Global Ready-To-Eat Food Market Is Projected to Grow at A CAGR of 4.3% During The Forecast Period

Global Ready-To-Eat Food Market Is Projected to Grow at A CAGR of 4.3% During The Forecast Period

September 20, 2021, New York, USA - In recent years, consumer preferences towards food are changing a lot. This is partly responsible for the fast and dynamic lifestyle of an individual and the changing needs of the working person. Consumers across the globe prefer those food items which are ready to eat can be consumed within the least amount of time and has top quality. One of the reasons for this is the hectic work schedules of the customers which is why they are willing to buy ready-to-eat meals.

Another reason is that pre-cooked or ready to eat meals help save time and most importantly effort on part of the person. This has led to the increased demand for ready-to-eat meals. Most of the population caters to the working and student population. Many of the working population also work night shifts and they have this highly convenient option of going for ready to cook meals. Moreover, it is also a safe option. The delivery options are also very convenient and many companies have tie-ups with the delivery companies.

In addition to this, the print and advertising media have played a vital role in augmenting this market growth and are responsible for the rise in sales. Also, top manufacturers in the market are focusing on introducing healthy and nutritious food to retain and sustain their market share.

They are also a cost-effective alternative as they are pre-cooked and cost less. The rise in the per capita income and the spending capacity of the consumer has prompted the rise in the demand for ready-to-eat meals.

The product insights in the Ready eat meals market-

Frozen and chilled meals offer the largest share in the market and contribute to the revenue of more than 30%. Furthermore, they are expected to maintain their share over the forecast period. One of the most popular meals is frozen pizza which contributes significantly to the global revenue.

Canned meals are expected to have the highest market share in the forecast period from 2020-2026. This is because of the rising popularity among youngsters all across the globe. Dried food products are another ready-to-eat meal gaining popularity, especially instant pasta and noodles.

The geographical distribution of the Global Ready to eat meals market-

North America leads the market in this sector with a revenue contribution of more than 40%. The United States by far is the largest consumer of Ready to eat meals.

The Asia Pacific is the second in the market and is anticipated to be the fastest-growing in the forecast period. It will grow at a CAGR of 5.9% in the period from 2020-2027. The rise in growth is attributed to the fact that because of working population, rising disposable incomes, rising awareness about the ready-to-eat meals. Along with that rapid urbanization and increasing level of improved living standards have paved the way for the introduction of innovative products. They are primarily ready to eat vegetables, frozen salads. Gluten-free meat is another popular item in this domain.

The Marker for the Ready to eat meals is fragmented and many top players and there are a large number of domestic and global companies.

The impact of the Covid 19 pandemic on the Ready To eat meals market-

The Covid 19 pandemic bought in a lot of changes in the different sectors and domains and people had to change and reevaluate their services and working patterns. The Ready to eat meals market was no exception.

The ready to eat meals market increased their sales as most of the people were confined to their homes due to lockdowns. This eventually boosted the market for the ready to eat meals and people preferred frozen meals, especially youngsters who were working from home.

The distribution channels for the Global Ready to eat meals-

Supermarkets and hypermarkets hold the largest revenue share and are one of the top distribution channels for Ready to eat meals.  They are expected to maintain their lead during the forecast period and also increase the revenue share. Some of the largest supermarket chains include Wal-Mart, Tesco, 7Eleven, Apar. These markets are expanding their services all across the globe and also increasing their product offerings by creating various innovative packaging methods and ingredients for the Ready to Eat Meals.

 The online retail segment is expected to have the highest CAGR sales-wise and it is estimated to be around 6 % during the forecast period of 2020-2027. This is coupled with the online shopping trend and the increasing use of smartphones across the globe. Countries both developed and developing are promoting e-commerce operations in the most robust manner and this is paving the way for a unique sales funnel which is proving to be extremely beneficial for the manufacturers of the Ready to eat meal market.

 This shopping pattern across the globe will provide a big boost to the Ready eat meals market. In turn, manufacturers are also introducing low calorie, low fat, low sodium, and preservative-free ready-to-eat meals which are being preferred by the young population across the globe. This type of Ready to eat meal has 6 different flavors including the one having an option of non-vegetarian and vegetarian.

Some of the recent developments include-

In the year November 2020, Whith worths introduced plant-based ready-to-eat meals that were suitable for the vegetarian consumer. It contained the ingredients of the proteins from pulses, beans, quinoa, lentils, and wheat berries.

Another top manufacturer Nomad Foods entered into a contract to acquire Green Isle Foods to distribute frozen pizzas in the United Kingdom and Ireland.

The ready-to-eat products are preferred to be the closest alternative to regular food as they can be consumed at any time and are one of the easiest options available.

Plus they can be consumed at any time of the day (lunch, dinner, breakfast or snacks) so this makes it an even more viable option. The consumption patterns for the ready to eat meals are going to experience a huge change in the year of 2021 and will introduce new products.

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