The global ready-to-eat (RTE) food market is projected to experience substantial growth over the next decade, with market value expected to double from USD 195.9 billion in 2024 to USD 391.1 billion by 2034, at an impressive CAGR of 9.2%. This expansion is driven by the increasing demand for convenient, healthy, and minimally processed food options among busy consumers worldwide.
Key Drivers of Market Growth:
- Busy Lifestyles and Convenience: The fast-paced lifestyles of working professionals, students, and single individuals are significantly boosting the demand for RTE food products. The convenience of ready-to-eat meals aligns perfectly with their need for quick and hassle-free food solutions.
- Health and Nutrition: Consumers are increasingly opting for nutritious, balanced, and additive-free ready-to-eat meals. The trend towards health-conscious living is propelling the market for high-protein, plant-based, and vegan RTE options.
- Food Service Industry: The expanding food service sector, including hotels, restaurants, cafes, and bakeries, is playing a crucial role in the market’s growth. These establishments are catering to the rising consumer preference for on-the-go food options.
Regional Insights:
- United States: Expected to grow at a CAGR of 6.5%, driven by high consumption of frozen RTE products and the growing trend of healthy, fast food alternatives.
- India: Anticipated to expand at a CAGR of 6.9%, fueled by a large working population, rising disposable incomes, and the increasing popularity of diverse RTE food items.
- China: Projected to achieve a CAGR of 7.3%, with e-commerce playing a pivotal role in distributing RTE foods. The demand for natural and healthier ingredients is on the rise, reflecting global health trends.
Emerging Trends:
- Vegetarian and Vegan Options: There is a significant demand for plant-based RTE foods, catering to ethical and dietary preferences.
- Innovation in Packaging: High-pressure processing (HPP) technology and eco-friendly packaging are becoming popular, enhancing product shelf life and sustainability.
- Diverse Culinary Experiences: Consumers are seeking RTE foods with flavors from around the world, driven by a desire for variety and unique culinary experiences.
Competitive Landscape: The market is highly fragmented, with key players like Nestlé, Dr. Oetker, Campbell Soup Company, and General Mills Inc. focusing on product innovation and strategic partnerships. Recent developments include VegaBytz Company’s introduction of plant-based meat products in India and McCain Foods’ acquisition of Scelta Products, aimed at strengthening their frozen prepared meals segment.
Request Exclusive Sample Report: Ready-to-eat Food Industry Strategic Insights: https://www.futuremarketinsights.com/reports/sample/rep-gb-491
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.)
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.
Future Outlook: The ready-to-eat food market is set for robust growth, driven by evolving consumer lifestyles, health-conscious choices, and advancements in food processing technologies. As the market continues to innovate and diversify, RTE foods will become an integral part of the global dietary landscape.
For More Information: Get in touch with our analysts to discover more about growth opportunities in the Ready-to-Eat Food Market. Customize your report by selecting specific countries or regions and save up to 30%.