As more people lead busier lifestyles,. Ready to eat foods provide convenience without compromising on nutrition, meeting the needs of health-conscious consumers.
The Global Ready To Eat Food Market Is Estimated To Be Valued At US$ 256 Billion In 2024 And Is Expected To Exhibit A CAGR Of 7.7% Over The Period 2024-2029
Ready to eat foods refer to packaged foods that can be consumed directly without requiring additional preparation steps. They range from frozen meals, sandwiches, noodles, breakfast cereals to snacks. These foods save time spent on cooking and allow busy people to access balanced meals easily. Rising health awareness has shifted consumer preference towards ready meals that are low in calories, fat, sugar and sodium. Key players are innovating to offer functional ready foods containing whole grains, proteins and prebiotics.
Key Takeaways
Key players operating in the Ready To Eat Food Market companies: Nestle, General Mills, McCain Foods Ltd, Kraft Heinz, Conagra are market leaders. Nestle offers a varied portfolio including Lean Cuisine, Stouffer's and Hot Pockets.
Growing demand: Changing lifestyles and busier schedules are fueling demand for convenient Ready To Eat foods. Office goers, students and working professionals form a major consumer base. The market is also finding uptake in developing nations as more women join the workforce.
Technological advancements: Packaging technologies now ensure longer shelf life and better microwaveability of ready meals. Companies are investing in fortification and enrichment of ready foods to increase their health quotient. For example, McCain Foods enriches potato products with vitamin C.
Market Trends
Customization is key: Major players are launching product lines that allow customization as per taste and nutritional needs. For instance, General Mills' Tasty Bite offers a range of ethnic Indian meals that can be prepared according to preferred spice level.
Sustainable packaging: Rise of eco-conscious consumers is driving focus on sustainable and recyclable packaging formats like paperboards instead of plastic. Moreover, brands are looking at smaller pack sizes.
bPlant-based offerings: With increasing flexitarian and vegan population, there exists opportunity to expand plant-based ready meal options made from ingredients like chickpeas, lentils and vegetables.
Emerging markets: Regions like Asia Pacific, Middle East, Africa hold enormous potential given growing disposable incomes and changing diets. Localizing products and flavors as per regional taste profiles can unlock new markets.
Impact of COVID-19 on Ready To Eat Food Market Growth
The outbreak of COVID-19 pandemic has significantly impacted the Ready To Eat Food Market Demand worldwide. During the initial phase of lockdowns imposed by various governments, the demand for ready to eat food saw a sharp decline as consumers cut down expenses on convenience products and stocked essential items. Moreover, the disruptions in supply chains and restrictions on movement of goods impacted the availability of ready to eat food products.
However, as lockdowns continued for longer durations, the demand started reviving. People preferred ready to eat meals and snacks over cooking food from scratch due to limited availability of raw materials and less time for cooking. The trend of stockpiling and panic buying also favored the sales of ready to eat products in the short-run. With work from home and remote learning becoming a new normal, nuclear families started relying more on convenient meals to balance their professional and personal lives.
As economies are gradually reopening, the ready to eat food market is expected to continue witnessing positive growth. However, consumers' preferences may undergo permanent changes. Demand for healthier options focusing on immunity and wellness is likely to rise. Companies are anticipated to introduce more plant-based, organic and clean label products to cater to the shifting tastes. Adapting safer production and packaging practices would also be crucial for brands to regain consumer confidence. While short-term disruptions cannot be ruled out if second or third wave strikes, the long-term outlook for the ready to eat food market remains optimistic.
Most of the demand for ready to eat food comes from developed regions like North America and Europe where busy lifestyles and nuclear families are prevalent. However, with rising incomes and urbanization and growing working women population, the demand in emerging regions like Asia Pacific and Latin America has been consistently rising over the past few years. The ready to eat food market in Asia Pacific region is witnessing fastest growth and is expected to surpass other regions in terms of value in the coming years, driven majorly by China and India.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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