Introduction to Ready to Eat Food
Ready to eat food are the foods which are canned and refrigerated in order to extend the shelf life. The busy lifestyle has escalated the requirement for ready to eat foods. They can be preserved for longer time in small quantities in order to supply the quantity of nutrients to the consumers.
Ready to eat foods are gaining acceptance in recent years on account of changing food habits and availability of varied product range. Additionally, the urban lifestyle leads to high demand for preserving food products for long duration.
Market Size and Forecast
The global ready to eat food market is observing robust growth on account of changing food habits, thereby driving the demand of ready to eat food. Advancement in food and beverage industry coupled with rapidly expanding packaging industry in the past few years is projected to drive ready to eat food market .The market segmented into product type into meat/poultry, cereal based, vegetable based and others. Meat/poultry sub-segment is expected to dominate the product type segment during the forecast period. On the basis of distribution channel market is segmented into offline and online. The online sub-segment is expected to dominate during the forecast period on account of widespread expansion of e-commerce industry.
As per Organisation for Economic Co-operation and Development, the female employment rate in the countries including Japan, U.S.A., U.K. and Canada are recorded as 67.5%, 64.9%, 69.7% and 70.6% respectively in the rising female employment rate coupled with the high consumption of ready to eat food products is driving the market growth of the global ready to eat food market. Ready to eat food market is anticipated to record a CAGR of 7.5% over the forecast period. The ready to eat food market is expected to reach a value of USD 190 billion at the end of the forecast period.
Changing Food Habits and Lifestyle
Rapid economic development coupled with rising disposable income is driving the ready to eat food market. Additionally, increasing working population and changing lifestyle has encouraged the significant growth of ready to eat food market during the forecast period.
Increasing female employment rate is expected to propel the ready to eat food market. High technological advancement such as microwaves has increased the demand for the ready to eat food products.
Increasing health conscious population
The ready to eat foods are preserved for longer time and includes preservatives which are harmful for health. Additionally, the increasing for health awareness among consumers is expected to hinder the market growth in the coming future.
Our-in depth analysis of the global ready to eat food market includes the following segments:
By Product Type
By Packaging Type
By Distribution Channel
On the basis of regional analysis, global Ready to Eat Food market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is expected to lead the ready to eat food market on account of busy schedule coupled with the increasing number of high income population. This is facilitating the market growth of ready to eat food products.
Asia-Pacific is expected to generate high growth during the forecast period on the back of changing food habits and rising disposable income of the population. Additionally, the growing female working population in the region is significantly driving the market for ready to eat food.
Global ready to eat food market is further classified on the basis of region as follows:
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