The ready-to-eat food boasts a rich and diverse product range, catering to a broad spectrum of consumer needs and preferences. Within this market, the consumer can find an extensive array of options, ranging from convenient frozen entrees, perfect for a quick and hot meal, to microwaveable snacks for on-the-go munching. Shelf-stable canned goods, such as soups and fruits, offer long-lasting convenience and are often pantry staples. Some pre-cut vegetables and salads simplify meal preparation for health-conscious consumers while maintaining nutritional value. This diversity ensures that individuals with varying dietary requirements, tastes, and time constraints can find ready-to-eat products that align with their needs. This makes the market exceptionally adaptable to a wide range of consumer preferences.
According to Data Bridge Market Research analyses, the Global Ready to Eat Food Market was growing at a value of USD 163.1 million in 2021 and is expected to reach a value of USD 250.31 million and registering a CAGR of 5.50% from 2022 to 2029.
"Rapid change in busy lifestyles boosts the market growth"
The global ready-to-eat food market is experiencing substantial growth driven by convenience in response to consumers' increasingly busy lifestyles. Ready-to-eat foods, particularly frozen ready meals, offer a quick and effortless solution for individuals with limited time and energy to cook from scratch. This demand for convenience aligns with the broader growth in the processed food market, with consumers seeking time-saving options and benefiting from increased disposable income, making these products more accessible and appealing to a wide range of consumers. As a result, the ready-to-eat food market is thriving due to consumers' changing preferences and lifestyles.
What restraints the growth of the global ready to eat food market?
“Negative beliefs associated with the market growth”
The ready-to-eat food market faces a notable restraint in the form of negative mindsets and opinions regarding the health impact of frozen foods. Some consumers express concerns about the nutritional value and potential health drawbacks of ready-to-eat products, particularly frozen options. Such negative perceptions can be rooted in beliefs about additives, preservatives, or perceived lower quality in comparison to freshly prepared meals.
Segmentation: Global Ready to Eat Food Market
The global ready to eat food market is segmented on the basis of product type, packaging type, and distribution channel.
- On the basis of product type, the global ready to eat food market is segmented into instant breakfast/cereals, instant soups and snacks, ready meals, baked goods, meat products, others
- On the basis of packaging type, the global ready to eat food market is segmented into canned, frozen or chilled, retort, others
- On the basis of distribution channel, the global ready to eat food market is segmented into hypermarket/supermarket, convenience/departmental store, specialty store, online store, others
Regional Insights: Europe dominates the Global Ready to Eat Food Market
Europe dominates the ready-to-eat food market growth due to a surge in demand for frozen ready-to-eat food triggered by the COVID-19 pandemic, which impacted numerous countries. Factors such as population growth, accelerated urbanization, and heightened consumer awareness regarding the advantages of frozen food further underscore the region's prominence.
The Asia-Pacific region is expected to grow in the ready-to-eat food market, primarily attributed to the increasing popularity of such foods among the working-class population. A significant surge in the demand for frozen food, driven by the need for time-saving meal options, is anticipated to be a key catalyst for market expansion in this region.
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Recent Developments in the Global Ready to Eat Food Market
- In 2021, Nomad Foods expanded its product portfolio with a significant move, announcing an agreement to acquire Fortenova Grupa d. d.'s Frozen Food Business Group (FFBG) for USD 724 million in cash. FFBG offered an extensive range of frozen meals and had a robust distribution channel in Eastern Europe
- Also in 2021, Conagra Brands Inc. unveiled an extensive summer lineup of products, focusing on single-serve frozen meals and introducing new dishes under popular brands such as Banquet, Marie Callender's, Wholesome Alternative, and Hungry Man. Conagra's mission was to delight customers by offering nutritious frozen food options
- In 2020, the innovative Dutch start-up, Lazy Vegan made waves by introducing its latest frozen ready meal, the "Thai Green Curry." This gluten-free and soy-free offering was part of a broader strategy that included launching plant-based chicken options and ready to eat food, marking Lazy Vegan's determined push to establish a strong presence in the European market
The Prominent Key Players Operating in the Global Ready To Eat Food Market Include:
- The Hain Celestial Company (U.S.)
- AGRARFROST GMBH & CO. K.G. (Germany)
- Agristo (Belgium)
- Bart’s Potato Company bvba (Belgium)
- Royal Cosun (Netherlands)
- Farm Frites (Netherlands)
- Greenyard (Belgium)
- Himalaya Food International Ltd. (India)
- J.R. Simplot Company (U.S.)
- McCain Foods Ltd. (U.K.)
- Lamb Weston Holdings, Inc. (U.K.)
- General Mills, Inc. (U.S.)
- Mondelez International, Inc. (U.S.)
- THE KRAFT HEINZ COMPANY (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global ready to eat food market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Ready to Eat Food Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.