The Ready To Eat Food Market is rising due to changing lifestyles

 

Ready To Eat Food Market 

The ready to eat food market comprises food items that require minimum or no preparation time before consumption. Ready to eat foods such as frozen meals, frozen pizza, canned meals, snacks, and breakfast cereals are becoming increasingly popular owing to hectic schedules and changing lifestyles.

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 from 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. These players are focusing on launching new and innovative products to cater to evolving consumer demands.

The rising working population coupled with increasing disposable incomes in developing countries is fueling the demand for ready to eat foods globally. Consumers are opting for ready to eat meals due to their convenience and easy availability. Moreover, busy lifestyles have limited home-cooked meals, propelling the sales of ready to eat food products.

The Ready To Eat Food Market Demand is expanding rapidly across regions. Leading manufacturers are investing heavily in R&D activities to introduce customized products for regional tastes. Moreover, they are focusing on strategic partnerships and collaborations to strengthen their presence in emerging markets and capture the untapped demand. Several companies are also offering organic and health-focused ready meals to cater to consumer preference for healthy options.

Market key trends

The growing trend of nuclear families is one of the key drivers of the ready to eat food market. With dual incomes and limited time for cooking, ready to eat foods help nuclear families save time on meal preparation. The popularity of convenient packaged meals among millennials and working professionals is another significant trend. Moreover, the rising health consciousness has boosted the demand for healthy breakfast cereals, protein-rich snacks, and low-calorie frozen meals. Ready to eat food manufacturers are launching new products customized for health-focused consumers. Furthermore, the trend of globalization of cuisines has increased the demand for ethnic and regional flavors in ready to eat food products.

Porter's Analysis
Threat of new entrants: New food processing units and suppliers can easily enter the market with low capital requirement but established brands enjoy economies of scale and customer loyalty.
Bargaining power of buyers: Large retail chains have significant bargaining power over suppliers due to their scale while individual consumers have moderate power due to availability of substitutes.
Bargaining power of suppliers: Major suppliers have some bargaining power due to differentiated products and services they provide to manufacturers however new technologies reduce their power.
Threat of new substitutes: Substitute products like home cooked or takeaway meals pose minimal threat as RTE foods offer convenience at affordable prices.
Competitive rivalry: Intense competition exists among existing players to gain market share and customer loyalty through product innovation, brand promotion and competitive pricing.

Geographical Regions
North America accounts for the largest share of the global ready to eat food market in terms of value owing to hectic lifestyles, rising health consciousness and preference for packaged convenience foods. The U.S. dominates the regional market.
Asia Pacific is projected to be the fastest growing market during the forecast period due to improving economic conditions, growingmiddle class population and increasing western influence on food habits in major countries like China and India. Changing demographics and urbanization are other factors fueling market growth.

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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. (https://www.linkedin.com/in/ravina-pandya-1a3984191)

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