The global ready-to-eat food market is predicted to achieve a total market value of US$ 185.8 Million in the year 2023, with a CAGR (compound annual growth rate) of 7.7%, attaining an overall market worth Of US$ 371.6 Million by the year 2033. Even due to the Covid crisis, the ready-to-eat food sector has shown to be among the fastest & rapidly expanding markets.
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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Blog Introduction:
The global ready-to-eat food market is not only thriving but has demonstrated resilience amid the COVID-19 crisis, emerging as one of the fastest-growing markets. Predicted to reach a total market value of US$ 371.6 Million by 2033, with a CAGR of 7.7%, this market is evolving to meet the demands of consumers seeking authenticity, organic options, and customized food experiences. Let’s explore the key drivers, market dynamics, and the role of technology in shaping the future of ready-to-eat food.
Key Highlights:
- Global Market Growth:
- The global ready-to-eat food market is projected to achieve a total market value of US$ 185.8 Million in 2023, with a remarkable CAGR of 7.7%, eventually reaching US$ 371.6 Million by 2033.
- Despite the challenges posed by the COVID-19 pandemic, the sector has proven to be one of the fastest-growing markets globally.
- Changing Consumer Preferences:
- Consumers are increasingly opting for genuine, organic, and personalized food choices without compromising on taste, nutritional value, or health goals.
- The market is adapting to cater to individuals with busy schedules and active lifestyles, aligning with the demand for a balanced diet
Key Takeaways:
- U.S. Dominance:
- The United States takes a commanding position in the ready-to-eat food industry, not only in North America but globally.
- With a 65% market share in the region, the U.S. contributes significantly to the market’s valuation, standing at approximately USD 44,460 million.
- In 2020, 36% of American adults reported consuming ready-to-eat meals, emphasizing the popularity of the sector.
- Indian Market Dynamics:
- In the Indian ready-to-eat food market, pre-cooked meat and smoked fish are the highest consumed and top-selling categories, expected to drive substantial sales income.
“The ready-to-eat sector’s rapid growth trajectory is fueled by the primary target audience—youths with dynamic and hectic lifestyles, opting for convenient and easy food choices.” – says a lead analyst at Future Market Insights.
“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:
Leading corporations in the ready-to-eat food market are employing innovative strategies, including new product launches and increased manufacturing capacity. Companies such as Del Monte Foods, Inc., MUSH, and Villa Food are setting successful examples by meeting consumer demands for minimally processed, longer shelf-life, and preservative-free options.
Recent Success Stories:
- Del Monte Foods, Inc. introduced a canned Gold pineapple fruit line in May 2018, catering to teenagers’ preferences for an elegant and classy offering.
- MUSH provides dairy-free, never-heated, and preservative-free overnight cold-soaked oats.
- Villa Food produces classic Italian ready-to-eat meals in Italy, including vegetarian dishes.
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Get More Valuable Insights
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 for ready to eat food market
By Product Type:
- Vegetable-Based
- Cereal Based
- Meat/Poultry
- Others
By Packaging:
- Canned
- Retort
- Frozen or Chilled
- Others
By Distribution Channel:
- Online Store
- Departmental/ Convenience Store
- Specialty Store
- Supermarket/ Hypermarket
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
- MEA
About Future Market Insights (FMI)
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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