The global ready-to-eat food market is anticipated to reach a total market value of USD 1,80,000 Million in 2022 and, with a CAGR (compound annual growth rate) of 7.7%, reaching USD 3,77,945.81 Million by 2032. Even with the Covid issue, the ready-to-eat food industry has proven to be one of the fastest-growing.
The demand for quick and convenient solutions is driving a rapid expansion of the ready-to-eat food sector. Because of urbanisation, busy lifestyles, and shifting customer preferences, the industry is growing. Additionally, consumers worldwide are becoming more interested in ready-to-eat meals due to advancements in food processing and packaging technology.
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Customers generally choose goods that are more real, all-natural, flexible, and nourishing without compromising on flavours, minerals, or wellbeing objectives. Above all else, these products ought to make it simpler for individuals to eat healthfully despite their busy schedules and active lifestyles. Stores and manufacturers must effectively deal with customers who are more frequently scheduled to work but have high expectations for food quality, flavour, and presentation.
Millennials and Millennials are driving the demand for high-quality meals due to their interest in food, yet they might not have the necessary tools, expertise, or time. This creates a market for prepared foods that are more convenient for these people.
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.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.
MUSH, which makes overnight cold-soaked oats in milk that is dairy-free, never cooked, free of preservatives and artificial colours, is another successful tale. The food options at Singapore’s Soup Spoon include vegetable broths, animal stews, and soup pouches. Traditional Italian ready-to-eat meals, including vegetarian options, are produced in Italy by Villa Food. Spanish tappers offer a variety of dishes throughout the week, some of which are vegan.
To better serve consumers and meet their escalating expectations, major firms are using innovative techniques including new product launches and increasing manufacturing capacity. An ‘elegant and beautiful’ canned Gold pineapple fruit brand targeted for teenagers was introduced in May 2018 by renowned food manufacturing business Del Monte Foods, Inc.
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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.
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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
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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