The Global Ready To Eat Food Market is Estimated to Witness High Growth Owing to Rising Working Population
The global ready to eat food market has witnessed significant growth over the recent past owing to the increase in demand for packaged and convenience food among busy consumers across the globe. Ready to eat food products such as canned food, frozen food, chilled food, breakfast cereals, and snacks have gained widespread popularity due to the advantage of easy preparation and consumption within a short period of time. The availability of a wide variety of ready to eat food products from restaurants, supermarkets, and online food retailers has made these foods very popular among people lacking time for cooking daily meals.
The Global ready to eat food market is estimated to be valued at US$182.45 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the ready to eat food market are Biogen Inc., AstraZeneca PLC, Pfizer Inc., Novartis International AG, Merck & Co., Inc., Sanofi S.A., F. Hoffmann-La Roche Ltd., Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Ceregene Inc., BioTime Inc., Stemedica Cell Technologies, Inc., Neuralstem, Inc., and StemCells Inc. Ready to eat food products offers convenience, ease of preparation and consumption that aligns with busy lifestyles. The rising working population has increased the demand for convenient packaged food options significantly. Owing to increased disposable incomes and changing preferences, demand for premium and customizable ready meals and snacks is growing across developed regions.
Key opportunities in the Ready To Eat Food Market Growth include product innovation with focus on health and wellness, customized meal plans for specific dietary needs, and expansion of ready to eat offerings from restaurants and cloud kitchens. Major companies are focusing on global expansion by entering into partnerships, mergers and acquisitions to gain market share in high growth regions including Asia Pacific, Middle East and South America.
Market drivers
The growth of the ready to eat food market is majorly driven by the rising working population globally which prefers convenient food options that can be prepared and consumed quickly. Busy lifestyles have reduced home cooked meal preparation significantly thereby fueling the demand for packaged ready meals, frozen food and other snacks. Changing preferences towards Western food habits is another key factor augmenting the market growth. Meanwhile, increasing health awareness has boosted the demand for healthy ready to eat alternatives as well.
PEST Analysis
Political: The ready to eat food market is regulated by various food safety standards and regulations set by governing bodies like the FDA in the US and EFSA in Europe. These regulations influence the manufacturing, packaging and labelling of ready to eat products.
Economic: Rising disposable incomes and busy lifestyles are driving the demand for convenient, ready to eat packaged foods. However, high raw material costs can impact the prices of finished goods.
Social: Changing demographics like dual income households and working women are increasing the demand for food products that require little or no preparation time. Health consciousness and focus on organic/natural foods is also influencing product formulations.
Technological: Automation in production processes and innovative packaging technologies allow manufacturers to increase yields while maintaining food safety and extending shelf life. Use of technologies like 3D printing aid in product development.
The ready to eat food market in terms of value is currently concentrated in regions like North America and Europe due to high demand for convenience foods and presence of major players. However, Asia Pacific is emerging as the fastest growing regional market supported by rising incomes, urbanization and changing lifestyles in countries like China, India. With growing food processing industries, the Asia Pacific market is expected to account for over 30% of the global ready to eat food market value over the forecast period.
The ready to eat food market in India has been witnessing rapid growth supported by increasing disposable incomes, growing number of women working outside their homes and expanding retail outlets like modern trade. Rising health consciousness among Indians is also driving demand for healthy breakfast and snack products. Global players are increasingly viewing India as an attractive market for their ready to eat food products given its large population and improving lifestyles.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.