The global ready-to-eat food market is predicted to achieve a total market value of US$ 195.9 billion in the year 2023, with a CAGR (compound annual growth rate) of 9.2%, attaining an overall market worth Of US$ 391.1 billion by the year 2034. Even due to the Covid crisis, the ready-to-eat food sector has shown to be among the fastest & rapidly expanding markets.
Consumers tend to choose products that are more genuine, organic, and individualised while maintaining tastes, nutritional value, and health goals. Above all, these items need to help users maintain a balanced diet—especially given their hectic schedules and active lifestyles. Consumers have greater standards for food quality, flavour, and presentation, but they are also busier at work, so they want producers and retailers to communicate with them in an expedient manner.
Millennials’ passion for food is driving the demand for gourmet dining, but they might not have the time, knowledge, or means to sustain it. Preparated foods that are better for these people are therefore in demand.
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Key Takeaways:
- For its enormous market presence, technical advances and innovation, hectic schedules, and high spending power, the United States dominates the ready-to-eat food industry throughout the North American region but also globally.
- The U.S. has a 65 % market share in the region, with a total market valuation of about USD 44,460 million.
- In the year 2020, roughly 36% of American adults said they consumed ready-to-eat meals.
- The highest consumed and selling categories in the Indian ready-to-eat food market include pre-cooked meat and smoked fish, which are expected to create substantial sales income.
Competitive Landscape:
Customers desire ready-to-eat meals which are minimally processed and with a longer shelf-life and few or no preservatives, but not at the expense of sensory attributes. High-Pressure Processing (HPP) technology has a lot of potential as a preservation solution without the use of heat for RTE meals.
A further successful story is MUSH, which prepares overnight cold-soaked oats in milk that is dairy-free, never heated, and free of preservatives and unnatural colors. Plant-based broths, animal stews, and soup pouches are among the culinary selections available at Singapore’s Soup Spoon. Villa Food manufactures classic Italian ready-to-eat meals in Italy, including vegetarian dishes. Tappers in Spain provide many meals during the week, with plant-based options included.
Major corporations are employing creative strategies like new product releases and boosting manufacturing capacity to serve better to the consumers and satisfy their rising demands. In May in the year 2018, Del Monte Foods, Inc., a prominent food processing company, launched an ‘elegant and classy’ canned Gold pineapple fruit line geared for teenagers.
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Future Market Insights, in its new offering, provides an unbiased analysis of the Ready-to-Eat presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
Segmentation for ready to eat food market
By Product Type:
- Vegetable-Based
- Cereal Based
- Meat/Poultry
- Others
By Packaging:
- Canned
- Retort
- Frozen or Chilled
- Others
By Distribution Channel:
- Online Store
- Departmental/ Convenience Store
- Specialty Store
- Supermarket/ Hypermarket
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
- MEA
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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