The global Ready-To-Eat Food Market is poised for substantial growth, projected to reach a staggering US$ 391.1 billion by 2034 from an estimated US$ 195.9 billion in 2024. This impressive rise, marked by a compound annual growth rate (CAGR) of 9.2%, is driven by an increasing consumer preference for convenient, time-saving meal options. The hectic pace of modern lifestyles, characterized by long working hours and busy schedules, has significantly bolstered the demand for RTE foods. This demand is not limited to individuals; the food service industry, encompassing restaurants, cafes, and hotels, is also a significant contributor, catering to the growing need for quick, on-the-go meal solutions. The market’s expansion is further fueled by innovations in food processing and preservation technologies, ensuring that RTE foods meet consumer expectations for taste, nutrition, and quality.
The rapid expansion of the RTE food market is driven by several key factors. Modern lifestyles, characterized by long working hours and a demand for convenience, are propelling the shift towards ready-to-eat meals. The food service industry, including restaurants, cafes, and hotels, plays a significant role by catering to the increasing consumer preference for quick, on-the-go meal options. Innovations in food processing and preservation technologies are ensuring that RTE foods meet the high expectations of today’s consumers for taste, nutrition, and quality.
From 2019 to 2023, the RTE food market experienced a CAGR of 7.1%, setting the stage for an even more dynamic growth phase from 2024 to 2034. This period is expected to witness a surge in demand for frozen prepared foods and nutritious, balanced meal options, driven by health-conscious consumers willing to invest in convenience without compromising on health.
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Several factors are catalyzing the growth of the RTE food market. The rising consumer demand for minimally processed, additive-free foods that offer longer shelf life and retain nutritional value is a major driver. Additionally, the increasing participation of women in the workforce, urbanization, and changing family structures are contributing to this growth. Technological advancements, such as high-pressure processing (HPP), are enhancing the quality and safety of RTE foods, making them more appealing to health-conscious consumers. Furthermore, the burgeoning e-commerce sector is providing consumers with easy access to a wide array of RTE products, thereby boosting market growth.
Key Takeaways from the Ready-to-eat Food Market Report:
- The global ready-to-eat food market is expected to reach a valuation of US$ 195.9 billion by 2024.
- The market is expected to surge at 9.2% CAGR over the forecast period.
- Based on product type, dairy products are anticipated to hold a market share of 15.7% in 2024.
- The United States is projected to grow at a CAGR of 6.5% through 2034.
- China’s ready-to-eat food market is projected to rise with a CAGR of 7.3% during the forecast period.
“Some of the factors bolstering the market include the introduction of more exotic products, the surge of private labels, and the premiumization of products. Consumer perceptions of prepared meals are steadily increasing, with customers finding that high-speed cooking times and convenience are optimal,” Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Competitive Landscape
Nestlé, Dr. Oetker, Campbell Soup Company, Nomad Foods, Danone, Vietnam Hanfimex Corporation, and General Mills Inc. are key ready-to-eat food manufacturers listed in the report. The market is fragmented due to several international and domestic companies.
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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.
Leading manufacturers are focusing on product innovation to meet the emerging health choices of consumers around the world. Companies are using strategies such as partnerships, innovation, online advertising campaigns, and new product developments to expand their product portfolios and customer bases.
Recent Developments:
- In 2022, VegaBytz Company introduced plant-based, 100% vegan meat products in India, offering ready-to-eat meat, chicken, tuna meals, and curry products made from plants.
- In 2021, Nomad acquired Fortenova’s Frozen Food Business Group (FFBG) to expand its product portfolio.
- In 2022, McCain Foods acquired Scelta Products. Through this acquisition, the company’s position in the prepared frozen appetizer market will be strengthened, and frozen appetizers will gain more impetus and production capacity.
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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
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 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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