by The ready to eat food market includes a wide range of food products that requires minimal or no preparation before consumption. This includes products such as ready meals, frozen pizza, noodles, meat and seafood, soups, and snacks. Ready to eat food items have grown in popularity due to changing consumer lifestyles and the demand for convenient options. With increasing number of people leading busy lives and dual income households rising, there is less time available for meal preparation at home. This has fueled the demand for ready to eat meals that can be prepared and served quickly.
The global ready to eat food Market is estimated to be valued at US$ 157871.05 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The increased demand for convenience foods is a key driver propelling the growth of the ready to eat food market. With hectic schedules, people prefer food items that save time and effort in cooking. Moreover, consumers are willing to pay extra for premium ready meals and snacks due to the value of convenience they offer. Another factor boosting the market is the rising number of single-person and nuclear households globally. People living alone find ready to eat foods fit their needs as these items serve individual portions as well. Furthermore, product innovation with diverse flavors and ingredients is expanding the consumer base for ready to eat cuisine. Manufacturers are developing healthier options made with whole grains, proteins, and less preservatives to cater to nutritional interests of health-conscious customers. However, rising health issues associated with higher sodium and fat content limit the consumption of certain ready to eat varieties.
Segment Analysis
The global ready to eat food market can be segmented based on product type, distribution channel, end user and region. Based on product type the market can be categorized as ready meals and mixes, bakery products, noodles and pasta, breakfast cereals, potato items and snacks. Among these, ready meals and mixes segment holds the largest market share as they are convenient, nutritious and tasty on-the-go meal options. Based on distribution channel the market is classified as retail stores, online stores and super/hyper markets. Among these, retail stores dominates the segment due to availability of large product range and personalized customer services.
PEST Analysis
Political: Government policies related to food safety and quality standards influence the market growth. Various regulations on product certification, labeling and packaging affects the operations of market players.
Economic: Rising disposable income and dual income households drives the demand for ready to eat food products. Changing schedules and lifestyle changes such as increase in number of working women is driving the adoption of convenient meal options.
Social: Evolving consumer tastes and preferences towards new flavor experiences and healthy food alternatives boosts the market growth. People prefer ready to eat options due to lack of time for cooking at home.
Technological: Advanced packaging techniques and improved supply chain logistics enables market players to deliver fresh and quality products. Growth of e-commerce platforms facilitate door step delivery of ready to eat foods.
Key Takeaways
The Global Ready-To-Eat Food Market Size is expected to witness high growth.
Regional analysis: The Asia Pacific region dominates the global ready to eat food market and is expected to grow at a CAGR of around 13% during the forecast period. Factors such as rapid urbanization, rising disposable income and preference for convenience foods drives the market in Asia Pacific region, especially in countries like China and India.)
Key players operating in the ready to eat food market are Biogen Inc., AstraZeneca PLC, Pfizer Inc., Novartis International AG, Merck & Co., Inc., Sanofi S.A., F. Hoffmann-La Roche Ltd. These players are focused on new product launches and mergers & acquisitions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
