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Ready-to-Eat Food Market Size Worth US$ 1,471.94BN, Globally, by 2028 at 5.4% CAGR - Exclusive Report by The Insight Partners
Wednesday, June 8, 2022
NEW YORK, May 31, 2022 /PRNewswire/ -- The Insight Partners published latest research study on Ready-to-Eat Food Market to Forecast 2028 - COVID-19 Impact and Global Analysis - by Product Type, Distribution Channel, and Geography," the ready-to-eat food market is projected to reach US$ 1,471.94 billion by 2028 from US$ 1,073.87 billion in 2022. It is expected to grow at a CAGR of 5.4% from 2022 to 2028. The rise in the working population and hectic lifestyles of people worldwide has led to high demand for ready-to-eat roducts with individual portions to be consumed on the go or outside the home. Due to these factors, the ready-to-eat food market is expected to propel in the coming years.
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Report Coverage
Details
Market Size Value in
US$ 1,073.87 Billion in 2022
Market Size Value by
US$ 1,471.94 Billion by 2028
Growth rate
CAGR of 5.4% from 2022 to 2028
Forecast Period
2022-2028
Base Year 2022
No. of Pages 163
No. Tables 0
No. of Charts & Figures 0
Historical data available
Yes
Segments covered
Product Type, and Distribution Channel
Regional scope
North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi
Arabia, Brazil, Argentina
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Ready-to-Eat Food Market: Competitive Landscape and Key Developments
Leading players in the ready-to-eat food market are Nestlé SA; Conagra Brands Inc.; The Kraft Heinz Company; General Mills Inc.; CAMPBELL SOUP COMPANY; MTR Foods Pvt Ltd.; Hormel Foods Corporation; Tyson Foods, Inc.; JBS S.A.; The Kellogg Company. These players are focused on developing innovative products to meet the changing requirements of consumers.
Ready-to-eat food refer to food that consumers may securely eat without cooking. Ready-to-eat or ready-to-cook food is also termed fast food, which is effortless in preparation and can be eaten on the go. It typically involves ready meals, packed snack food, bread, pasta, breakfast cereals, fruit snacks, sauces, processed meat, protein bars, and more. The prime factor driving the growth of the ready-to-eat food market is the increased willingness to spend on such food and the lack of time to cook at home due to rapid urbanization.
The ready-to-eat food market in the Asia Pacific is projected to rise at the fastest CAGR during the forecast period. A study published by Globalization and Health, a peer-reviewed journal, has suggested that the consumption of ultra-processed foods is increasing rapidly in Asia. Moreover, numerous studies have established that transnational food and beverage corporations (TFBCs) have shaped food systems and general consumption in ways that alter the desirability, availability, price, and ultimately consumption of processed foods. Due to these factors, the ready-to-eat food market is expected to expand over the next few years.
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Innovations in RTE Products and Strategic Developments by Manufacturers
Ready-to-eat food manufacturers are making significant investments in product innovation to attract a large number of consumers. They are offering organic, gluten-free, sugar-free, and plant-based products and products suitable for a keto diet, which meet various requirements of consumers. Companies, such as Kellogg's Company, Nestle SA, and General Mills, produce various nutritious Ready-to-eat products in different flavors and varieties. For instance, General Mills released a range of instant oatmeal cereals in 2021. Similarly, Kwality Foods, an Indian food processing company, introduced a line of immunity-boosting cereals in 2020. In these cereals, turmeric was used to help combat diseases and jaggery was used to replace refined sugar, making the product healthier than before as health became a priority for consumers worldwide during the global crisis.
Moreover, people are focusing on convenience food products while maintaining the nutritional balance in their diets. With the flourishing trend of veganism, manufacturers are also venturing into a plant-based food segment. For instance, Nestlé-owned brand, Freshly launched its first fully vegan meal line in August 2021. Such product innovations help companies extend their reach in domestic markets and gain a competitive edge in international markets.
Ready-to-Eat Food Market: Segmental Overview
Based on product type, the ready-to-eat food market has been segmented into breakfast cereals, instant soup and noodles, ready meals, snacks, baked goods and confectioneries, and others. The others segment accounted for the largest market share in 2020. Other types include dairy products, sauces, and dips. The popularity of processed and ready-to-eat sauces and dips grew as people switched from traditional ways of living and adopted a modern lifestyle, fueling the growth of ready-to-eat food market. The growing multi-cuisine culture worldwide is likely to boost the demand for ready-to-eat sauces and dips in the near future, aiding this market.
Furthermore, health-conscious consumers mostly consume dairy products as regular dairy products improve bone and gut health and reduce the risks of cardiovascular diseases (CVDs) and type 2 diabetes. Thus, the ready-to-eat food market is projected to rise significantly over the next few years due to such factors.
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Based on distribution channels, the ready-to-eat food market has been segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment accounted for the largest share in 2020. Products from various brands are available at reasonable prices in these stores, allowing shoppers to find the right product quickly. Moreover, these stores offer attractive discounts, multiple payment options, and a pleasant customer experience. Due to heavy customer footfall, ready-to-eat food product manufacturers usually prefer selling their products through supermarkets and hypermarkets.
Over the recent decades, women have been increasingly participating in workforces across various countries at a high pace. Traditionally women have had the responsibility of preparing meals in all households. Thus, the increasing women participating in the workforce has led to numerous households to seek for store bought meals. As ready to eat meals can be easily procured, stored, served, or eaten, they have proven to be convenient by saving physical effort and time.
Additionally, a rise in the working women population has also transformed the eating habits of people. Many of these products are also known to have high nutritional value. A large number of brands of RTE products available at multiple retail stores. Manufacturers are delving into product innovations in terms of flavor, shelf life, taste, texture, and packaging which has significantly led to higher demand for ready to eat meals. The improved quality of ready to eat meals has led consumers to choose the option over food service.
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The female labor force across many countries has increased exponentially from 1990 to 2020, indicating positive trends across numerous countries across the globe. Notably, growth in participation began at different points in time, and proceeded at different rates; nonetheless, the substantial and sustained growth in the participation of women in labor forces in rich countries remained a striking feature of economic and social developments in the 20th century. Thus, this factor is potentially contributing to the growth of ready-to-eat food market.
Based on distribution channel, the ready-to-eat food market has been segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held a significant market share in 2020; however, the online retail segment is projected to register the highest CAGR during the forecast period. E-commerce platforms offer a wide range of products from different brands. The manufacturers of RTE products prefer selling their products through e-commerce platforms as they are popular among youngsters. Moreover, these channels include detailed descriptions of products and customer reviews, which helps customers choose the right product.
Based on geography, the s is primarily segmented into North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). Asia-Pacific accounted for the largest share of the market. Consumers in Asia Pacific are now increasingly seeking convenience in all types of consumer products.
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The growing working population and people's hectic lifestyles in developing countries of Asia Pacific have led to high demand for convenience ready-to-eat products with individual portions to be consumed on the go or outside of the home. These factors are expected to drive the growth of the ready-to-eat food market in the region during the forecast period.
Impact of COVID-19 Pandemic on Ready-to-Eat Food Market
Supply chains were completely disrupted due to nationwide lockdown and border restrictions enacted by various governments during the COVID-19 pandemic, which affected the production and distribution of various products. The pandemic had a short-term impact on the food industry. The ready-to-eat food market experienced positive effects of this crisis as consumers and retailers were stockpiling the convenience food products with longer shelf lives. Consumers also began buying healthier convenience food and beverages to boost immunity. Subsequently, the manufacturers of ready-to-eat products focused on healthy and nutritious products enriched with proteins and other nutrients.
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