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CONSUMER GOODS & FOOD

Ready to Eat Food Market : Global Demand, Growth Analysis & Opportunity Outlook 2023

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Extensive insights into the Growth of Ready to Eat Food Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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Global Ready to Eat Food Market Overview Button

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.                    

Market Size & Forecast

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. CLICK TO DOWNLOAD FREE SAMPLE REPORT

ready to eat food market

Market Segmentation

By Product

By product type, the market can be segmented in to following categories:-

  • Meat/Poultry Products
  • Cereal Based Products
  • Vegetable Based Products
  • Others

By Packaging

On the basis of technology used for packaging of product, the market can be segmented into following categories:-

  • Canned
  • Frozen or Chilled
  • Retort
  • Others

By Distribution Channel

By end use distribution channel, the market can be segmented into following categories:-

  • Hypermarket/Supermarket
  • Convenience/Departmental Store
  • Specialty Store
  • Online Store
  • Others

By Region

Global Ready to Eat Food Market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

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.

Top Featured Companies Dominating the Market

  • Nomad Foods Ltd.
  • Bakkavor Foods Ltd.
  • General Mills Inc.
  • McCain Foods.
  • Premier Foods Group Ltd.
  • 2 Sisters Food Group.
  • Greencore Group Plc.
  • Orkla ASA
  • ConAgra Foods Inc.
  • Teleflex Incorporated

 


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