The global ready-to-eat food market is anticipated to reach a total market value of USD 1,80,000 Mn in 2022 and, with a CAGR (compound annual growth rate) of 7.7%, reaching USD 3,77,945.81 Mn by 2032. Even with the Covid issue, the ready-to-eat food industry has proven to be one of the fastest-growing.
Customers typically want products that are healthier, more adaptable, and more real and natural, without sacrificing health goals, flavors, or minerals. Above all, these products should make it easier for people to eat healthily despite their hectic schedules and active lifestyles. Customers who are more frequently scheduled to work but have high expectations for food quality, flavor, and presentation must be appropriately communicated with by shops and manufacturers.
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Because of their interest in food, Millennials and millennials are fueling demand for high-quality foods, yet they may lack sufficient equipment, skills, or time. This opens up the sector for elevated ease and ready-to-eat foods targeted at these individuals.
Key Takeaways:
- For its enormous market presence, technical advances and innovation, hectic schedules, and high spending power, the United States dominates the ready-to-eat food industry throughout the North American region but also globally.
- The U.S. has a 65 % market share in the region, with a total market valuation of about USD 44,460 million.
- In the year 2020, roughly 36% of American adults said they consumed ready-to-eat meals.
- The highest consumed and selling categories in the Indian ready-to-eat food market include pre-cooked meat and smoked fish, which are expected to create substantial sales income.
“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.
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Competitive Landscape:
Customers desire ready-to-eat meals which are minimally processed and with a longer shelf-life and few or no preservatives, but not at the expense of sensory attributes. High-Pressure Processing (HPP) technology has a lot of potential as a preservation solution without the use of heat for RTE meals.
A further successful story is MUSH, which prepares overnight cold-soaked oats in milk that is dairy-free, never heated, and free of preservatives and unnatural colors. Plant-based broths, animal stews, and soup pouches are among the culinary selections available at Singapore’s Soup Spoon. Villa Food manufactures classic Italian ready-to-eat meals in Italy, including vegetarian dishes. Tappers in Spain provide many meals during the week, with plant-based options included.
Major corporations are employing creative strategies like new product releases and boosting manufacturing capacity to serve better to the consumers and satisfy their rising demands. In May in the year 2018, Del Monte Foods, Inc., a prominent food processing company, launched an ‘elegant and classy’ canned Gold pineapple fruit line geared for teenagers.
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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
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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