Ready to Eat Food Market is segmented By Food Type (Fruits & Vegetable-Based, Cereal-Based, Meat and Poultry, Others), By Packaging (Frozen, Canned, Chilled, Retort, Others), By Distribution Channel (Hypermarket/Supermarket, Convenience Stores, Online Sales, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Ready-to-Eat Food Market Size
The Global Ready-To-Eat Food Market USD 172.5 million in 2022 and is projected to witness lucrative growth by reaching up to USD 258.7 million by 2031. The market is growing at a CAGR of 5.2% during the forecast period 2024-2031. Health-conscious consumers are also driving the demand for plant-based, gluten-free, and organic ready-to-eat options.
Convenience remains a significant driver in the ready-to-eat food market. Consumers are looking for easy-to-prepare, on-the-go meal solutions that fit their busy lifestyles. Portion-controlled packaging, single-serve options, and packaging innovations that enhance portability and convenience are in high demand. Ready-to-eat food products with diverse and exotic flavors are gaining popularity. Consumers are increasingly seeking international cuisines and unique flavor profiles in their ready-to-eat meals. This trend is driving the introduction of global-inspired ready-to-eat options with flavors from various regions around the world.
Ready-to-Eat Food Market Summary
| Metrics | Details |
| CAGR | 5.2% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$ Mn) |
| Segments Covered | By Food Type, By Packaging, By Distribution Channel, and By Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Largest Region | Asia-Pacific |
| Fastest Growing Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Ready to Eat Food Market Growth Trends
Increasing Working Women Have Been a Significant Driver for the Growth of the Ready-to-Eat Food Market
According to Teamstage.io, in 2020, women accounted for 47.7% of the global workforce. With more women joining the workforce, there is a greater need for time-saving solutions when it comes to meal preparation. Working women often have limited time available for cooking due to their professional commitments, and ready-to-eat food provides a convenient alternative. It eliminates the need for meal planning, grocery shopping, and cooking, allowing working women to quickly and easily access a ready-made meal.
Ready-to-eat food offers convenience and simplicity. It can be easily purchased from grocery stores, and convenience stores, or ordered online, making it a hassle-free option for busy working women. They can simply heat or consume the food without spending significant time on meal preparation or cooking. Overall, the increasing number of working women has created a demand for convenient, time-saving meal solutions which boosts the ready-to-eat food market growth.
Changing Consumer Lifestyles are Driving the Growth of the Ready-to-Eat Food Market
Modern consumer lifestyles have become increasingly fast-paced, with individuals juggling multiple responsibilities and commitments. This limited availability of time for meal preparation has led to a growing demand for quick and convenient food options. Ready-to-eat food provides a solution by offering pre-prepared meals that can be consumed with minimal effort and time investment. In the fourth quarter of 2022, 22% of Malaysian respondents to an Oppotus poll on out-of-home food consumption reported buying takeaway from convenience stores.
Convenience is a key driver in today's consumer culture. Ready-to-eat food allows consumers to access meals instantly, without the need for cooking or extensive meal planning. These foods are designed for on-the-go consumption, enabling consumers to enjoy a meal anytime, anywhere, whether at work, during travel, or leisure activities.
The Rise in Awareness About the Health Concerns Related to Ready-to-Eat Food Products is Restraining the Market Growth
Ready-to-eat food products often face scrutiny due to their nutritional content. Consumers are becoming more aware of the potential health risks associated with high levels of added sugars, unhealthy fats, sodium, and artificial ingredients found in some ready-to-eat meals. This heightened awareness can lead to a shift in consumer preferences towards fresher, minimally processed options.
Increased awareness of the link between unhealthy eating habits, obesity, and chronic diseases such as diabetes, heart disease, and certain types of cancer can influence consumer choices. According to WHO, in 2022, over 1 billion people, including 650 million adults, 340 million adolescents, and 39 million children, are obese worldwide. According to the National Library of Medicine, increased consumption of ready-made meals was significantly related to abdominal fat. Hence, Health-conscious individuals may opt for fresh, whole foods instead of ready-to-eat options, as they perceive them to be healthier and less likely to contribute to long-term health problems.
Ready to Eat Food Market Segmentation Analysis
The global ready-to-eat Food market is segmented based on food type, packaging, distribution channel, and region.
Cereal-Based Food had the Highest Share
Based on product type, the ready-to-eat food market is classified into fruits & vegetable based, cereal-based, meat/poultry, others
In 2022, the cereal-based dominated the market. Cereal products are a popular choice for breakfast due to their convenience and ease of preparation. They offer a quick and hassle-free option for busy individuals who may not have time for elaborate meal preparation in the morning. According to Agrilife, Americans consumed around 2.7 billion boxes of cold cereal each year.
Many cereal brands market their products as healthy breakfast options. They often highlight nutritional attributes such as being a good source of fiber, vitamins, and minerals. This health perception associated with cereals attracts health-conscious consumers who seek convenient and nutritious meal choices.
Global Ready to Eat Food Market Geographical Share
The Busy Lifestyles in the North American Region
In 2022, North America held the highest share of the Ready-to-Eat Food market. : North America has a well-developed and mature ready-to-eat food market, with a long history of consumer acceptance and product availability. This market maturity gives North America a significant advantage in terms of market share. For instance, according to Social, in 2020, almost 36% of Americans consumed ready-to-eat meals.
The fast-paced lifestyles of North American consumers contribute to the high demand for convenient and time-saving food options. Ready-to-eat food products align well with the busy schedules and on-the-go eating habits of the population, leading to a larger market share in the region. North American consumers have embraced convenience as a crucial aspect of their daily lives. Ready-to-eat food products offer quick and easy meal solutions, eliminating the need for meal preparation and cooking time. This convenience-focused culture drives the demand for such products and contributes to the region's market dominance.
Ready to Eat Food Market Companies
The major global players include Bakkavor Foods Ltd, McCain Foods, 2 Sisters Food Group, Orkla ASA, ITC Limited, General Mills Inc., Premier Foods Group Ltd, Nomad Foods Ltd, Nestle, and Conagra Brands Inc.
COVID-19 Impact on Ready to Eat Food Market
COVID-19 Impact
The COVID-19 pandemic has adversely affected various industries and the economies of various countries due to lockdowns, government-imposed restrictions on import exports, business close, and travel bans. Food and beverages are among the major industries that suffered from intense disruptions such as restrictions on the supply chain and the shutdown of warehouse plants.
During the COVID-19 pandemic majority of the population was working from home, as a result of this, there have been extended working hours, time constraints more pressure along with money-saving has seen. These factors influenced consumers to buy ready-to-eat food products. For instance, in 2020, a recent survey done by Assocham (Associated Chamber of Commerce and Industry of India) says about 79% of Indian households today prefer to have instant food due to time constraints.
AI Impact
The use of AI (Artificial Intelligence) has had a significant impact on various aspects of the ready-to-eat food market, including food preservation, packaging techniques, heat treatment, retort processing, modified atmosphere packaging (MAP), microwavable options, and extended shelf life.
AI plays a crucial role in optimizing food preservation techniques. By analyzing data on temperature, humidity, and other environmental factors, AI algorithms can determine the optimal conditions for preserving the quality and freshness of ready-to-eat food products. AI is utilized to optimize heat treatment processes in the production of ready-to-eat food. AI algorithms can analyze data on product characteristics, gas mixtures, and packaging materials to optimize the MAP process.
Key Developments
- In September 2022, McCain Foods, Canadian multinational frozen food company acquired Netherlands-based Scelta Products. This acquisition will improve the company's position in the prepared frozen appetizer market and add innovation and capacity to frozen appetizers
- In August 2022, General Mills Inc., manufacturer of consumer-based food products, introduced prepared meal kits under the brands of Betty Crocker, Old El Paso, Pillsbury, and Annie's Organic brands.
- In September 2021, Swift Fine Foods, an Irish ready-meal producer, launched a new line of premium vegan Ready-to-Eat Food in the UK.
Why Purchase the Report?
- To visualize the global ready-to-eat food market segmentation based on food type, packaging, and distribution channel understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous ready-to-eat food market-level data points all for segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The Global Ready-To-Eat Food Market Report Would Provide Approximately 61 Tables, 61 Figures And 151 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
