Global Ready to Eat Food Market Segmentation, By Product Type (Instant Breakfast/Cereals, Instant Soups and Snacks, Ready Meals, Baked Goods, Meat Products, Others), Packaging Type (Canned, Frozen or Chilled, Retort, Others), Distribution Channel (Hypermarket/Supermarket, Convenience/Departmental Store, Specialty Store, Online Store, Others), – Industry Trends and Forecast to 2031.
Ready to Eat Food Market Analysis
In recent years, ready-to-eat food has emerged as one of the most versatile segments of the global ready to eat food market. A rise in convenience trends and a parallel increase in demand for specific meal solutions has resulted in strong demand for frozen ready-to-eat food. The food and beverage industry is viewed as a one-stop shop for customers on the go, offering everything from frozen sweets to appetisers and meals.
Ready to Eat Food Market Size
Global ready to eat food market size was valued at USD 181.53 million in 2023 and is projected to reach USD 278.60 million by 2031, with a CAGR of 5.50% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Ready to Eat Food Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Key Market Players
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The Hain Celestial Company (U.S.), AGRARFROST GMBH & CO. K.G. (Germany), Agristo (Belgium), Bart’s Potato Company bvba (Belgium), Royal Cosun (Netherlands), Farm Frites (Netherlands), Greenyard (Belgium), Himalaya Food International Ltd. (India), J.R. Simplot Company (U.S.), McCain Foods Ltd. (U.K.), Lamb Weston Holdings, Inc. (U.K.), General Mills, Inc. (U.S.), Mondelez International, Inc. (U.S.), and THE KRAFT HEINZ COMPANY (U.S.)
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Market Opportunities
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Ready to Eat Food Market Definition
Ready-to-eat food is a type of packaged cooked food that does not require additional processing to ensure quality. It can be frozen, shelf-stable with minimal heating, or served hot. Some foods must be refrigerated until used, while others require special handling to ensure food quality.
Ready to Eat Food Market Dynamics
Drivers
- Consumers busy lifestyle is augmenting Ready to Eat Food market
As frozen ready meals require less time and effort to prepare than cooking from scratch, the growing consumer preference for convenience foods indirectly benefits the growing demand for frozen ready meals. due to the hectic lifestyles of consumers, the processed food market is driven by a greater need for convenience. As a result, there is an increase in demand for frozen goods. Increasing disposable income is another factor that has a significant impact on food market growth because it increases consumer purchasing power.
- Expansions of convenience stores as well growing working class population
Frozen convenience foods sold by food supply chain companies continue to contribute significantly to revenue. Additional revenue share is expected soon as convenience stores expand their frozen ready meal selection and internet sales tap into previously untapped market opportunities.
Ready to eat food are becoming increasingly popular in developed countries, where consumption is higher than in developing countries. The increase in the number of people working in emerging economies such as China and India, as well as the trend toward longer and more variable working hours, has resulted in a progressive shift away from the traditional paradigm of daily cooking.
Opportunity
Online grocery shopping and the introduction of new apps that make it easier for consumers to select their preferred products are two of the most recent market trends. Customers prefer online shopping because it is more convenient and diverse. According to Eurostat, nearly a quarter of the population bought food and groceries from online retailers. As the Internet and smartphone penetration increase, retail ready meal shopping is emerging as one of the platforms for companies to showcase and sell their food products.
Restraints
On the other hand, the presence of fats in ready to eat food, as well as negative mind-sets and opinions about frozen food's impact on health, are two factors that are expected to slow the growth of the ready to eat food market in the near future.
This ready to eat food market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the ready to eat food market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Ready to Eat Food Market
The COVID-19 outbreak has boosted demand for convenience items. During the pandemic, consumers were constantly buying ready-to-eat or ready-to-cook meals because they were readily available at low prices. Severe lockdown measures have been implemented by all restaurants, hotels, and shopping malls, which has impacted eating habits globally due to lockdown and public safety measures. This factor has also influenced many people to switch to home-cooked meals and packaged ready foods that can be delivered to their homes via several supermarkets or hypermarkets and e-commerce grocery store home delivery options, as dining-out options were limited. Fear of spreading the virus in public places has led to the purchase of packaged and long-life Ready to Eat Food rather than fresh food.
Ready to Eat Food Market Scope
The ready to eat food market is segmented on the basis of product type, packaging type and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product type
- Instant Breakfast/Cereals
- Instant Soups and Snacks
- Ready Meals
- Baked Goods
- Meat Products
- Others
Distribution channel
- Supermarket & Hypermarket
- Online Retail
Packaging Type
- Canned
- Frozen or Chilled
- Retort
- Others
Ready to Eat Food Market Regional Analysis
The ready to eat food market is analyzed and market size insights and trends are provided by country, product type, packaging type and distribution channel as referenced above.
The countries covered in the ready to eat food market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Europe dominates the ready to eat food market as a result of an increase in demand for frozen Ready to Eat Food caused by the COVID-19 pandemic, which has affected several countries. Furthermore, the region's population growth, rapid urbanisation, and increased customer awareness of the benefits of frozen food will drive the growth of the ready to eat food market during the forecast period.
Asia-Pacific is expected to see significant growth in the ready to eat food market because of the rise in the trend of ready-to-eat food among the working-class population. Furthermore, the substantial increase in demand for frozen food due to the decrease in time for preparing and cooking is expected to further propel the market growth in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Ready to Eat Food Market Share
The frozen ready to eat food market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to ready to eat food market.
Ready to Eat Food Market Leaders Operating in the Market Are:
- The Hain Celestial Company (U.S.)
- AGRARFROST GMBH & CO. K.G. (Germany)Agristo (Belgium)
- Bart’s Potato Company bvba (Belgium)
- Royal Cosun (Netherlands)
- Farm Frites (Netherlands)
- Greenyard (Belgium)
- Himalaya Food International Ltd. (India)
- J.R. Simplot Company (U.S.)
- McCain Foods Ltd. (U.K.)
- Lamb Weston Holdings, Inc. (U.K.)
- General Mills, Inc. (U.S.)
- Mondelez International, Inc. (U.S.)
- THE KRAFT HEINZ COMPANY (U.S.)
Latest Developments in Ready to Eat Food Market
- In 2021, Nomad Foods announced an agreement with Fortenova Grupa d. d. to acquire Fortenova's Frozen Food Business Group (FFBG) in cash for USD 724 million in order to expand its product portfolio, as FFBG offers a wide range of frozen meals and has a large distribution channel in Eastern Europe.
- Conagra Brands Inc. launched its extensive summer line products in 2021 to provide manufacturers inside single-serve frozen meals and collect brands with new Banquet, Marie Callender's, Wholesome Alternative®, and Hungry Man dishes. Conagra's mission is to please customers by providing nutritious frozen foods.
- In 2020, the Dutch start-up Lazy Vegan released its latest frozen ready meal, "Thai Green Curry," which is gluten-free and soy-free. It also launched vegan frozen meals with plant-based chicken and Ready to Eat Food in order to establish a strong presence in the European market.
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