Ready to eat food is defined as an animal and plant derived food that is washed, cooked, frozen and processed to be consumed directly after heating. The process saves time and energy of the consumers. People now prefer nutritional small quantity of ready to eat food rather than traditional large meals due to busy lifestyle.
Global ready to eat food market is expected to reach USD 172 billion by the end of 2023 witnessing a promising compound annual growth rate of 7.3% over the forecast period owing to the changing lifestyle of consumers.North-America holds the largest consumer base of ready to eat food market across the globe and is estimated to represent highest value share of 42% by the end of 2016 owing to the technological innovations, busy lifestyle of consumers and high personal disposable income.Asia-Pacific is estimated to hold 18.3% market share in 2016, however the market share is anticipated to reach 21.0% by the end of 2023 owing to the increasing employment opportunities and rising personal disposable income of middle class consumers in developing countries.
In 2015, Meat and poultry product segment stood for largest market share in terms of revenue and is anticipated to attain 46.0% value share in 2016. Frozen ready meals segment is likely to expand at a CAGR of 9.0% over the period of forecast i.e. 2016-2023.Ready to eat food market is likely to expand with a higher pace owing to high consumer acceptance for such foods globally. Ready to eat food products are more popular among the younger working class consumers as they hardly find time to cook food due to their busy lifestyle. Owing to expand the market among these consumers, ready to eat food manufacturers are focused on providing low-cost affordable products.
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By product type, the market can be segmented in to following categories:-
On the basis of technology used for packaging of product, the market can be segmented into following categories:-
By end use distribution channel, the market can be segmented into following categories:-
Global Ready to Eat Food Market is further classified on the basis of region as follows:
Increasing number of nuclear families, rising employment opportunities coupled with increasing number of working woman are some of the major factors that will fuel the growth of global ready to eat food market over the forecast period.Rising personal disposable income coupled with busy lifestyle of working class consumers will further boost the demand for ready to eat food products across the globe.Rapid urbanization has reduced the time to cook food at home, innovative ready to eat food product offering such as nutritional and rich ingredient products resulted in to the inclination of consumer behaviour towards the use of ready to eat food further boosting the global ready to eat food market across the globe.Rising health consciousness towards the use of cooked and fresh food along with the government regulations towards the procurement of raw material such as meat and vegetables are the main factors expected to restrain market growth in future.
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