Ready To Eat Food Market

Global Ready to Eat Food Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028: Increasing working population and changing food consumption behavior are the key factors driving the market growth of Global Ready to Eat Food Market.

Global Ready to Eat Food Market is valued at USD 143.55 Billion in 2021 and expected to reach USD 228.25 Billion by 2028 with a CAGR of 6.85% over the forecast period.

Scope:

Ready-to-eat (RTE) foods are pre-cleaned, pre-cooked, and mostly packaged foods that are ready to eat without any prior preparation or cooking. Ready-to-eat foods include canned foods, convenience foods, fast foods, frozen foods, instant products, dried foods, preserved foods, and so on. Consumers are increasingly interested in ready-to-eat foods, due to their ease of preparation and storage, as well as consumer appeal factors such as convenience, value, attractive appearance, and texture. Candy, beverages such as soft drinks, juices, fresh and preserved nuts, processed meats, canned soups and pasta dishes, frozen pizza, potato chips, pretzels, and cookies, biscuits, crisps, breads, pies, sandwiches and rolls, dairy products (milk, cheese, spreads), packaged salads and vegetables, and fruit are all examples of processed foods that can be considered ready to eat foods. The ready to eat foods are becoming popular because it saves time, easily available all through the year, safe to consume and easy to carry. Ready to eat foods have undergone several revisions since their beginnings as a trench ration during World War I. Ready to eat food was implemented in 1980. The new emerging technologies in the world and change in life style and social behavior are the reasons to increase the consumption of ready to eat foods.

During the Covid-19 pandemic situation, careful steps taken by Government of different nations have led to the temporary suspension of food production and the temporary closures of convenience stores, supermarkets in an attempt to limit the impact of the virus which have shown some decline impact on market growth. However, consumers are shifting towards online shopping of groceries and purchasing food products with long shelf life which is helping the growth of ready to eat food market.

Global ready to eat food market is segmented on the basis of product, packaging, distribution channel and region & country level. On the basis of product, the market is segmented into instant breakfast/cereals, instant soups and snacks, ready meals, baked goods and meat products. On the basis of packaging, the market is segmented into canned, frozen/chilled and retort. And on the basis of distribution channel, type is segmented into hypermarket or supermarket, convenience or department store, specialty store and online store.

Key Players:

Major players in the global ready to eat food market are -

• Bakkavor Foods Ltd.
• Bird’s Eye Ltd.
• ConAgra Brands
• Findus Group Ltd.
• General mills
• Greencore Group plc.
• ITC Ltd.
• Kraft Heinz Company
• McCain Foods
• Massa Leve
• Nomad Foods Ltd.
• Orkla ASA
• Premier Foods Group Ltd.
• 2 Sisters Food Group
• Nestlé
• Unilever
• Tyson Foods
• others

Segmentation:

By Product:

• Instant Breakfast/Cereals
• Instant Soups and Snacks
• Ready Meals
• Baked Goods
• Meat Products
• Others

By Packaging:

• Canned
• Frozen or chilled
• Retort
• Others

By Distribution Channel:

• Hypermarket/Supermarket
• Convenience/Department Store
• Specialty Store
• Online Store
• Others

By Regional & Country Level:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Increasing working population and changing food consumption behavior are Driving the Market Growth

The increasing number of the working population and lack of time to cook at home as well as change in lifestyle is closely associated with change in pattern of  diet consumption. Consumers are increasingly prefer ready to eat food because it is easy to consume and they have long shelf life so that can be stored for longer period. Online shopping of groceries is also becoming popular among consumers that can ensure rapid deliveries of products and it is more convenient for customers. According to the Journal of Food Research 2020, the study carried out to evaluate consumer’s consumption practices of ready-to-eat food. The biggest motivation for consumers in purchasing ready to eat foods was convenience (47.3%). 40.7% of respondents purchase ready to eat foods more than twice a week, and 36.8% of respondents consumed ready to eat food at restaurants and cafes. A total of 54.3% of the respondents purchased ready to eat foods for lunch, and 48.1% of respondents usually spend RM11-RM20 per person. However, rising preference for fresh and natural food products may hamper the market growth. In spite of that, people are inclining more towards simple and quick way of cooking and consumption of ready-made food available in markets as a result of their current lifestyle and work pressure. This can offer more opportunities for the further growth of the global ready to eat food delivery market.

North America is expected to Dominate the Global Ready to Eat Food Market

North America is expected to dominate the global ready to eat food market due to changing consumption pattern and ready to eat food helps to save time and effort required for meal preparation. For instance; according to National Institute of Statistics and Geography, in Mexico, fish and crustaceans (fresh, refrigerated and frozen) were one of the highest growing categories between 2015 and 2016, recording the growth of 7.62%.

Also, Asia Pacific is expected to witness a fastest growth in the global ready to eat food market. This is due to the growing number of food delivery services, the rising influence of Western culture, more number of working women and, the high consumer interest in online fast foods in this region. According to the Journal of Food Research 2020, study conducted among university students and employees in Kuala Lumpur, Malaysia to examine the consumption practices and perception of ready-to-eat food, the results showed that majority of the respondents (52%) consumed RTE food two to four times a week, and most of them (44%) consumed RTE food during lunch. The biggest motivator for the respondents to purchase RTE food was convenience (46%).

News: 

Nestle Launched Line of FreshlyFit Ready-to-Eat Meals

December 15^th, 2020; Freshly Inc., the meal delivery service acquired in November by Nestle SA, launched a new product line for consumers. FreshlyFit ready-to-eat meals are inspired by attributes of keto, paleo and plant-based diet principles. The offerings are gluten-free, clean label, made with whole-food ingredients and may be heated and served in three minutes.

Report Analysis	Details
Historical data	2015 - 2020
Forecast Period	2022 - 2028
Market Size in 2021:	USD 143.55 Bn
Base year considered	2020
Forecast Period CAGR %:	6.85%
Market Size Expected in 2028:	USD 228.25 Bn
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	Bakkavor Foods Ltd., Bird’s Eye Ltd., ConAgra Brands, Findus Group Ltd., General mills, Greencore Group plc., ITC Ltd., Kraft Heinz Company, McCain Foods, Massa Leve, Nomad Foods Ltd., Orkla ASA, Premier Foods Group Ltd., 2 Sisters Food Group, Nestlé, Unilever, Tyson Foods others.
Segments Covered	By Product, By Packaging, By Distribution Channel
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa