LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global dinner ready-to-eat (RTE) foods market is expected to reach USD 108.4 billion by 2020, growing at a CAGR of more than 6%.
This research report titled ‘Global Dinner RTE Foods Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
Rapid urbanization and subsequent busy work schedules have resulted in several consumers preferring convenience and on-the-go food products. Consumers prefer RTE food products, as they help reduce the preparation or cooking time and thus save time. RTE food manufacturers frequently use the convenience factor to increase the relevance of their products to consumers; a large proportion of customers say that convenience plays a key role in their choice of meal.
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Technavio’s food and beverage analysts categorize the global dinner RTE foods market into three major segments by product. They are:
- Frozen
- Chilled
- Canned
Global frozen dinner RTE foods market
Frozen RTE food products include frozen pizza, frozen chicken food products, frozen beef foods, and various types of frozen vegetarian foods stored under extremely low temperature. They are stored at a temperature, usually, below -9.5 degree Celsius to prevent decomposition and increase the shelf life of the products. The global frozen dinner RTE foods market is expected to post a CAGR of almost 6% during the forecast period.
According to Manjunath Reddy, a lead food research analyst from Technavio, “Frozen pizza is the most popular ready meal in this market. Frozen foods are free from microbial attacks and hence considered healthier than other RTE meals. Manufacturers are introducing various innovative frozen chicken foods with exotic herbs and fresh ground spices, skewered and cooked efficiently to provide delicious and nutritious dishes.”
Global chilled dinner RTE foods market
Chilled RTE food products refer to meat, poultry, fish, and vegetable-based meals sold in a chilled cabinet or in a container form. These products are stored below eight degree Celsius; these products also include whole foods, prepared salads, pizzas, sausages, and desserts. The global chilled dinner RTE foods market is expected to post a CAGR of more than 6% during the forecast period.
“The market for chilled dinner RTE foods is highly fragmented with the presence of several large and small RTE foods manufacturers. Overall, the market in this category is expected to grow steadily during the forecast period,” says Manjunath.
Global canned dinner RTE foods market
The growing preference for portion meals among consumers is driving the market in this segment. Portion meals are generally known as canned products. Food products in this segment are preserved immediately after the preparation when the nutritional content, freshness, and quality of ingredients are high.
The overall cost to preserve food products in this segment is comparatively higher than that in other segments. Moreover, the products delivered under this segment are also limited. This will result in a decline in the market share of this segment during the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- General Mills
- ITC
- Kraft Heinz
- Nestlé
- Unilever
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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