The global ready-to-eat (RTE) food market value is set to experience an unprecedented surge, with market size projections reaching US$ 195.9 billion in 2024 and an impressive US$ 391.1 billion by 2034, at a remarkable CAGR of 9.2%. This significant growth underscores the burgeoning consumer demand for convenient, minimally processed, and additive-free food items, driven by increasingly busy lifestyles and shifting dietary preferences.
Growing consumer desire for long-lasting, minimally processed, additive-free food items is anticipated to drive market expansion. Consumers are gravitating toward meals that are easy to prepare. Due to their busy work schedules, people all around the world are purchasing ready-to-eat (RTE) food items and meals.
Rising busy lifestyles, working-class individuals, teenagers, hostel residents, and single people are expected to push the demand for ready-to-eat food. The flavor and convenience of ready-to-eat food products have led to a trend among young people to replace traditional meals with ready-to-eat meals. This is anticipated to drive the market’s expansion.
The food service industry, including hotels, restaurants, cafes, and bakeries, plays a significant role in driving the growth of the ready-to-eat food market. These establishments cater to the increasing consumer preference for convenient and on-the-go food options.
Country-Wise Insights
- Expected to grow at a 6.5% CAGR by 2034, the US market is driven by the increasing consumption of affordable and quality RTE foods, particularly frozen products like pizza. The trend towards health-conscious living further bolsters market growth.
- With a projected CAGR of 6.9%, India’s market growth is fueled by a large working population, rising disposable income, and a diverse range of RTE food options that cater to various culinary preferences.
- Anticipated to grow at a 7.3% CAGR through 2034, China’s market is buoyed by the booming e-commerce sector and a growing demand for natural and healthier RTE options that align with global health trends.
Segment Insights
- Dairy Products: Dominating the market with a projected share of 15.7% in 2024, ready-to-eat dairy products like cheese, yogurt, and milk-based desserts offer convenience and nutritional value, appealing to a broad consumer base.
- Food Service: Expected to hold a significant share of 35% in 2024, the food service segment benefits from the efficiency and convenience of pre-made meals. This segment is well-positioned to meet the diverse dietary needs and preferences of a fast-paced consumer base.
Competitive Landscape and Recent Developments
The ready-to-eat food market is characterized by intense competition, with key players focusing on product innovation and strategic partnerships to expand their portfolios and customer bases. Notable recent developments include:
- VegaBytz Company (2022): Launched plant-based, 100% vegan meat products in India, offering a range of RTE meals.
- Nomad (2021): Acquired Fortenova’s Frozen Food Business Group to enhance its product portfolio.
- McCain Foods (2022): Acquired Scelta Products to strengthen its position in the prepared frozen appetizer market and boost creativity and capacity in frozen prepared meals.
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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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
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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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