vegan approved (Vegetarian Society) at UK’s Biggest Food-to-go Showcase Previews New Product Innovations.

Growing consumption of ready-to-eat snacks at informal gatherings and parties is one of the current major trends. Moreover, snacks such as baked beans, fries, nachos, and high-fiber biscuits are gaining huge popularity among consumer and they are widely available across various retails. Furthermore, the growing trend of consuming protein-rich, healthy, and non-fried snacks is further expected to augment the market growth.

Regulations

Europe

European Union: European Regulation No. 1169/2011 will require mandatory nutrient labels for all pre-packed foods, which could raise questions about quality control, in the particular filling process, to ensure trustworthy labels on the packages

European Union: European Regulation No. 1169/2011 will require mandatory nutrient labels for all pre-packed foods, which could raise questions about quality control, in the particular filling process, to ensure trustworthy labels on the packages

Global Ready to Eat Food Market - Impact of Coronavirus (Covid-19) Pandemic

The sudden occurrence of the novel coronavirus has a major impact on the global ready to eat food market owing to increased consumption of packed food products due to rising health awareness.

Competitive Section:

Company Names 

1. Nomad Foods Ltd. 
2. Bakkavor Foods Ltd.
3. General Mills
4. McCain Foods
5. Premier Foods Group Ltd.
6. 2 Sisters Food Group
7. Greencore Group plc
8. Orkla ASA
9. ConAgra Foods Inc.
10. ITC Limited

Few Recent Developments

Greencore Group

In September 2019, Greencore Group PLC announced that it has completed the acquisition of ready-to-eat salads and chilled snacks producer Freshtime UK Ltd.

Segmentation

By Product Type

• Meat/Poultry
• Cereal Based
• Vegetable-Based
• Others

By Packaging

• Canned
• Frozen or Chilled
• Retort
• Others

By Distribution Channel

• Hyper/Supermarket
• Convenience/Departmental Stores
• Specialty stores
• Online Stores

By Region

• North America
• Latin America
• Europe
• Asia Pacific 
• Middle East and Africa (MEA)