The global Ready-To-Eat Food Market is on a sizzling trajectory, fueled by a growing consumer preference for convenience and a hectic modern lifestyle. This market is estimated to reach a staggering US$391.1 billion by 2034, reflecting a robust Compound Annual Growth Rate (CAGR) of 9.2%. This presents a golden opportunity for B2B investors seeking to capitalize on a dynamic and rapidly expanding industry.
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.
Demand on the Rise: Consumers Crave Convenience
A defining characteristic of the RTE food market is the ever-increasing consumer demand for convenient and easy-to-prepare meals. This shift is evident in the rising popularity of RTE products across categories, from frozen pizzas to pre-cut vegetables. Busy professionals, students, and families with hectic schedules are increasingly turning to RTE options to save time and effort in the kitchen. Furthermore, a growing focus on health and wellness is driving demand for RTE products that are not only convenient but also nutritious.
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Several key trends are propelling the RTE food market towards significant growth:
- Busy Lifestyles: The fast-paced nature of modern life leaves many consumers with little time for elaborate meal preparation. RTE meals offer a time-saving solution that caters to busy schedules.
- Urbanization: The global trend towards urbanization is creating a demand for convenient food options that can be easily accessed and consumed in urban environments.
- Rising Disposable Income: With increasing disposable incomes, consumers are more willing to spend on convenient food options, particularly in developed economies.
- Working Professionals: The growing number of working professionals, especially dual-income households, is driving demand for convenient meal solutions.
- Evolving Family Dynamics: Changes in family structures, with more single-person households and busy parents, are contributing to the demand for RTE meals.
- Technological Advancements: Breakthroughs in food processing and packaging technologies are enabling the development of RTE products with extended shelf life and improved quality.
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.
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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.
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.
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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
- Hotel, Restaurant, Cafes
- Bakeries and Patisseries
- Quick Service Restaurants (Sandwicheries, Fast Casual, Coffee Shops)
- Airport Retail
- Travel Retail
- Retail
- Hypermarket/Supermarket
- Convenience Stores
- Departmental Stores
- Wholesale Stores
- Mass Grocery Retailers
- Specialty Stores
- Online
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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