The ready to eat food market comprises a wide range of food and beverages that require minimum or no preparation, and can be eaten instantly. Some of the common examples include ready-to-eat cereals, packaged foods such as canned soups, sandwiches, tacos, pasta salads, pizza slices and frozen meals. Over the years, there has been a spike in demand for convenient food options that can be prepared and eaten in minimal time due to busy lifestyles and changing consumer preferences. The ready to eat food options save considerable time for preparation and cooking, while still providing nutritional value.

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. These players are focusing on new product launches and partnerships to expand their market share. The growing working population and changing lifestyles have fueled the demand for on-the-go convenience foods across major regions. Also, the rising trend of nuclear families has propelled the need for easily prepared meals requiring minimal or no cooking. Many companies are innovating their R&D efforts to develop new ready to eat options targeting health-conscious consumers. For instance, companies are coming up with organic, gluten-free, non-GMO, and plant-based alternatives.

There is high growth potential in developing economies of Asia Pacific and Middle East & Africa driven by increasing disposable incomes, westernization, and urbanization. Leading players are investing heavily in these emerging regions by establishing manufacturing and distribution facilities to leverage growing opportunities. various strategic alliances such as mergers & acquisitions, partnerships, and collaboration with local food companies help multinational players strengthen their market position. Investments in digital platforms, supply chain management, and product innovations focused on regional tastes and preferences will further aid global expansion.

Market Drivers
Rising demand for convenient and packaged foods: The expanding working professional population has less time for cooking at home and prefers ready-to-eat options for their on-the-go consumption needs. This has been a major driver for the market.
Growing nuclear families: The proportion of nuclear families without homemakers has increased significantly over the past decade. This has boosted the demand for easy-to-cook and ready-to-eat meals which do not require extensive preparation time.

Market Restrains
High prices of premium ready meals: Premium ready meals launched by food giants usually come at a high price which makes them unaffordable for cost-sensitive consumers. This acts as a restraint for the market growth.
Concerns regarding excessive packaging and waste generation: Ready-to-eat food items mostly come packaged using plastic materials for longer shelf life. However, this leads to increased non-biodegradable waste disposal concerns. Stringent regulations are being imposed regarding sustainable packaging which can hamper market revenues.

Segment Analysis
The ready to eat food market is segmented into cereals, non-cereals and others. The cereals segment dominates the market owing to changing lifestyle and busy schedules of people which demand foods that can be consumed quickly without much preparation. Within cereals, breakfast cereals sub-segment holds the major share as they are easy to prepare and nutritious. The non-cereals segment is expected to grow at a high rate during the forecast period. The snacks and baked goods sub-segments under non-cereals will see rapid growth due to rise in demand for healthy snacking and bakery options. The working population prefers ready to eat snacks while on-the-go or at workplaces which propels this sub-segment growth. The others segment includes baby food, soup, pasta and others which have steady demand from specific consumer groups.

Global Analysis
Europe dominates the global ready to eat food market currently due to presence of major food producers and consumption patterns of people. Changing demographics and urbanization are factors which pushed the growth of ready to eat food industry in European countries. North America holds the second position due to increasing health awareness among consumers and demand for healthy ready meals with balanced nutrition. Asia Pacific is expected to grow at the highest rate during the forecast period. Rising income levels, growing young population and busier lifestyles in countries like India and China are aspects driving this regional market growth. Furthermore, expansion activities of international players in Asia Pacific will support the market expansion.

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