Ready To Eat Food Market Share, Opportunities, Industry 2031

Report Description

The Global Ready To Eat Food Market size was valued at USD 180 Billion in 2022 and is expected to surpass USD 350.92 Billion by 2031, expanding at a CAGR of 7.7% during the forecast period, 2023–2031. The growth of the market is attributed to the COVID-19 pandemic, wherein customers disliked cooking.

Ready-to-eat foods are precooked, pre-cleaned, and primarily packed foods that require no preparation or cooking before consumption. Ready-to-eat food is a type of packed prepared food that does not require any additional processing to ensure quality. It may be frozen, shelf-stable, and only requires minor heating or served hot. Some foods must be kept refrigerated until consumed, while others require specific care to ensure food safety.

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With most individuals working from home and countries under lockdown, ready-to-cook meal products have been flying off the shelves in recent months. Grofers, an online grocery shop headquartered in India, reported a 170 per cent increase in sales in the ready-to-eat category, 31% in the ready-made meals and mixes area, and 41% in the frozen food category, showing a rapid consumer shift away from home-cooking. Indeed, it is predicted that this shift in consumer behavior would considerably boost the market studied in 2021 when compared to 2019.

Young people spend the majority of their money on easy ready-to-eat foods. For ready-to-eat food manufacturing behemoths, young customers are the easiest prey. Ready-to-eat food is regarded as the most convenient alternative to conventional meals, as it may be consumed at any time (such as during breakfast, lunch, or dinner). The industry is being driven by regulatory authority activities, such as the Singapore Health Promotion Board's continuous promotional efforts to raise awareness of frozen meals and fish products.

The recent development of individual quick-freezing technology helps to freeze meat and poultry products at -30°C to – 40°C temperature, which preserves meat and poultry products.

Ready To Eat Food Market Trends, Drivers, Restraints, and Opportunities

• Increasing coronavirus infections resulting in restaurants having restricted services is expected to drive the market growth during the forecast period.

• Simplicity of the use of such goods and consumer habits are anticipated to fuel market expansion in the coming years.

• Growing support from regulatory authorities is estimated to spur market growth in the coming years.

• Rising number of failed ready-to-eat food quality tests as well as poor sensory qualities of ready-to-eat food are projected to hinder market expansion.

• Growing health concerns among all generations anticipated restricting the market growth.

Scope of Ready To Eat Food Market Report

The report on the global ready to eat food market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Ready To Eat Food Market Segment Insights

Meat products segment is projected to account for a key market share

Based on product types, the ready to eat food market is divided into Instant breakfast/cereals, instant soups & snacks, ready meals, baked goods, meat products, and others. The meat products segment is expected to account for a key share of the market during the forecast period owing to the development of basic infrastructure in various developing countries.

Furthermore, with easy availability of storage space and affordable prices over other ready-to-eat food products, this segment is anticipated to hold the largest market share. Moreover, the introduction of new concepts such as covering the meat and poultry-based goods with vegetable and cereal-based products to increase nutritional value, are expected to drive the market growth.

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Hypermarkets/Supermarkets segment is expected to expand at a significant pace

In terms of distribution channels, the ready to eat food market is segregated into hypermarkets/supermarkets, convenience stores, online retailers, and others. The hypermarkets/supermarkets segment is expected to account for a key share of the market in the coming years owing to retail behemoths like Walmart, Tesco, 7Eleven, and Aldi extending their locations internationally and boosting their product choices to entice customers.

North America is expected to dominate the market

On the basis of regions, the ready to eat food market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to dominate the market CAGR during the forecast period. The regional market growth can be attributed to the rising demand for frozen pizza and portable breakfast.

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