The adoption of dinner Ready-to-Eat (RTE) food is expected to increase at a CAGR of 6.00% during the forecast period. The dinner Ready-to-Eat (RTE) food market size is anticipated to rise from US$ 14,692 million in 2023 to US$ 25,184.3 million in 2033.
One of the key drivers of market growth is the rapidly urbanising food and beverage sector, which is also expanding. Global consumption of RTE food products has increased as the working population has grown and consumer lives have improved.
As a result of hectic schedules, on-the-go convenience foods that require minimal preparation time and effort are becoming increasingly popular. Furthermore, the expansion of quick-service restaurants (QSRs) and the emergence of a café culture, as well as an increase in consumer purchasing power, are driving demand for supper RTE food products.
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To address nutritional needs, producers are creating creatively flavoured variations rich in useful ingredients, which is also boosting their enduring popularity among customers.
Other factors, such as the growth of online retailing networks and aggressive promotional activities by vendors, are expected to drive the market even further.
Key Takeaways from the Dinner Ready-to-Eat (RTE) Food market
- The American ready-to-eat food market had the strongest dinner ready-to-eat food market share, accounting for 9.3% of the global market. The rising consumption of ready-to-eat foods, including frozen goods is to held responsible for the country’s growth. Given these foods’ low cost as well as their high quality and freshness, the dinner ready-to-eat food market in the United States is expanding.
- 3% of the market for dinner-ready food was accounted for by the Supermarkets & Hypermarkets category in 2022. The market for dinner ready-to-eat foods is expanding as a result of the convenience of finding various brands’ ready-to-eat foods in one place. Frozen food is offered at discount pricing by supermarkets in an effort to attract more customers.
- Rising urbanization, increased middle-class disposable income, and changing Indian consumer food habits all contribute to the market’s phenomenal growth of 29.7%. Furthermore, the increased demand for quick food, as well as the freshness and nutritional value of these items, is aiding the growth of the Indian ready-to-eat food market.
- The ready meals segment leads the global market with a 6.4% annual growth rate. Consumer demand for ready meals has boosted the growth of the dinner ready-to-eat food industry significantly. The rise in the working population, as well as the reduction in cooking time, has had a positive effect.
Competitive Landscape
The manufacturers’ strategies for staying afloat in the dinner ready-to-eat food market include new product launches, portfolio expansion, strategic collaborations, and mergers. As a result of high industrial profitability, dinner ready-to-eat food market manufacturers have developed powerful competitive strategies, increasing competition among existing market players. As a primary market consolidation strategy, major dinner ready-to-eat food market players are focusing heavily on product innovation.
Findus Group, Tyson Food Inc., JBS, General Mills Inc., Koninklijke Philips N.V., Greencore Group Plc, The Kraft Heinz Company, Unilever NV, Smithfield Food Inc., Schwan’s Shared Services, Nestle SA, ITC Limited, and Hormel Food Corporation are some of the key players in the Dinner Ready-to-Eat Food Market.
Latest Developments
- The Kraft Heinz Company announced a secondary offering of shares of common stock (the “Offering”) in November 2021. Some affiliates of 3G Global Food Holdings LP (the “Selling Stockholder”) intend to sell 30,596,465 shares of common stock (“Common Stock”) in the Offering, which is subject to market and other conditions. The company will not accept any proceeds from the Offering.
- Tyson Foods, Inc. will launch a novel line of plant-based products under the brand First PrideTM in select retail markets and e-Commerce across Asia Pacific in June 2021. This is the first time the company has launched plant-based products in Asia, with the goal of making protein more accessible and affordable to more people around the world.
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Key Segments Covered in the Market Report
By Product Type:
- Instant Breakfast/Cereals
- Instant Soups and Snacks
- Ready Meals
- Baked Goods
- Meat Products
By Distribution Channel:
- Hypermarkets/Supermarkets
- Convenience Stores
- Online Retailers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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