The global Ready-To-Eat Food Market is projected to reach US$ 195.9 billion in 2024 and US$ 391.1 billion in 2034. By 2034, the ready-to-eat food demand is expected to surge at a CAGR of 9.2%.
Shifting social and economic dynamics, coupled with increased expenditure on food and evolving dietary preferences, are fueling a surge in global demand for convenient, ready-to-eat foods. Post the COVID-19 pandemic, the ready-to-eat food industry has emerged as one of the fastest-growing markets.
Consumers are increasingly seeking healthier, customizable, authentic, and natural options that align with their health goals, taste preferences, and nutritional needs, even amidst their hectic schedules and dynamic lifestyles. Ready-to-eat foods offer a convenient solution for individuals striving to maintain a balanced diet in today’s fast-paced world.
Countries like the United States, China, and India, characterized by rapid economic development and significant market potential, are expected to drive substantial demand. Frozen and chilled ready meals are particularly popular in these regions, reflecting changing consumer preferences and lifestyle trends, including the rise of veganism, gluten-free diets, and a growing emphasis on eco-friendly packaging solutions.
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The ready-to-eat (RTE) food market is experiencing a surge in popularity, fueled by a confluence of consumer demands. Here’s what’s driving the growth:
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Freshness with Convenience: Consumers crave both long-lasting food items and minimal processing. RTE products often strike a balance, offering extended shelf life without sacrificing freshness.
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Time-Crunched Consumers: Busy schedules are a reality for many. The ease and speed of preparing RTE meals are a major draw for working professionals, students, and anyone on-the-go.
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Singles and Busy Households: The rise of single-person households and families with dual-working parents creates a demand for convenient meals. RTE options cater perfectly to these demographics.
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Flavorful Appeal: Gone are the days of bland, processed RTE meals. Today’s offerings boast delicious flavors, tempting consumers to ditch traditional meals for convenient alternatives.
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Food Service Industry Boost: Hotels, restaurants, cafes, and bakeries play a crucial role in propelling the RTE market forward. These establishments offer a wide variety of grab-and-go options, perfectly suited to today’s fast-paced lifestyle.
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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