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Ready to eat food products refer to food products that can be consumed directly without any preparation or need for cooking. Some common examples of ready to eat foods include pre-packaged sandwiches, salads, processed meat products and fruits. These foods offer convenience to consumers who have a busy lifestyle or are unable to prepare meals themselves. The ready to eat market has grown significantly due to higher consumption of processed and packaged foods. There has been a rising demand for nutrition bars, snacks and frozen meals among working professionals and young consumers who prefer to eat on-the-go.
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 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing Demand for Convenience Food and Flourishing Fast Food Culture
The hectic lifestyles and busy schedules have left consumers with little time for cooking, resulting in higher demand for convenient, ready-to-eat meals and snacks. Changing consumption patterns, along with rising disposable incomes in developing regions are fueling the market for ready to eat foods. Furthermore, growing fast food culture especially among youth has boosted the sales of packaged sandwiches, burgers and pizza. Ready to eat foods address the need for convenience without compromising on taste.
Growth of Food Processing Industry
The growth of food processing industry in emerging economies is also driving the ready to eat food market. Manufacturers are launching innovative lines of frozen meals, freeze-dried food and instant soups to cater to the rising health-conscious population. Increased investments by major players in R&D, new product launches and focus on ingredients and formats preferred by local customers will support the market growth over the forecast period.
Segment Analysis
The global ready to eat food market is dominated by packaged foods segment which holds around 35% market share. The packaged foods segment includes frozen meals, canned/chilled foods, snacks etc. This segment is dominating as ready to eat foods provide convenience to consume food anywhere without requiring preparation. The frozen meals sub-segment holds the major share in packaged foods segment. Factors such as longer shelf life, ease of preparation and meals resembling home cooked food drive the demand for frozen meals.
PEST Analysis
Political: The government policies related to food processing and packaging industries affect the market. Some governments promote packaged food industry while others impose regulations on health issues.
Economic: Rising disposable income and dual income households drives the demand for convenient ready to eat foods. Economic fluctuations could impact consumer spending behavior.
Social: Changing lifestyle and demand for convenience foods due to busy schedules fuel the market growth. Urbanization and nuclear family structures favors ready meals consumption.
Technological: Advanced packaging technologies help increase shelf life of foods. Virtual kitchens and cloud kitchens enable food delivery aggregators to provide ready meals easily.
Key Takeaways
The Global Ready To Eat Food Market Growth is expected to witness high growth due to increasing preferences for convenience foods globally.
Regional analysis
Asia Pacific dominates the market with around 35% market share. Rapid urbanization, western influence on food habits and improving economic conditions drives the Asia Pacific market. China holds the major market share in this region followed by India and other Southeast Asian countries.
Key players
Key players operating in the ready to eat food market are Clos Sainte Aurore (France), Spirulina Viva (Mexico), SPIFORM (France), Spirulina La Capitelle (France), Aurospirul (India), Far East Microalgae Industries, Co., Ltd. (Taiwan). Key players focus on expanding their product portfolio through innovations to cater changing consumer demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
