By 2022, the global market for supper ready-to-eat food is projected to be worth USD 174.8 billion. From 2022 to 2032, the market is projected to rise at a CAGR of 5.8%, reaching USD 307.1 billion. Sales of dinner ready-to-eat food are probably going to account for a percentage of the market’s demand in 2022.
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.
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- 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
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.
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- North America (U.S & Canada)
- Latin America (Brazil, Mexico, Argentina & Rest of Latin America)
- Europe (Germany, U.K., France, Spain, Italy, BENELUX, Russia, Poland & Rest of Europe)
- Middle East & Africa (GCC, Northern Africa, South Africa, Turkey & Rest of MEA)
- East Asia (China, Japan & South Korea)
- South Asia (India, Thailand, Malaysia, Indonesia & Rest of South Asia)
- Oceania (Australia & New Zealand)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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