Global dinner ready-to-eat food market will grow briskly in 2021, gaining from accelerated food preferences and launch of new products. In a new study, Future Market Insights (FMI), opines growth to be complemented by APAC countries, with e-commerce sales becoming preferred.
Manufacturers are emphasizing on incorporating sustainable solutions to achieve operational efficiency. 3-D printing, for instance, is touted as a highly lucrative option. Although in its nascent stages, 3-D printed food are likely to be popular on a larger scale.
Players such as Foodini and Biozoon have already penetrated the global food landscape. Research has concluded that incorporating 3-D printing has the potential to reduce greenhouse gas emissions by over 90%, utilizing just 1% of land, 4% water and 45% energy. Such promising trends are highly welcome across the dinner RTE food market.
- Asia-Pacific to expand most rapidly, Europe to retain market dominance in the near-term forecast
- Frozen dinner RTE food to record maximum sales, attributed to rising stockpiling of instant food by consumers to survive the COVID-19 pandemic
- Prominent vendors incorporating various nutrient and flavor combinations to cater to a wider target audience
- E-commerce likely to emerge as the most lucrative dinner RTE food channel in the forthcoming forecast period
“The global dinner RTE food market is expected to emerge stronger in spite of the recessionary downturn ushered in by COVID-19, attributed to increasing need for preparedness amid perceived shortages,” concludes the FMI analyst.
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COVID-19 Impact Insights
In the initial stages, the COVID-19 pandemic exerted significant pressure on the global food supply chain, attributed to tight restrictions on logistics to curb spread of the virus. As the months passed, these restrictions have eased significantly, elevating growth prospects for dinner RTE food.
Experts conclude that in-spite of the recessionary downturn, the dinner RTE food market will continue enjoying healthy growth. Prolonged lockdowns have led to an indefinite shutdowns of office premises and educational institutions, compelling employees and students to remain indoors, thus accelerating the need for instant food.
Prominent players in the global dinner RTE food market include General Mills Inc., Findus Group, The Kraft Heinz Company Ltd., Unilever NV, Tyson Food Inc., Sigma Alimentos S.A de C.V., Greencore Group Plc., Nestle SA, Hormel Food Corporation, Smithfield Food Inc. and ITC Limited.
New product launches, expansion of existing portfolios, strategic collaborations and mergers are some of the strategies employed by the aforementioned companies so as to remain afloat in the market.
In October 2020, Nestle announced the acquisition of Freshly, a leading fresh-prepared meal delivery service provider across the United States, amounting to US$ 950 million. The objective was to enhance distribution networks to fuel growth opportunities.
In September 2020, General Mills introduced the: RATIO product line, a new keto-friendly line of products for conscientious consumers. The company projects this product line to expand 5.5% through 2027, as consumers look to cutting back on carbohydrates and sugar intake.
More Insights on the Dinner RTE Food Market
Future Market Insights, in its new report, offers an unbiased analysis of the global dinner RTE food market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study reveals growth projections on the dinner RTE market on the basis of product (frozen dinner RTE food, chilled dinner RTE food & canned dinner RTE food) and distribution channel (supermarkets/hypermarkets, independent retailers, convenience stores & others) across seven prominent regions.