The dinner Ready-to-Eat (RTE) food market (저녁 즉시 먹을 수 있는(RTE) 식품 시장) is set for impressive growth, projected to increase at a compound annual growth rate (CAGR) of 6.0% from 2023 to 2033. The market, valued at US$ 14,692 million in 2023, is anticipated to reach a staggering US$ 25,184.3 million by 2033. This growth is driven by evolving consumer lifestyles, increased expenditure on food and beverages, and a rising preference for convenient, nutritious meal options.
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Key Drivers of Market Growth
The shift towards convenient and ready-to-eat food options is accelerating globally due to several factors:
- Changing Social and Economic Patterns: Increased urbanization, a higher number of working women, and hectic work schedules are pushing consumers towards ready-to-eat food options.
- Increased Awareness and Expenditure: There is a growing awareness about nutritious food options and a willingness to spend more on healthy and convenient meal choices.
- Variety and Innovation: Consumers are showing increased interest in trying new products, including ethnic cuisines like Indian, Thai, and Italian, alongside traditional meals.
- Sustainability and Technology: Manufacturers are incorporating sustainable solutions and advanced technologies, such as 3D printing and High-Pressure Processing (HPP), to enhance product quality and operational efficiency.
Technological Advancements
The integration of advanced technologies is revolutionizing the ready-to-eat food market. For instance, 3D printing technology is being promoted for its potential to create nutritious, customized food items efficiently. Research indicates that 3D-printed meat could significantly reduce environmental impacts, making it a promising solution for sustainable food production.
Market Trends
- High-Pressure Processing (HPP): This technology is gaining traction as it meets consumer demands for minimally processed foods with extended shelf life and high sensory quality. HPP technology is particularly popular in plant-based RTE meals, providing a fresh and nutritious option.
- Frozen Foods: The demand for frozen dinner RTE foods is increasing, driven by their long shelf life and convenience. This trend was further amplified during the COVID-19 pandemic, as consumers sought to store food to reduce uncertainty.
- Healthy Ready-to-Eat Options: Contrary to the common perception that RTE foods are unhealthy, there is a growing segment of healthy RTE meal options available, catering to health-conscious consumers.
Competitive Landscape
The global dinner RTE food market is highly competitive, with key players adopting various
strategies to gain market share. Leading companies are focusing on product innovation, strategic mergers and acquisitions, and geographic expansion to stay ahead in the market. Notable players in the market include Arla Foods, BioGaia AB, Chr. Hansen Holding A/S, Danone, Danisco A/S, General Mills Inc., i-Health Inc., Lallemand Inc., Lifeway Foods, Inc., Mother Dairy Fruit & Vegetable Pvt. Ltd., Kerry, Nestle S.A., Probi, and Yakult Honsha Co., Ltd.
Key Developments
- McCain Foods acquired Scelta Products of the Netherlands in September 2022, strengthening its position in the prepared frozen appetizers market.
- General Mills Inc. launched prepared meal kits under the Betty Crocker, Old El Paso, Pillsbury, and Annie’s Organic brands in August 2022, offering consumers ready-to-eat meal options for easy home preparation.
Regional Insights
- United States: Leading the North American and global RTE food markets, the U.S. is characterized by technological innovations, busy lifestyles, and high disposable incomes. The market is driven by a significant working population and a growing preference for convenient meal options.
- Japan: With a market share of 7.2%, Japan is seeing increased demand for frozen and ready-to-eat foods, driven by progressive lifestyles and diverse culinary preferences.
- India: Expected to grow at a transformational rate of 29.7%, the Indian RTE food market benefits from rapid urbanization, increased disposable income, and changing food habits.
Future Outlook
The future of the dinner RTE food market looks promising, with anticipated progressive growth driven by technological advancements, changing consumer preferences, and increased focus on sustainability. Investors who leverage these trends and focus on innovation and market expansion are likely to benefit significantly from the growing demand for ready-to-eat food products.
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