The Global Ready To Eat Food Market Size is valued at 367.20 billion in 2022 and is predicted to reach 570.02 billion by the year 2031 at a 5.1% CAGR during the forecast period for 2023-2031.
Food ready-to-eat is growing increasingly popular in industrialized nations, where consumption is higher than in poor nations. A gradual departure from the conventional paradigm of daily cooking has been brought about by the rise in the number of workers in developing nations like China and India, as well as the tendency toward longer and more erratic workweeks which drives market growth. Furthermore, strong demand for frozen ready-to-eat food results from rising convenience trends and a corresponding surge in demand for certain meal options. Since it provides everything from frozen desserts to appetizers and meals, the food and beverage business is seen as a one-stop shop for consumers on the go.
Moreover, young people and Millennials are the easiest demographics to sell to with ready-to-eat food. Additionally, new apps that make it easier for customers to choose their favorite products and online grocery shopping are two of the most current advancements in the sector which accelerate the market growth.
Competitive Landscape:
Some of the Ready to Eat Food market players are:
- Nomad Foods Ltd
- General Mills, Inc.
- McCain Foods Limited
- Nestlé S.A.
- Premier Foods Group Limited
- Conagra Brands, Inc.
- Amy's Kitchen
- Dr. August Oetker
- Nahrungsmittel KG
- Campbell Soup Company
- The Kraft Heinz Company
Market Segmentation:
The ready to eat food market is based on product and distributional channels. Based on product, the ready to eat food market is segmented as instant breakfast/cereals, meat products, instant soups and snacks, ready meals, baked goods, and other product types. The market is segmented by application into hypermarkets/supermarkets, convenience stores, online retail stores, and other distribution channels.
Based On Product, The Baked Goods Segment Is A Major Contributor To The Ready To Eat Food Market
The baked goods category will hold a major share of the global Ready to Eat Food market in 2022. A crucial segment of the ready-to-eat food market is baked goods. These products cover a wide range of foods such as bread, pastries, cakes, cookies, and muffins that don't require any additional baking or preparation and are fully cooked and ready for eating. Because they are readily available and convenient, baked foods are well-liked in the ready-to-eat food market. These goods are readily available from supermarkets, bakeries, or internet retailers, and consumers can consume them immediately without further baking or cooking.
The Online Category Witnessed Growth At A Rapid Rate
The online category is projected to grow rapidly in the global market. The overall demand for brands of pre-packaged meals has increased via Internet channels. Online delivery is a key factor in the industry's growth and is offered by major supermarkets and hypermarkets, including Walmart, Target, and Aldi. Many supermarkets have started offering the same packed meal brands independently or in collaboration with cloud kitchens.
The North American Ready To Eat Food Market Holds A Significant Revenue Share
The North American region ready to eat food market is projected to register a tremendous market share in revenue shortly. The region's product demand is driven by customers' changing food tastes due to rising health consciousness and worries about food safety. Additionally, pre-packaged vegan, gluten-free, and organic foods are valuable for consumer trust and perceptions of healthfulness.
The popularity of ready-to-eat meals is rising due to their mobility, convenience, and accessibility to new options. In addition, the Asia Pacific region is anticipated to develop rapidly in the global ready to eat food because of the expanding target population in the area. Additionally, rising consumer disposable income and increased knowledge of ready-meal items foster industry expansion. Furthermore, the demand for pre-packaged meals will benefit from rising living standards and quick industrialization in developing nations like India.
Ready To Eat Food Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 367.20 Bn |
|
Revenue Forecast In 2031 |
USD 570.02 Bn |
|
Growth Rate CAGR |
CAGR of 5.1 % from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Product And Distributional Channels |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; South East Asia |
|
Competitive Landscape |
Nomad Foods Ltd General Mills, Inc., McCain Foods Limited, Nestlé S.A., Premier Foods Group Limited, Conagra Brands, Inc., Amy's Kitchen, Dr. August Oetker Nahrungsmittel KG, Campbell Soup Company and The Kraft Heinz Company. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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