May 25, 2024
Ready To Eat Food Market

The Ready To Eat Food Market is expected to be Flourished by High Demand for Convenience Foods

Ready-to-eat foods are pre-cooked or semi-cooked foods that require minimal preparation and are ready for consumption in a short period of time. Some common examples include ready meals, canned foods, frozen foods, packaged salads, and snacks. The benefits of convenience and ease of preparation have increased the popularity of ready-to-eat foods globally. Busy lifestyles and dual-income households have driven the demand for convenience foods that can be easily prepared and consumed on the go.

The global ready to eat food market is estimated to be valued at US$ 182.45 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The high demand for convenience foods from fast-paced urban lifestyles is expected to drive the growth of the ready to eat food market over the forecast period. Ready meals, snacks, bakery products and other packaged foods save considerable time spent on meal preparation. Moreover, nuclear family structures and increasing number of women in the workforce have increased the demand for easy to cook foods. This has propelled manufacturers to offer a wide variety of ready-to-eat products across different food categories. Furthermore, rising disposable incomes in developing countries allow consumers to pay premium prices for convenience foods. The introduction of innovative product varieties and focus on new flavors, ingredients and packaging by manufacturers will also contribute to the market expansion.

Segment Analysis

The ready to eat food market can be segmented into snacks, frozen meals, dairy products, cereals and others. Among these, the snacks sub-segment dominates the market and accounts for over 30% share. This is because snacks such as potato chips, extruded snacks etc. are very convenient to consume, portable and have longer shelf life. The frozen meals segment is also growing at a faster rate due to changing lifestyle and increasing number of working women.

PEST Analysis

Political: The government has implemented various regulations and standards related to food safety and hygiene which manufacturers have to comply with. This ensures quality products for consumers.

Economic: The rising disposable incomes and dual income households have increased demand for convenient ready to eat options. Working populations also rely on them to save time for cooking.

Social: Smaller families and nuclear households have increased consumption of ready meals as people don’t want to spend time cooking for just 1-2 members. Exposure to western culture has also boosted the trend.

Technological: Advanced packaging technologies preserve freshness and extend shelf life of ready foods. Automated production lines have increased efficiencies.

Key Takeaways

The Global Ready To Eat Food Market Size is expected to witness high growth.

Regional analysis: North America currently dominates primarily due to US while Asia Pacific is the fastest growing region led by India and China. Population growth and urbanization are driving sales.

Key players operating in the ready to eat food market are: Biogen Inc., AstraZeneca PLC, Pfizer Inc., Novartis International AG. Key players such as Nestle and Unilever have leading portfolio of snacks and frozen meals. They focus on product innovations, brand building and distribution expansion.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it