Ready to Eat Food Market Increases CAGR Value up to 7.2% during the forecast period 2019-2027

 

Ready to Eat Food Market

Ready to Eat Food are ready-to-eat meals that are convenient to consume because they save time and effort. These foods have a longer shelf life and are classified as canned, frozen, or retort. They are widely available in convenience and department stores, hypermarkets, and specialty stores.

Globally increasing demand for convenience food is primarily driving the growth of the ready-to-eat food market. This is due to the consumer's hectic lifestyle as well as the increasing number of working women around the world. Furthermore, rising disposable income among consumers, which encourages them to spend on convenience foods, is expected to drive ready-to-eat food market growth over the forecast period.

Rapid urbanisation and improved consumer lifestyles are expected to drive the growth of the ready-to-eat food market. Furthermore, growth in the food processing industry is contributing to the growth of the ready-to-eat food market. Growing market penetration of various food manufacturers is expected to support ready-to-eat food market growth over the forecast timeframe.

Growing demand for fresh and healthy foods among health-conscious consumers is expected to limit ready-to-eat food market growth. According to the Coherent Market Insights analysis, ready-to-eat foods are perceived to be unhealthy in some countries, such as Canada and Japan, and are consumed when there are no other options because they are overly processed. Increasingly stringent rules and regulations governing the ingredients used in ready-to-eat food products are expected to have a negative impact on market growth over the forecast period.

Global Ready to Eat Food Market was valued at US$ 122,488 million in 2019 and is forecast to reach a value of US$ 209,366 million by 2027 at a CAGR of 7.2% between 2019 and 2027.

The introduction of organic and natural ready-to-eat food products is expected to provide potential growth opportunities for the ready-to-eat food market. For example, at Natural Products Expo West in March 2019, Applegate introduced two types of organic burgers made with meat and mushrooms. The Great Organic Blend Burger is available in both turkey and 100% grass-fed beef varieties. Furthermore, only humanely raised organic meat or poultry, organic mushrooms, and rosemary extract are used in the new product.

The manufacturer's growing emphasis on developing ready-to-eat food products with innovative and appealing packaging in order to increase consumer base is expected to provide lucrative opportunities to the market. In addition, due to rising environmental concerns and the need to promote environmental sustainability, various manufacturers are focusing on offering ready-to-eat food in bio-based packaging materials, which is expected to boost market growth over the forecast period.

Frozen and chilled meals, such as frozen pizza and meals, are becoming increasingly popular around the world. This is expected to fuel the growth of the ready-to-eat food market. Furthermore, rising consumption of canned meals, combined with rising demand for dried products such as instant pasta and noodles, are expected to drive market growth over the forecast period.

Because of their taste and convenience, ready-to-eat food products have become a meal replacement trend among the young population. This is expected to boost the ready-to-eat market's growth. Furthermore, advancements in freezing technology, as well as an increase in the number of consumers visiting quick-service restaurants and mom-and-pop stores, are expected to accelerate the market growth of ready-to-eat snacks in the near future.

Top Companies involved are-

·        Nomad Foods Ltd.

·        Bakkavor Foods Ltd.

·        General Mills

·        McCain Foods

·        Premier Foods Group Ltd.

·        2 Sisters Food Group

·        Greencore Group plc

·        Orkla ASA

·        ConAgra Foods Inc.

·        ITC Limited

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