Ready-to-Eat Food Market
Ready-to-Eat Food Market
New York, January 2024: According to a new research study by Global Insight Services (GIS), the Ready-to-Eat Food market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 370.1 billion by 2033.
Ready-to-eat (RTE) food refers to packaged or prepared food products that require minimal to no cooking or additional preparation before consumption. These convenience foods are designed for immediate consumption, providing a quick and time-saving solution for busy individuals or those without access to traditional cooking facilities. RTE foods encompass a wide range of items, including pre-packaged meals, snacks, and beverages. They undergo thorough processing, preservation, and packaging to ensure extended shelf life without compromising taste or safety. Common examples include pre-cooked meals, canned goods, frozen dinners, and snack bars. The convenience and versatility of RTE foods have contributed to their popularity in modern lifestyles, offering consumers a convenient and efficient way to satisfy their nutritional needs.
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Ready-to-Eat Food Market: Key Drivers and Trends
The ready-to-eat (RTE) food market is propelled by various drivers that reflect evolving consumer behaviors and industry dynamics. Convenience stands out as a primary driver, with busy lifestyles fueling the demand for quick and easily accessible meal solutions. Changing dietary preferences contribute to the popularity of RTE foods, particularly among consumers seeking time-efficient, yet nutritious options. The growing urbanization, coupled with an increase in dual-income households, boosts the need for ready-to-consume products.
Additionally, the rise of e-commerce and food delivery services enhances market accessibility, allowing consumers to conveniently purchase RTE foods online. Innovation in packaging and preservation technologies ensures extended shelf life and product freshness. Health and wellness trends contribute to the demand for healthier RTE options, promoting the inclusion of organic, low-sugar, and natural ingredient choices. These drivers collectively shape the expanding and dynamic landscape of the RTE food market.
Ready-to-Eat Food Market: Market Restraints and Challenges
While the ready-to-eat (RTE) food market exhibits substantial growth potential, it is not without its challenges and restraints. Concerns around the nutritional content and health implications of some RTE products can hinder market expansion, particularly as consumers increasingly prioritize healthier options. Stringent regulations related to food safety, labeling, and quality standards pose compliance challenges for manufacturers, impacting production processes and costs.
Additionally, fluctuating raw material prices can affect profit margins for companies in the RTE food sector. The perishable nature of some RTE products may lead to challenges in distribution and storage logistics. Intense competition within the market requires continuous innovation, placing a strain on research and development budgets. Rising environmental concerns may also necessitate adjustments in packaging practices, potentially increasing costs. Addressing these restraints is crucial for sustained growth and success in the RTE food market.
Ready-to-Eat Food Market Report Findings
The others segment is likely to hold the major share of the market in 2023
On the basis of product type, the ready-to-eat food market is segmented into instant breakfast/cereals, instant soups and snacks, ready meals, baked goods, meat products, and others. The others segment is expected to have the largest ready-to-eat food market share in 2023. The growth of the others segment in the ready-to-eat food market can be attributed to diverse factors. This category often includes innovative and niche products, catering to specific dietary preferences such as organic, gluten-free, or health-focused options. Additionally, the rising consumer demand for unique and exotic flavors, coupled with an increasing emphasis on convenience, has led to the introduction of specialized ready-to-eat products. Continuous product innovation, strategic marketing, and a focus on meeting diverse consumer needs contribute to the robust growth of the others segment, making it a dynamic and expanding category within the ready-to-eat food market.
The frozen or chilled segment is likely to hold the major share of the market in 2023
Based on packaging type, the ready-to-eat food market is classified into canned, frozen or chilled, retort, and others. The frozen or chilled segment is expected to have the largest ready-to-eat food market share in 2023. The growth of the frozen or chilled segment in the ready-to-eat food market is driven by several key factors. Consumers increasingly prioritize freshness and nutritional value, and the frozen or chilled packaging type aligns with these preferences. The segment benefits from technological advancements in cold chain logistics, ensuring product integrity. Busy lifestyles and the demand for quick, yet wholesome meals further boost the popularity of conveniently stored and easily prepared frozen or chilled options. Moreover, the expansion of product varieties within this segment, including healthier alternatives and diverse cuisines, contributes to its market dominance, reflecting a continuous shift towards convenient and nutritious eating choices.
The supermarket & hypermarket segment is likely to hold the major share of the market in 2023
On the basis of distribution channel, the ready-to-eat food market is segmented into supermarket & hypermarket, online retail, departmental/convenience store, and others. The supermarket & hypermarket segment is expected to have the largest ready-to-eat food market share in 2023. The growth of the supermarket & hypermarket segment in the ready-to-eat food market is propelled by several factors. These large retail outlets offer a diverse range of ready-to-eat products, providing consumers with extensive choices and convenience in a one-stop shopping experience. Strategic product placement, promotional activities, and attractive packaging contribute to increased visibility and consumer preference within these outlets. Furthermore, the growing trend of consumers seeking quick and convenient meal solutions aligns with the accessibility and variety provided by supermarket & hypermarket channels. Efficient supply chain management and the ability to cater to a broad customer base further fuel the segment’s substantial market share.
The Asia Pacific region is likely to hold the major share of the market in 2023
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific market is expected to have the largest ready-to-eat food market share in 2023. The Asia Pacific ready-to-eat food market is poised for significant growth due to various factors. Rapid urbanization, busy lifestyles, and an increasing number of dual-income households drive the demand for convenient, ready-to-eat options. Rising disposable incomes and a growing young population contribute to a shift in dietary preferences towards quick and hassle-free meals. Additionally, the diverse culinary traditions across the region lead to a wide variety of ready-to-eat offerings, appealing to local tastes. Ongoing globalization and the penetration of multinational food brands further stimulate the market. Overall, a confluence of demographic and lifestyle trends positions the Asia Pacific region for substantial growth in the ready-to-eat food market.
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The key players studied in the ready-to-eat food market are Walter P. Rawl and Sons, Inc. (US), Agrarfrost GmbH (Germany), Campbell Soup Company (US), Conagra Brands, Inc. (US), Cosun (The Netherlands), Farm Frites International B.V. (The Netherlands), General Mills (US), Greenyard (Belgium), Grupo Bimbo (Mexico), Hormel Foods (US), J.R. Simplot Company (US), Lamb Weston, Inc. (US), McCain Foods Limited (Canada), Mondelēz International (US), Nestlé India Limited (India), The Hain Celestial Group, Inc. (US), The Kraft Heinz Company (US), Tyson Foods, Inc. (US), Unilever (UK), and Himalaya Food International Ltd. (India).
Ready-to-Eat Food Market: Recent Developments
- September 2022, McCain Foods purchased Scelta Products, located in the Netherlands. The company’s position in prepared frozen appetisers will be strengthened by this purchase, which will also increase frozen appetisers’ capacity and creativity.
- August 2022, Prepared meal kits were introduced by General Mills Inc. under the Betty Crocker, Old El Paso, Pillsbury, and Annie’s Organic brands. It offers customers alternatives for easy handmade recipes that are ready to eat, already prepared.
- August 2021, the brand owned by Nestlé just introduced its first range of entirely vegan meals. The chef-prepared meal delivery service will feature six options under its new “purely plant” menu, all of which are designed to highlight the nutritional advantages and delicious potential of plant-based cuisine. Inspired by a range of cuisines, the dishes are ready to eat in about three minutes and include: Moroccan Herb Falafel Bowl with Garlicky Hummus & Toasted Quinoa; Indian-Spiced Chickpea Curry Bowl with Basmati Rice, Lentils & Veggies; Farmstead Baked Pasta with Melty Cashew Cheeze & Seasonal Veggies (which features a vegan cheese made from coconut milk); and Creamy Buffalo Cauli Mac & Cheeze with Garlic-Roasted Broccoli.
Ready-to-Eat Food Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current Ready-to-Eat Food Market outlook and estimations from 2023 to 2033, which helps to recognize the prevalent opportunities.
- The report also covers qualitative as well as quantitative analysis of Ready-to-Eat Food Market in terms of revenue ($Million).
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Ready-to-Eat Food industry.
- A thorough analysis of market trends and restraints is provided.
- By region as well as country market analysis is also presented in this report.
- Analytical depiction of the Ready-to-Eat Food Market along with the current trends and future estimations to depict imminent investment pockets. The overall Ready-to-Eat Food industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
- Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Ready-to-Eat Food Market are also analyzed.
Ready-to-Eat Food Market Segmentation
By Product Type
- Instant Breakfast/Cereals
- Instant Soups and Snacks
- Ready Meals
- Baked Goods
- Meat Products
By Packaging Type
- Frozen or Chilled
By Distribution Channel
- Supermarket & Hypermarket
- Online Retail
- Departmental/Convenience Store
- North America
- The U.S.
- The U.K.
- Rest of Europe
- The Asia-Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East
- Walter P. Rawl and Sons, Inc. (US)
- Agrarfrost GmbH (Germany)
- Campbell Soup Company (US)
- Conagra Brands, Inc. (US)
- Cosun (The Netherlands)
- Farm Frites International B.V. (The Netherlands)
- General Mills (US)
- Greenyard (Belgium)
- Grupo Bimbo (Mexico)
- Hormel Foods (US)
- J.R. Simplot Company (US)
- Lamb Weston, Inc. (US)
- McCain Foods Limited (Canada)
- Mondelēz International (US)
- Nestlé India Limited (India)
- The Hain Celestial Group, Inc. (US)
- The Kraft Heinz Company (US)
- Tyson Foods, Inc. (US)
- Unilever (UK)
- Himalaya Food International Ltd. (India)