Ready-to-eat foods, also known as convenience foods, are pre-cooked or pre-prepared dishes that only require reheating before consumption. This includes frozen pizza, ready-made meals, breakfast cereals and snacks, salads, sandwiches, beverages and other packaged food items. With busy lifestyles and increasing number of working women, the demand for ready meals that can be easily prepared is growing.

The global ready to eat food market is estimated to be valued at US$ 157871.05 Mn in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 to 2030.

Market Dynamics:
The global ready to eat food market is witnessing high growth driven by rising urbanization and changing eating habits of consumers. According to projections, over 68% of the global population will live in urban areas by 2050 compared to 56% currently. Higher disposable incomes in these areas along with hectic schedules have boosted demand for convenient food options that save time on cooking. Another key driver fueling market revenue is increasing health consciousness. Manufacturers are offering ready meals containing wholegrains, proteins, low fat and chilled options to appeal to health-conscious consumers. While increasing urbanization is supporting market growth, high sodium, calorie and preservative content in some packaged food may negatively impact consumer perceptions and hamper revenue in the long run.

SWOT Analysis

Strength: The ready to eat food market offers convenience to consumers with packaged food that can be easily consumed without additional preparation. The long shelf life of ready to eat foods makes them suitable for outdoor occasions and travel. Manufacturers are innovating new product varieties with attractive packaging and flavors to appeal to changing consumer preferences.

Weakness: Ready to eat packaged foods tend to have high sugar, salt, and fat content which can contribute to health issues if consumed in excess. The processing and packaging of ready meals increases production costs which are passed on to consumers making these foods more expensive than home cooked alternatives. Some ready meals lack nutrition compared to homemade options.

Opportunity: Rising health consciousness is driving demand for ready to eat foods with clean labels, organic and plant-based ingredients. There is scope to introduce more healthy options made from whole grains, vegetables, proteins to cater to nutrition-focused consumers. With changing lifestyles, the market for convenient ready meals is expanding in developing regions of Asia Pacific and Latin America presenting new growth avenues.

Threats: Stricter regulations on food labeling, ingredients and country of origin can negatively impact manufacturers. Social media brings to light issues around food processing practices raising concerns about quality and safety. Economic downturns may cause consumers to opt for cheaper homemade meals over ready meals.

Key Takeaways

The Global Ready To Eat Food Market Growth is expected to witness high growth over the forecast period. The market size for 2023 is US$ 157871.05 Mn and market is projected to grow at a CAGR of 9.6% through 2030.

Regional analysis: Asia Pacific region currently dominates the ready to eat food market owing to rising disposable incomes, urbanization, and busy lifestyles in countries like India, China and Japan. The region is poised to continue its leadership role accounting for over 35% market share by 2030 driven by growing young populations and expanding middle class demanding convenient food options. North America and Western Europe are established markets while demand is increasing sharply in Latin American and Middle Eastern countries.

Key players: Key players operating in the ready to eat food market are Clos Sainte Aurore (France), Spirulina Viva (Mexico), SPIFORM (France), Spirulina La Capitelle (France), Aurospirul (India), and Far East Microalgae Industries, Co., Ltd. (Taiwan). Major brands are focusing on new product development, expanding in emerging economies through partnerships and mergers to consolidate their positions and gain market share.

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