by The ready to eat food market has witnessed tremendous growth over the past few years owing to the rising demand for convenient food options among time-pressed consumers. Ready to eat foods refer to food products that can be eaten without cooking or heating and include products such as frozen snacks, pasteurized canned food, UHT milk, and ready to eat breakfast cereals. These foods offer consumers the advantage of being highly portable and easy to consume on-the-go without much preparation time. The increasing number of working women, dual-income households, and improving disposable income levels have been driving the need for healthy yet convenient food choices.
The global ready to eat food market is estimated to be valued at US$ 330 billion in 2024 and is expected to exhibit a CAGR of 7.7% over the forecast period 2024-2030.
The growing demand for time-saving options and on-the-go snacking habits among the millennials and working population has been a major factor augmenting the sales of ready meals and other convenience food products globally. Changing lifestyle patterns, hectic work schedules, and increased number of women workforce have boosted the demand for easy-to-cook and healthy meals over the years.
Key Takeaways
Key players: Key players operating in the Ready To Eat Food Market Companies include Nestle, General Mills, McCain Foods Limited, Kraft Heinz, and UniPresident.
Growing demand: The growing demand for time-saving options and on-the-go snacking habits among the millennials and working population has been a major factor augmenting the sales of ready meals and other convenience food products globally.
Global expansion: Changing lifestyle patterns, hectic work schedules, and increased number of women workforce have boosted the demand for easy-to-cook and healthy meals over the years, driving the global expansion of the ready to eat food market.
Market Key Trends
Rising health consciousness is prompting vendors to develop healthier ready to eat food options. Many companies are focusing on introducing low-calorie, gluten-free, vegan, high-protein, and organic product variants. Ready-to-eat food market manufacturers are investing in research and development activities to come up with more nutritious solutions using whole grains, vegetables, fruits, and plant-based proteins to cater to evolving customer needs. Ease of procurement through e-commerce and online food delivery platforms is also emerging as a major trend, providing consumers with convenience of home delivery of ready meals.
Porter’s Analysis
Threat of new entrants: Medium as medium capital requirement. The Ready To Eat Food Market Demand is dominated by large players. Bargaining power of buyers: High as there are many alternatives and buyers can switch easily. Bargaining power of suppliers: Medium as suppliers have bargaining power due to availability of raw materials. Threat of new substitutes: High threat from substitutes like homemade food. Competitive rivalry: High among existing players to gain market share.
Geographical Regions
North America remains the largest region for ready to eat food market in terms of value owing to busy lifestyles and preference for convenience foods. The United States alone accounts for over 25% of global market share.
The Asia Pacific region is expected to grow at the fastest rate during the forecast period. Countries like China, India are witnessing rapid urbanization, economic growth and changing eating habits which is propelling the demand for RTE food products in this region. Increase in disposable incomes and exposure to western influence is driving the consumers towards convenience foods like snack items and frozen meals in Asia Pacific.
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About Author - Ravina Pandya
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
