Segmentation By Product Type (Meat/Poultry, Cereal Based, Vegetable Based and Others); By Packaging Type (Canned, Chilled, Retort and Others)); By Distribution Channel (Offline and Online) - Global Demand Analysis & Opportunity Outlook 2027
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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.
Busy Lifestyle
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.
Restraints
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.
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.
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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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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