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Ready-to-Eat Food Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type and Distribution Channel

Ready-to-Eat Food Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type and Distribution Channel

  • May 2022
  • 163 pages
  • ID: 6289931
  • Format: PDF
  • The Insight Partners

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The ready-to-eat food market is projected to reach US$ 1,471.94 billion by 2028 from US$ 1,073.87 billion in 2022. It is expected to grow at a CAGR of 5.4% from 2022 to 2028.

Ready-to-eat food refers to food that may be securely partaken by consumers without cooking it.Ready to eat or ready to cook food is also termed fast food, which is effortless to prepare and eat up.

It typically involves an instant meal, packed snack food, bread, pasta, breakfast cereals, fruit snacks, sauces, processed meat, protein bars, and more.The major growing factor towards ready-to-eat food market is the changing food consumption behavior amongst consumers.

The prime factor driving the ready-to-eat food market is the increased willingness to spend on such food and the lack of time to cook at home due to rapid urbanization.

Based on product type, the ready-to-eat food market is segmented into breakfast cereals, instant soup & noodles, ready meals, snacks, baked goods & confectioneries, and others.The Ready meals segment accounted for the fastest-growing segment in the forecast period.

The convenience offered in terms of time savings and the little effort required to prepare these meals is driving the expansion of the ready meals segment.

Furthermore, the working population and millennials have become more interested in these meals because they only require heating before consumption, reducing overall effort.Manufacturers are working on developing novel products to meet rising demand and gain significant market share.

For Instance, Freshly Inc., the meal delivery service owned by Nestle SA, introduced a new product line in 2020 for consumers seeking to command their health and fuel active lifestyles. These factors are expected to fuel the growth of ready-to-eat food market during the forecast period.

Based on geography, the ready-to-eat food market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.In 2020, Asia Pacific held the largest share of the market, and it is also expected to register the highest CAGR in the market during the forecast period.

The diffusion of supermarkets in Asia favored the consumption of processed foods in the region and is expected to continue tracing the growth of respective distribution channels.

Moreover, attracted by increasingly open markets, changing consumer preferences, young and growing populations, and high economic growth rates, the transnational food, and beverage corporations (TFBCs) are targeting the Asian markets at a high pace.Moreover, the consumption of ultra-processed food is increasing in Asia.

These factors are fueling the growth of the ready-to-eat food market across Asia Pacific.

The leading players in the ready-to-eat food market are Nestlé SA; Conagra Brands Inc.; The Kraft Heinz Company; General Mills Inc.; CAMPBELL SOUP COMPANY; MTR Foods Pvt Ltd.; Hormel Foods Corporation; Tyson Foods, Inc.; JBS S.A.; and The Kellogg Company. These players are developing a variety of products (RRPs) to address consumers’ growing demand. Growing health-conscious consumer manufacturers are launching nutritious RTE products rich in vitamins, minerals, and other nutrients. According to the "World Health Organization," in 2019, diabetes was the ninth leading cause of death, with an estimated 1.5 million deaths directly caused by diabetes. Thus, manufacturers are taking initiatives to prepare gluten-free and sugar-free RTE products.

The size of the ready-to-eat food market has been derived using primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders, specializing in the ready-to-eat food market.

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