Global Ready-to-Eat Food Market - 2022-2029

Market Overview

Ready to Eat Industry Market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 5.85% during the forecast period (2022-2029).

Baked goods, such as bread or doughnuts, which are served at room temperature or frozen are considered ready to eat as they can be consumed as is or with minimal heating. As the product has already been heated to a temperature to kill bacteria, the primary concern for food safety is to ensure that it is not contaminated after the fact. Ready-to-eat foods doesn't need any cooking before serving, often, ready to eat foods are cooked in advance to serve either hot or cold. Some of the most common ready to eat foods or commercially prepared food sold at grocery stores are fruit salads, deli meats, luncheon meats, and prepared sandwiches. Some of the common ready-to-eat foods are salads, cooked meats, smoked fish, desserts, sandwiches cheese and others.

In addition, ready-to-eat foods save time, convenient for working population owing their busy schedules and hectic work cultures. Furthermore, easy availability, affordable prices and the fact that it's safe to consume will propel the growth of the market. Thus, owing to these benefits the demand for ready-to-eat food among the consumers, across the regions has increased globally.

Market Dynamics: Growing number of working women shifted the eating patterns towards ready-to-eat food

The rapid growth in working population specifically women resulted in the rise in demand for ready-to-eat food which is driving the growth of the market. Earlier, women were to their homes and were following certain responsibility as housewives, were limited only to the household chores, but as the society has changes, women are seeking employment. Thus, there has been rise in demand for ready-to-eat food owing to increase in the working women as well as couples. Thus, it is hard to maintain the work and domestic tasks due to limited time. This has resulted in women choosing ready-to-eat food to save the time and energy.

In addition, there has been shift in eating patterns of consumers owing to increase in number of working women which has resulted in urbanization, rise in disposable income, change in lifestyle and others. For instance, in 2020, according to Teamstage.io, women account for 47.7% of global workforce. All these factors are influenced by the working women preferences and shopping or purchasing patterns which increase the demand for ready-to-eat food products. For instance, in 2022, according to phD Eassy, almost 100% women have working hours more than 9-10 hours, 60% don't get time to cook themselves. 30% women prefer ready-to-eat food products more than once. Thus, increasing demand for ready-to-eat food across the regions is driving the growth of the market.

However, rise in awareness about the health concerns related to ready-to-eat food products owing the presence of preservatives, additives, artificial food colors and others. These additives may cause health conditions such as asthma, bronchitis, cardiac issues and others. Thus, these factors may restraint the growth of the market.

Market Segmentation: Cereal-based segment stands for the highest share in global ready-to-eat food market

In 2021, the cereal based dominated the market and accounted for YY share of the global revenue. The growth of this segment is attributed to the fact that consumers demand nutritional and healthy food products owing increase in awareness about its benefits. For instance, in March 2021, according to chron, the demand for cereal breakfast in U.S. has increased by 26%. In addition, the awareness regarding the health benefits of breakfast cereals has increased the demand for cereal based ready-to-eat food products. Cereal products improve metabolism, promotes nutrition intake, helps digestion, good for cardiovascular health, thus, these benefits enabling consumers to buy the cereal based products which ultimately increasing the demand of the segment. For instance, in 2020, the breakfast cereal segment in India grew by 26,100 millions.

Geographical Penetration: North America is the dominating region during the forecast period

In 2021, North America had the highest revenue share of YY percent. The region has well-developed farming industry. In addition, different types of ready-to-eat food products have been popular in the U.S., Canada, and Mexico. The growing working population in North America enabling consumers to prefer the ready food items which can save their time and also can provide them with good nutrition. For instance, in 2020, according to Social, approximately 36% of American have consumed ready-to eat food in 2020.

Furthermore, new technological innovations, busy and hectic work schedules along with rapid growth in personal disposable income of consumers enabling the working class population adopt the ready-to eat food products which ultimately increases the demand of the food in the region and adds to the growth of the market. For instance, in 2020, according to Social, North America held 41.4% global ready to eat food market.

Competitive Landscape:

The global ready-to-eat food market is competitive and comprises players such as Bakkavor Foods Ltd, McCain Foods, 2 Sisters Food Group, Orkla ASA, ITC Limited, General Mills Inc., Premier Foods Group Ltd, Nomad Foods Ltd, Nestle and Conagra brands Inc. among others. The ready-to-eat food market competitiveness is estimated to increase over the forecast period as the key players focus on various strategies such as acquisitions, collaborations, new product launches, product innovation with fortification according to the consumer demand along with marketing & advertising. Moreover, growing demand for healthy and nutritious ready-to-eat food products such as cereal based, vegetable-based food products is propelling the market growth. For instance, in May 2021, the plant-based meat manufacturer Impossible Foods launched its first ready-to-eat Impossible Burger across more than 300 7-Eleven stores in Singapore, making it the first plant-based meat manufacturer to offer a ready-to-eat product in the city.

COVID-19 Impact: Positive impact on global ready-to-eat food market

The COVID-19 pandemic has adversely affected various industries and the economies of various countries due to lockdowns, government-imposed restrictions on import-exports, business close, and travel bans. Food and beverages are among the major industries suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants.

During the COVID-19 pandemic majority of the population was working from home, as a result of this, there has been extended working hours, time constraints more pressure along with money saving has seen. These factors influenced consumers to buy ready-to-eat food products. For instance, in 2020, according to a recent survey done by Assocham (Associated Chamber of Commerce and Industry of India) says about 79% of Indian households today prefer to have instant food due to time constraints.

In addition, the easy availability of the ready-to eat food products on online platform, increased the sale of the products during COVID-19. Thus, ready-to-eat food is considered as millennial's new favorite owing to its easy availability, availability of variety of options and new product innovations by manufacturers even during and after the COVID-19 pandemic. Thus, the growing working population and time constraints enable consumers to buy ready to eat products. In addition, the surety of sanitization, hygiene and safe products is driving the growth of the market.

The global ready-to-eat food market report would provide an access to approximately 53 market data tables, 44 figures and 170 pages