Ready to Eat Food Market size is valued at $ 193Bn by 2019, and is anticipated to grow at a CAGR of 12.78% during the forecast period 2020-2025. The Ready to Eat Food Market growth rate is attributed to the growing demand for quick food and presence of freshness and high nutritional value in these foods. The Food and Drug Administration describes the ready-to-eat food as a plant or animal-derived foodstuff that is frozen, cooked, cooked for hot holding, washed, cooled, and processed to be eaten directly or just after heating. Ready-to-eat foodstuff must meet the terms with all USDA procedure associated with washing, processing, cooling, drying, packaging, and freezing. From increasing working population, growing per capita disposable income, rising per capita expenditure on conventional food, changing taste preferences of people and the change in lifestyle among affluent consumers to the rise in number of product innovations and the impact of e-commerce channels, social media, etc. is anticipated to propel the Ready to Eat Food Market during the forecast period 2020-2025.
Product Type – Segment Analysis
Meat/Poultry based segment held the largest share in the market owing to development of basic infrastructure in various developing countries, and easy availability of storage space and economical prices over others ready to eat food products as 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 for longer duration, sometimes even a year. Also major attributes such as taste, colors, flavors and texture are maintained till it reaches consumption point. Furthermore, more innovative ideas are to present the meat and poultry based products with a coating of vegetable and cereal based products to add more nutritional values thus, increasing the demand over the forecast period 2020-2025.
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Distribution Channel Type- Segment Analysis
On the basis of Distribution Channel type, supermarket/hypermarket segment held the major share of the market in terms of revenue and is expected to grow with a CAGR of 8.78%. The reason may be attributed to the fact that market giants such as Walmart, Tesco, 7Eleven and Aldi are expanding their stores globally, increasing the product offerings in order to attract the customers. Supermarket/Hypermarket segments of Ready to Eat Food is believed to rise effectively as The expansion plans of major retail chain player across the developing countries in coming years are expected to increase consumer awareness and availability of ready-to-eat products over the time period, thereby driving the country’s ready-to-eat food market. However, with increasing penetration of smartphones coupled with rising use of internet, is propelling the growth of e-commerce. Countries around the world are promoting the e-commerce shopping portals owing to convenience associated with it. Furthermore, internet service providers are lowering their product prices, which is encouraging the public for more online shopping thereby bolstering the online retail sales channel growth rate over the projection period of 2020-2025.
By Geography – Segment Analysis
North America dominated the Ready to Eat Food Market with a share of 38% in 2019. North America remains the largest consumer of Ready to Eat Food owing to the growing awareness among consumers, food preferences among the consumers are raising the demand for ready meals in the regions of U.S. which continues to expand its market. Moreover, the presence of market giants such as Walmart, Tesco, 7Eleven and Aldi by expanding their stores with increasing the product offerings in order to attract the customers High initial capital investment on infrastructure, increasing production capacities of processing plants and increased demand for gluten-free meat are to cater the Ready to Eat Food Market in the forecast period of 2020-2025.
Drivers – Ready to Eat Food Market
Rapid urbanization and high disposable income
With the rapid urbanization, high disposable income, changing consumer lifestyle which leads the urban people to suffer from time crunch which is increasing the demand for on the go convenience foods, thereby fueling the ready-to-eat food market. Furthermore, with increased willingness to spend on such food innovative products with functional ingredients, convenience, and organic foods and advancement in areas of packaging technology are anticipated to act as a Ready to Eat Food key driver of the market during the forecast period 2020-2025.
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Challenges – Ready to Eat Food Market
Increasing Health Awareness
The major challenge for the market is increasing health awareness, particularly in the young generation, is detrimental to the growth of this market. The reason is attributed to the fact that to enhance the shelf-life and to restore the nutritional content of the ready to eat food products, various products are loaded with preservatives thereby, with the rising concern for health a much of the consumer-base is shifted towards the benefits of home cooked food stuffs which are not found in ready to eat food products. Furthermore, with the product innovations being made which raises the price thereby making it affordable to only selected classes of the society.
Ready to Eat Food Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Ready to Eat Food Market. In 2019, Ready to Eat Food Market share is fragmented by the top ten players present in the market. Ready to Eat Food Market top 10 companies are Nestle S.A.; Kraft Heinz Company; Chao Xiang Yuan Food Co. Ltd.; Dr. Oetker; ConAgra Brands, Inc.; BRF S.A.; Berkshire; General Mills; Massa Leve; Tyson Foods and others.
In May 20, 2020 Healthy Choice, a brand of Conagra Brands Inc. launched a healthy choice line of salad dressings which includes flavors including Creamy Ranch, Creamy Italian, Garden French and Greener Goddess, perfect for dressing up BBQ favorites from salads and veggies to dips and marinades.
In January 23, 2019 DEVOUR™, the 3-year-old disruptive frozen food brand, debuts its uncensored sixty-second Super Bowl commercial. Inspired by the brand’s mouthwatering and craveable line of frozen meals, the new commercial shows how DEVOUR food is so good.
North America dominated the Ready to Eat Food Market with a share of 37.9% in the year 2019.
The factors such as increasing working population, growing per capita disposable income, rising per capita expenditure on conventional food, changing taste preferences of people and the change in lifestyle among affluent consumers are amongst the major factor projected to impel growth of Ready to Eat Food Market.
Growing Urbanization in developing countries with their busy lifestyles which leads the urban people to suffer from time crunch and the penetration and availability of a wide variety of ready to eat food products in various attractive packaging formats at various distribution channels are the key factors owing to the growth in the segment during forecast period 2020-2025.
A. Frozen Food Market
B. Food Processing Ingredients Market
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