Global Ready To Eat Food Market - 2023-2030

Market Overview

The Global Ready-To-Eat Food Market US$ 172.5 million in 2022 and is projected to witness lucrative growth by reaching up to US$ 258.7 million by 2030. The market is growing at a CAGR of 5.2% during the forecast period 2023-2030.

Convenience remains a significant driver in the ready-to-eat food market. Consumers are seeking quick and easy meal solutions that fit their busy lifestyles. Single-serve, portable, and snack-sized ready-to-eat options that can be consumed on the go are in high demand. This trend has led to the introduction of individual portion sizes, grab-and-go packaging, and innovative packaging designs that prioritize convenience and ease of consumption.

Consumers are increasingly open to trying new and diverse flavors from around the world. Ready-to-eat food products are reflecting this trend by offering a wide range of ethnic and global flavors and cuisines. Companies are introducing ready-to-eat meals, snacks, and condiments inspired by various regional and international cuisines to cater to consumers' adventurous palates.

Market Dynamics

The Convenience of Ready-To-Eat Food Fuels the Market Growth

Ready-to-eat food eliminates the need for time-consuming meal preparation, cooking, and clean-up. This appeals to busy individuals, professionals, students, and families who may have limited time for cooking or prefer convenient meal options. It allows them to quickly and easily satisfy their hunger or cravings without investing significant effort. According to a study on the ready-to-eat food sector by the Indian Institute for Technology and Management, ready-to-eat food is consumed by 65% of people, and 75% of consumers like it since it saves them time.

Ready-to-eat food is designed for easy consumption on the go. This caters to the needs of people with busy lifestyles or those who require portable food options. It is particularly popular among commuters, travelers, office workers, and individuals involved in outdoor activities. Hence, the convenience of ready-to-eat food fuels the market growth

Increasing Popularity of Meal Kits is Driving the Market Growth of the Ready to Eat Food Market

Meal kits provide a convenient solution for busy individuals or families who want to eat a home-cooked meal but don't have the time to plan and shop for ingredients. By delivering all the necessary ingredients in pre-measured quantities, meal kits eliminate the need for extensive meal preparation and reduce cooking time.

Meal kits often offer a wide range of recipes from various cuisines, allowing consumers to explore different flavors and cooking styles. This variety appeals to consumers who seek new and exciting dining experiences. As a result, meal kits introduce consumers to new ingredients and flavors, expanding their culinary preferences. As meal kits gain traction and become more mainstream, they introduce consumers to the concept of ready-to-eat food

Increasing Shift Towards Fresh Foods Hamper the Market Growth

On average, 93% of Americans want to eat healthy, and 63% of consumers say they try to eat healthy most or all of the time. As consumers become more health-conscious, there is a growing emphasis on fresh, unprocessed foods. Fresh foods are often perceived as healthier, as they are typically associated with higher nutritional value and fewer additives or preservatives compared to ready-to-eat options. This shift towards fresh foods can lead consumers to prioritize cooking or preparing meals from scratch using fresh ingredients, reducing their reliance on ready-to-eat options.

The demand for natural and organic food products has been on the rise. Consumers are increasingly seeking out foods that are minimally processed, free from synthetic chemicals, and sourced sustainably. This preference for natural and organic foods often extends to fresh produce and whole foods, which may compete with ready-to-eat options that are perceived as more processed and less natural.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

AI Impact

The market for ready-to-eat foods has seen a substantial impact from the application of artificial intelligence (AI), which has improved food preservation, packaging techniques heat treatment, retort processing, microwaveable alternatives, and shelf life.

AI is essential for improving food preservation methods. The ideal circumstances for keeping the quality and freshness of foods that are ready to consume can be determined by AI algorithms by analyzing data on temperature, humidity, and other environmental parameters. AI is used to streamline heat-treatment procedures for making ready-to-eat food. To improve the MAP process, AI algorithms can examine data on product attributes, gas combinations, and packaging components.

Segment Analysis

The global ready-to-eat food market is segmented based on food type, packaging, distribution channel, and region.

Breakfast Convenience of Cereal-based Food

Based on product type, the ready-to-eat food market is classified into fruits & vegetable based, cereal-based, meat/poultry, others

In 2022, cereals have a high share in the ready meals market for several reasons. Cereal-based foods offer a wide range of options, making them versatile and appealing to consumers. This category includes breakfast cereals, cereal bars, granola, muesli, and instant oatmeal, among others. The variety of cereal-based products caters to diverse consumer preferences, contributing to their high market share. For instance, according to FAO, around 2 803 million tonnes of cereal would be consumed globally in 2023-2024, an increase of 0.9 percent from the predicted amount in 2022-2023.

Cereal-based foods are commonly consumed as breakfast options due to their convenience and ease of preparation. They require minimal or no cooking and can be enjoyed quickly, making them suitable for individuals with busy lifestyles or limited time in the morning. The ready-to-eat nature of cereal-based products aligns with the need for convenient breakfast choices, which further drives their market share.

Geographical Analysis

The Growing Food Industry In Europe

According to Data & Trends 2022, the EU's food and beverage industry employs 4.6 million people, has an annual revenue of €1.1 trillion, and adds €230 billion in value. This makes it one of the EU's largest manufacturing sectors. The food industry in Europe is constantly innovating and introducing new ready-to-eat food products which boosts the market growth in that region.

Europe is known for its rich and diverse food culture. The region offers a wide variety of ready-to-eat food options that cater to different tastes and preferences. Traditional European cuisine includes various types of ready-to-eat foods such as cured meats, cheeses, bread, and pastries. These culinary traditions have been adapted and commercialized, contributing to the market's growth.

Competitive Landscape

The major global players in the market include: 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.

Why Purchase the Report?

• To visualize the global ready-to-eat food market segmentation based on food type, packaging, and distribution channel understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of ready-to-eat food market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The Global Ready-To-Eat Food Market Report Would Provide Approximately 61 Tables, 61 Figures And 151 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies