Ready to eat food products provide convenience and portability to consumers, especially working professionals. These products require little or no preparation and can be easily consumed. They preserve the nutritional value of ingredients, while saving time for busy individuals and families. Some popular ready-to-eat foods include cereals, soups, noodles, sausage rolls, and spring rolls.
The global Ready To Eat Food Market is estimated to be valued at US$ 157871.05 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing awareness about health benefits associated with consuming ready to eat foods is a major factor driving the market growth. Over the past few years, customer priorities have been shifting towards healthier options that are low in calories, fat and sugar. Ready to eat products allow manufacturers to carefully control ingredients and portion sizes in order to provide nutritious items to health-conscious consumers. Many players are launching new varieties enriched with whole grains, probiotics and plant-based proteins to cater to rising demand for dietary diversity and wellness-focused diets. This trend is expected to significantly boost the ready to eat food market over the forecast period.
Segment Analysis
The global ready to eat food market is dominated by the frozen sub-segment owing to its long shelf-life and convenience. The frozen segment accounts for over 30% of the total market share as the freezer technology has advanced allowing the preparation and storage of food for longer durations without compromising on taste and nutrition. Another major sub-segment is the canned or jarred segment which holds around 25% market share. Canned food products have a long shelf life of up to 5 years without any refrigeration and are highly convenient to consume.
Key Takeaways
The Global Ready To Eat Food Market Growth is expected to witness high growth over the forecast period of 2023 to 2030. Growing urbanization and increasing number of working women joining the workforce is driving the demand for convenient RTE meals across regions.
Regional analysis: North America currently dominates the global market with over 35% share led by the US. High disposable incomes and preference for convenience foods are major factors for the region's dominance. Asia Pacific is expected to be the fastest growing region during the forecast period driven by growing middle class population and rapid urbanization in countries such as India and China. Changing dietary habits and increased exposure to western food trends are also contributing to the demand in Asia Pacific.
Key players: Key players operating in the ready to eat food market are Clos Sainte Aurore (France), Spirulina Viva (Mexico), SPIFORM (France), Spirulina La Capitelle (France), Aurospirul (India), Far East Microalgae Industries, Co., Ltd. (Taiwan). The global market is fragmented in nature with the presence of many global as well as regional players. Major players are focusing on new product development, production expansion and mergers & acquisitions to strengthen their market presence.
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To calculate the growth rates for each segment and sub-segment, the Ready-to-Eat FoodMarket has been thoroughly analyzed in terms of past trends, future trends, demographics, technological advancements, and regulatory requirements.Primary and secondary sources of research were used in the compilation of this report.
To collect data and curate market information, we interviewed various C-level executives.
We also assessed the post-COVID-19 market situation, the threat from the current pandemic and recent end-user needs based on the analysis of our Experts.Key Companies Operating in this Ready-to-Eat Food Market • Birds Eye Ltd.• Findus Group Ltd., ITC Limited• Nestle• Nomad Foods Ltd.• Bakkavor Foods Ltd.• General Mills Inc.• McCain Foods.• Premier Foods Group Ltd.• 2 Sisters Food Group.• Greencore Group Plc.• Orkla ASA• ConAgra Foods Inc.• Teleflex Incorporated• Conagra Brands, Inc.• Unilever• The Kraft Heinz Company.• CSC Brand LP.• Hormel Foods Corporation.• Tyson Foods, Inc.• Fleury Michon• Grupo Herdez Food Services• Greencore Group• MTR Foods Pvt.
