The global Ready-To-Eat Food Market is poised for remarkable expansion, projected to reach an impressive valuation of US$ 391.1 billion by 2034, driven by a robust Compound Annual Growth Rate (CAGR) of 9.2%. This market growth is propelled by evolving consumer lifestyles and preferences, presenting lucrative opportunities for investors seeking sustainable growth in the B2B industry.
The ready-to-eat food market is experiencing unprecedented growth, fueled by increasing consumer demand for convenient, long-lasting, and minimally processed food options. As busy lifestyles become the norm, consumers are turning to ready-to-eat meals that provide both convenience and nutritional value.
The market’s expansion is driven by a variety of factors, including rising urbanization, changing family dynamics, and increasing distances between home and workplace. Additionally, the popularity of ready-to-eat foods among working-class individuals, teenagers, and single people is significantly contributing to the market’s growth trajectory.
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A significant growth factor for the ready-to-eat food market is the increasing consumer preference for plant-based diets and environmentally sustainable options. With a surge in demand for vegetarian and vegan ready-to-eat foods, the market is witnessing a paradigm shift towards healthier and more ethical dietary choices.
“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.).
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.
Business Growth Headlines:
- Ready-to-Eat Food Market on a Trajectory of Exponential Growth: The global ready-to-eat food market is forecasted to double in value, reaching US$ 391.1 billion by 2034, driven by increasing consumer demand for convenient and nutritious meal options.
- Evolving Consumer Lifestyles Drive Market Expansion: Changing family dynamics, urbanization, and busy work schedules are driving the demand for ready-to-eat foods, leading to a surge in market growth worldwide.
- Plant-Based Diets Propel Market Growth: The growing popularity of vegetarian and vegan diets is fueling demand for plant-based ready-to-eat foods, presenting lucrative opportunities for manufacturers and suppliers.
- Investment Opportunities Abound in Sustainable Solutions: Investors in the B2B industry can capitalize on the market’s growth by investing in sustainable practices, innovative packaging solutions, and environmentally friendly production methods.
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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