According to a recent report by Future Market Insights, market research and competitive intelligence provider, sales of dinner ready-to-eat food are estimated to reach a value of USD 307.1 Billion by 2032, surging at a 5.8% CAGR through the decade.
The dinner ready-to-eat (RTE) food market growth is being driven by an increase in the convenience offered in terms of time savings and the minimal effort required for meal preparation. The wo rking population and millennials have increased their preference for these meals, owing to the fact that they only require heating before consumption, reducing overall effort. With rising demand for dinner ready-to-eat (RTE) food, manufacturers are focusing on developing innovative products to meet it and gain significant dinner ready-to-eat (RTE) food market share.
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Frozen Food Reigns Supreme
Frozen dinner RTE food is gaining popularity, making up nearly one-third of the revenue share in 2019. The lucrativeness is likely to persist, powered by the growing need to stockpile essential food to survive the COVID-19 pandemic.
Frozen foods are also becoming more popular due to their long shelf life. As consumers seek to minimize uncertainty, frozen has emerged as a feasible option. These tastes are also ramping up the category in the dinner ready-to-eat (RTE) food market.
Asia Pacific Makes Up the Majority of the Market
The Asia Pacific dinner ready-to-eat (RTE) food market is primarily driven by soaring demand for frozen pizza and handheld breakfast. These are heavily advertised as low-cost, high-quality, and fresh products. These meals have managed to gain the same popularity as foods found in restaurants and other food outlets.
Chilled and frozen ready meals are also among the most popular types of ready-to-eat food in the country. Furthermore, dinner ready-to-eat (RTE) food market participants are putting the spotlight on strategic measures to establish a powerful foundation in the country, which is attempting to drive dinner ready-to-eat (RTE) food market growth.
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Key Takeaways from Market Study
- China’s dinner ready-to-eat (RTE) food market is being driven by rising demand for frozen pizza and handheld breakfast.
- The dinner ready-to-eat (RTE) food market in the United States dominated in 2021, accounting for 38% of the total market.
- The ready meals segment was the leader in the dinner ready-to-eat (RTE) food in 2021. This rise is due to increased convenience, as less time and effort is required for meal preparation.
- The Supermarkets & Hypermarkets segment commanded the largest dinner ready-to-eat (RTE) food market share in 2021.
- Due to the increasing digitalization of the retail sector, the online segment is anticipated to expand at the fastest CAGR.
“One of the most important factors driving the growth of the global ready-to-eat food market is the expanding food and beverage industry, which, along with rapid urbanization, is one of the most important factors driving the growth of the global ready-to-eat food market,” says a lead analyst at Future Market Insights.
Competitive Landscape
New product launches, portfolio expansion, strategic collaborations, and mergers are some of the strategies used by the aforementioned companies to stay afloat in the dinner ready-to-eat (RTE) food market.
Some of the key dinner ready-to-eat (RTE) food market players in the dinner ready-to-eat food market include Findus Group, Tyson Food Inc., JBS, General Mills Inc., Koninklijke Philips N.V., Greencore Group Plc, The Kraft Heinz Company, Unilever NV, Smithfield Food Inc., Schwan’s Shared Services, Nestle SA, ITC Limited, Hormel Food Corporation.
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Recent Developments
- Nestlé will introduce egg and shrimp substitutes in October 2021, expanding its portfolio of plant-based foods available to consumers. As a limited test run, the novel products will be available first in selected European markets. Nestlé will market its egg substitute as Garden Gourmet Veggie.
- The Kraft Heinz Company announced a secondary offering of shares of common stock in November 2021. Some affiliates of 3G Global Food Holdings LP intend to sell 30,596,465 shares of common stock in the Offering, which is subject to market and other conditions. The company will not accept any proceeds from the Offering.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of ready-to-eat food presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the ready-to-eat food based on Product Type (Instant Breakfast/Cereals, Instant Soups and Snacks, Ready Meals, Baked Goods, Meat Products, and Other Product Types), By Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Online Retailers, and Other Distribution Channels), and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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