The global ready-to-eat food market is anticipated to reach a total market value of USD 1,80,000 Million in 2022 and, with a CAGR (compound annual growth rate) of 7.7%, reaching USD 3,77,945.81 Million by 2032. Even with the Covid issue, the ready-to-eat food industry has proven to be one of the fastest-growing.
The market for ready-to-eat meals is expanding rapidly as consumers’ need for quick and easy solutions grows. The market is growing as a result of shifting customer preferences, hectic lifestyles, and urbanisation. Additionally, consumers’ interest in ready-to-eat meals is growing globally due to advancements in food processing and packaging technology.
When products are more genuine, natural, flexible, and nourishing without compromising flavours, minerals, or wellness objectives, customers usually choose them. Above all, these products ought to facilitate people’s ability to maintain a healthy diet in spite of their busy schedules and active lifestyles. Stores and manufacturers need to deal with customers who have higher demands for food quality, flavour, and appearance yet are more frequently scheduled to work in an efficient manner.
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Millennials and Millennials are driving the demand for high-quality meals due to their interest in food, yet they might not have the necessary tools, expertise, or time. This creates a market for prepared foods that are more convenient for these people.
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.
“Customers have a preference for ready-to-eat food since it may serve as a useful substitute for a normal diet and has an increased shelf life, making it handier to preserve for later use. Due to their dynamic and hectic lifestyles, youths are the primary target area for this industry. They choose ready-to-eat or easy foods. With such a wide range of consumers, the ready-to-eat sector will have a rapid growth trajectory,” says a lead analyst at Future Market Insights.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.
MUSH, which makes overnight cold-soaked oats in milk that is dairy-free, never cooked, free of preservatives and artificial colours, is another successful tale. The food options at Singapore’s Soup Spoon include vegetable broths, animal stews, and soup pouches. Traditional Italian ready-to-eat meals, including vegetarian options, are produced in Italy by Villa Food. Spanish tappers offer a variety of dishes throughout the week, some of which are vegan.
To better serve consumers and meet their escalating expectations, major firms are using innovative techniques including new product launches and increasing manufacturing capacity. An ‘elegant and beautiful’ canned Gold pineapple fruit brand targeted for teenagers was introduced in May 2018 by renowned food manufacturing business Del Monte Foods, Inc.
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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
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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