The global Ready-To-Eat Food Market is projected to reach US$ 195.9 billion in 2024 and US$ 391.1 billion in 2034. By 2034, the ready-to-eat food demand is expected to surge at a CAGR of 9.2%.
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Changing social and economic patterns, increasing spending on food, and changes in dietary habits are set to drive the worldwide demand for convenient and ready-to-eat foods. After the COVID-19 crisis, the ready-to-eat food industry is among the fastest-growing markets.
Rising consumer demand for healthier, more customizable, authentic, and natural products without compromising health goals, taste, or nutrients is driving the market growth. Ready-to-eat food aid people eat healthy meals despite their busy schedules and dynamic lifestyles.
The United States, China, and India, with their rapid economic growth and immense potential, are expected to propel demand in the market. In these countries, frozen and chilled ready meals rank among the most popular types of ready-to-eat food. Trends in consumer food preferences, such as veganism, gluten-free eating, and environmentally friendly packaging, bring value to the market.
Key Takeaways from the Ready-to-eat Food Market Report:
- The global ready-to-eat food market is expected to reach a valuation of US$ 195.9 billion by 2024.
- The market is expected to surge at 9.2% CAGR over the forecast period.
- Based on product type, dairy products are anticipated to hold a market share of 15.7% in 2024.
- The United States is projected to grow at a CAGR of 6.5% through 2034.
- China’s ready-to-eat food market is projected to rise with a CAGR of 7.3% during the forecast period.
“Some of the factors bolstering the market include the introduction of more exotic products, the surge of private labels, and the premiumization of products. Consumer perceptions of prepared meals are steadily increasing, with customers finding that high-speed cooking times and convenience are optimal,” Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Competitive Landscape
Nestlé, Dr. Oetker, Campbell Soup Company, Nomad Foods, Danone, Vietnam Hanfimex Corporation, and General Mills Inc. are key ready-to-eat food manufacturers listed in the report. The market is fragmented due to several international and domestic companies.
Key Companies Profiled
- Nestlé
- Dr. Oetker
- Campbell Soup Company
- Nomad Foods
- Danone
- Vietnam Hanfimex Corporation
- General Mills Inc.
- California Pizza Kitchen
- McCain Foods Ltd.
- MTR Foods Private Limited
- Conagra Brands, Inc.
- Atkins Nutritionals, Inc.
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Leading manufacturers are focusing on product innovation to meet the emerging health choices of consumers around the world. Companies are using strategies such as partnerships, innovation, online advertising campaigns, and new product developments to expand their product portfolios and customer bases.
Recent Developments:
- In 2022, VegaBytz Company introduced plant-based, 100% vegan meat products in India, offering ready-to-eat meat, chicken, tuna meals, and curry products made from plants.
- In 2021, Nomad acquired Fortenova’s Frozen Food Business Group (FFBG) to expand its product portfolio.
- In 2022, McCain Foods acquired Scelta Products. Through this acquisition, the company’s position in the prepared frozen appetizer market will be strengthened, and frozen appetizers will gain more impetus and production capacity.
Ready-to-eat Food Market Segmentation by Category
By Product Type:
- Dairy Products
- Instant Breakfast/Cereals
- Bakery and Confectionary
- Meat and Poultry
- Frozen Pizza
- Pasta and Noodles
- Savory Snacks
- Prepared Salads
By Sales Channel:
- Food Service
- Airport Retail
- Travel Retail
- Retail
- Online
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global ready-to-eat food market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights on the ready-to-eat food market based on product type (dairy products, instant breakfast/cereals, bakery and confectionary, meat and poultry, frozen pizza, pasta and noodles, savory snacks, prepared salads), sales channel (food service [hotel, restaurant, cafes, bakeries and patisseries, quick service restaurants (sandwiches, fast casual, coffee shops)] airport retail, travel retail, retail [hypermarket/supermarket, convenience stores, departmental stores, wholesale stores, mass grocery retailers, specialty stores] online), and region.
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