The global ready-to-eat food market is anticipated to reach a total market value of US$ 185.8 million in 2023, growing at a compound yearly growth rate (CAGR) of 7.7% to reach an estimated US$ 371.6 million by 2033. The ready-to-eat food industry has proven to be one of the fastest-growing, even in spite of the COVID-19 pandemic.
Consumers tend to choose products that are more genuine, organic, and individualised while maintaining tastes, nutritional value, and health goals. Above all, these items need to help users maintain a balanced diet—especially given their hectic schedules and active lifestyles. Consumers have greater standards for food quality, flavour, and presentation, but they are also busier at work, so they want producers and retailers to communicate with them in an expedient manner.
Millennials’ passion for food is driving the demand for gourmet dining, but they might not have the time, knowledge, or means to sustain it. Preparated foods that are better for these people are therefore in demand.
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Competitive Landscape:
- Consumer preferences lean towards minimally processed, preservative-free ready-to-eat meals with an extended shelf life. High-Pressure Processing (HPP) technology emerges as a potential preservation solution without heat for these meals.
- Leading players, including MUSH, Soup Spoon, and Villa Food, showcase successful strategies with innovative, customer-centric offerings.
Strategic Moves:
- Major corporations adopt creative strategies such as new product launches and increased manufacturing capacity to meet rising consumer demands. Del Monte Foods, Inc., for instance, introduced an ‘elegant and classy’ canned Gold pineapple fruit line targeting teenagers.
Key Takeaways:
Market Growth Trajectory:
- The global ready-to-eat food market is set to attain a market value of US$ 185.8 million by 2023, projecting a robust CAGR of 7.7% and aiming for an estimated US$ 371.6 million by 2033.
- Despite challenges posed by the COVID-19 pandemic, the ready-to-eat food industry stands out as one of the fastest-growing sectors.
Consumer Preferences:
- Consumers are increasingly opting for genuine, organic, and personalized food choices while emphasizing taste, nutritional value, and health objectives.
- The demand for convenient, balanced diet options is on the rise, driven by hectic schedules and active lifestyles.
Millennial Influence:
- Millennials’ passion for gourmet dining fuels the demand for prepared foods that cater to their preferences, aligning with their limited time, knowledge, and resources.
Regional Dynamics:
- The United States dominates the global ready-to-eat food industry, holding a 65% market share in North America and a total market valuation of approximately USD 44,460 million.
- In 2020, around 36% of American adults reported consuming ready-to-eat meals, highlighting the significant market presence.
Category Insights:
- In the Indian ready-to-eat food market, pre-cooked meat and smoked fish emerge as top-selling categories, contributing substantially to sales revenue.
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“Customers have a preference for ready-to-eat food since it may serve as a useful substitute for a normal diet and has an increased shelf life, making it handier to preserve for later use. Due to their dynamic and hectic lifestyles, youths are the primary target area for this industry. They choose ready-to-eat or easy foods. With such a wide range of consumers, the ready-to-eat sector will have a rapid growth trajectory,” says a lead analyst at Future Market Insights.
Competitive Landscape:
Customers desire ready-to-eat meals which are minimally processed and with a longer shelf-life and few or no preservatives, but not at the expense of sensory attributes. High-Pressure Processing (HPP) technology has a lot of potential as a preservation solution without the use of heat for RTE meals.
A further successful story is MUSH, which prepares overnight cold-soaked oats in milk that is dairy-free, never heated, and free of preservatives and unnatural colors. Plant-based broths, animal stews, and soup pouches are among the culinary selections available at Singapore’s Soup Spoon. Villa Food manufactures classic Italian ready-to-eat meals in Italy, including vegetarian dishes. Tappers in Spain provide many meals during the week, with plant-based options included.
Major corporations are employing creative strategies like new product releases and boosting manufacturing capacity to serve better to the consumers and satisfy their rising demands. In May in the year 2018, Del Monte Foods, Inc., a prominent food processing company, launched an ‘elegant and classy’ canned Gold pineapple fruit line geared for teenagers.
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Future Market Insights, in its new offering, provides an unbiased analysis of the Ready-to-Eat presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031.
Segmentation Highlights:
- Product Type:
- Vegetable-Based
- Cereal-Based
- Meat/Poultry
- Others
- Packaging:
- Canned
- Retort
- Frozen or Chilled
- Others
- Distribution Channel:
- Online Store
- Departmental/Convenience Store
- Specialty Store
- Supermarket/Hypermarket
- Others
Regional Breakdown:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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