The ready to eat food market largely comprises of processed food, frozen food, snacks, and beverages that require minimum or no preparation before consumption. Over the past few years, the demand for ready to eat food has substantially increased owing to busy lifestyles and hectic schedules that leave consumers with little time to cook food from scratch. Furthermore, ready to eat food offers the advantage of convenience as they can be easily consumed on-the-go without much preparation.
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 new product launches, mergers & acquisitions, and geographic expansions to gain a competitive edge in the market. The market provides numerous opportunities such as growing demand for organic ready to eat food and rising prominence of e-commerce which is enabling companies to directly sell their products to consumers. Ready to eat food companies are also expanding globally to capitalize on the rising demand from developing nations experiencing growth in urbanization, working population, and retail infrastructure.
Market Drivers and Restrain
The key driver for Ready To Eat Food Market Demand is increasing demand for convenience food. With changing lifestyle and increasing number of working women, demand for ready to eat food is growing significantly as they save time for cooking. Growing disposable income is also supporting the growth of ready to eat food market. However, one of the key restraint for this market is health concerns related to excess consumption of ready to eat food. High salt, fat and sugar content in many ready to eat food items can increase risk of obesity, diabetes and heart diseases if consumed regularly. Stringent government regulations regarding ingredients and packaging are also challenging for ready to eat food manufacturers.
Segment Analysis
The Ready To Eat Food Market can be segmented based on product type into meat & poultry products, cereal products, snacks, bakery products, and others. The meat & poultry products segment currently dominates the market due to increasing demand for food items with high protein content. Changing lifestyle patterns have enabled people to prefer ready to eat food items that can be easily consumed on-the-go without much preparation.
Global Analysis
From a regional perspective, the North America region accounted for the largest share of the ready to eat food market in 2024 due to the presence of key players. However, Asia Pacific is projected to grow at the fastest pace during the forecast period. This can be attributed to rising incomes, improving standards of living, and the growth of the foodservice industry in emerging economies such as India and China. The ready to eat food market is also expanding rapidly in Europe and Latin America.
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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.
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