Global Ready to Eat Food Market Witnessing Growth Spurt: Projected to Garner 4.0% CAGR During the Forecast Period
Published | 06 October 2021
Global ready to eat food market is growing at a high CAGR due to consumers' changing food consumption habits, increased willingness to buy such food, and a lack of time to cook meals at home as a result of urbanization…
A study recently conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global ready to eat food market was worth USD 94.2 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 4.0%, earning revenue of around USD 123.3 billion by the end of 2027. The changing urban lifestyle and the necessity of relocating to other cities for educational and employment purposes are propelling the growing demand for ready to eat food, thereby driving the growth of the global ready to eat food market.
Ready to eat foods items have also gained popularity due to growing tourism and changing food habits. Consumers’ food consumption behavior is changing, and they are becoming more willing to consume easily available ready-to-eat foods due to lack of time to prepare them. This trend is likely to fuel the ready-to-eat food market’s growth during the forecast period. The growing health concerns and detrimental effects of ready-to-eat food products may significantly restrain the market growth.
Ready to Eat Food Market to Benefit from Launch of Healthy and Vegan Products
In response to the health risks associated with ready-to-eat food, the companies are now launching 'healthier' alternatives to establish themselves as health-conscious brands. Convenience stores, supermarkets, and hypermarkets sell a wide variety of healthy ready-to-eat foods low in calories, fats, salts, and sugars. Nevertheless, these foods lack many essential nutrients as well. In response, market players are creating health-conscious ready-to-eat food items to appeal to health-conscious customers. For instance, Wicked Kitchen, a plant-based product producer in the US, recently launched a vegan lamb roast with pomegranate glaze. Such product launches play a crucial factor in propelling the growth of the global ready-to-eat food market.
Emergence of Online Platforms is Expected to Drive the Global Ready to Eat Food Market
As a powerful distribution channel for ready-to-eat foods, online platforms are contributing significantly to the growth of the global ready-to-eat food market. Several food companies are launching their own websites or utilizing popular e-commerce sites such as Amazon to sell their products and gain a bigger market share. Additionally, Walmart, Bigbasket, D-mart, Taste Company, Grofers, Costco, etc., are other platforms gaining vast popularity, especially among young consumers across the globe.
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Global Ready to Eat Food Market - By Distribution Channel
Based on distribution channels, the global ready to eat food market is segmented into retail stores, specialty stores, and online stores. The retail store segment accounts for the largest market share. The expansion plans of major retail chain players across the developing countries in coming years are expected to increase consumer awareness and availability of ready-to-eat products over the period, thereby driving the country’s ready-to-eat food market. Multiple supermarkets and hypermarkets are emerging as the key points-of-sale offering a wide range of RTE food products manufactured by leading companies keeping in mind all the food safety regulations.
Global Ready to Eat Food Market - Regional Insights
Geographically, the global ready to eat food market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, North America holds the largest market share in the global ready-to-eat-food market. However, the Asia-Pacific region is projected to witness substantial growth during the forecast period. The increasing working population and rapid urbanization are likely to emerge as the major growth factors for the ready to eat food market in the forecast period. Moreover, the growing manufacturing industry and the establishment of production plants in emerging economies like India, China, Japan, Thailand, etc., are expected to boost the market in the future.
Impact of COVID-19 on Global Ready to Eat Food Market
The sudden outbreak of the COVID-19 pandemic brought immense growth opportunities to the global ready to eat food market. However, the market had to face a sudden slump due to the obstruction in the distribution channels and export and import activities which disrupted the supply chain. Furthermore, panic buying and mass hoarding of the food products also created a shortage of the products, which negatively halted the market. However, the market is expected to recover in the post-COVID-19 period as the lockdown restrictions are eased in different regions.
The leading players in the global ready to eat food market are Bakkavor Foods Ltd, Findus Group Ltd., McCain Foods, Premier Northern Foods Ltd, Fleury Michon, ADF Foods Ltd., Nomad Foods Ltd., Greencore Group Plc., Dr. August Oetker Nahrungsmittel KG, Conagra Brands, Inc., ConAgra Foods, Inc., 2 Sisters Food Group, General Mills Inc., Findus Group Ltd., Orkla, MTR Foods, The Kraft Heinz Company, The Campbell Soup Company, Nestle SA, and other prominent players.
The market is highly fragmented with numerous regional and global players vying for dominance. The companies lure consumers towards their brands by offering a wide range of products with attractive packaging. In addition, the market is considered favorable for new entrants who offer new and healthy products. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, collaborations, etc., is also very prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global ready to eat food market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global ready to eat food market and industry insights to help decision-makers make sound strategic decisions. Furthermore, it also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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