Ready To Eat Food Market Poised for Strong Growth on Account of...

Ready To Eat Food Market Poised for Strong Growth on Account of Rising Working Population

Posted 2024-01-09 07:33:36

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 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: The ready to eat food market enables the busy lifestyle of consumers. With easy preparation and consumption, ready to eat foods save considerable time for individuals and families. The market offers a wide variety of product categories from breakfast cereals to frozen meals to satisfy different taste preferences. Innovation in product offerings such as healthy options, organic foods, customizable meals is expanding the customer base.

Weakness: High sodium, fat, preservative and additive content in many ready to eat foods compromise health. Frequent consumption can increase risks of obesity, diabetes and heart conditions. Dependence on frozen or canned form reduces the freshness and nutritional value of ingredients. The industry relies heavily on packaging materials that add to environmental pollution.

Opportunity: Rise of health consciousness and shift to gluten free, plant-based, non-GMO diets present opportunities to develop better-for-you ready meals. Personalized nutrition based on allergies and lifestyle can boost demand. Growing appetite for ethnic, regional cuisine worldwide allows expansion into new flavors. Online platforms enable smaller niche brands to reach wider audiences.

Threats: Economic slowdowns may squeeze disposable incomes and consumer spending on convenient but expensive ready meals. Substitutes such as homemade cooking from raw ingredients threaten marketshare. Stringent regulations on food labeling, advertising and use of ingredients could increase production costs.

Key Takeaways

The Global Ready-To-Eat Food Market Demand is expected to witness high growth.

Regional Analysis: North America dominates the market currently due to busy lifestyles and higher disposable incomes in countries like the US and Canada. However, Asia Pacific is expected to exhibit the fastest growth during the forecast period with rising urbanization, dual income households and preference for convenience in countries like China, India and Indonesia.

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. Most of the leading brands are focusing on new product developments catering to different tastes, diet preferences and packaging solutions for on-the-go consumption. Strategic acquisitions remain important for geographical and product portfolio expansion.

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