DUBLIN--(BUSINESS WIRE)--The "Ready-to-Eat Food Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type and Distribution Channel" report has been added to ResearchAndMarkets.com's offering.
The ready-to-eat food market is projected to reach US$ 1,471.94 billion by 2028 from US$ 1,073.87 billion in 2022. It is expected to grow at a CAGR of 5.4% from 2022 to 2028.
The major growing factor towards ready-to-eat food market is the changing food consumption behavior amongst consumers. The prime factor driving the ready-to-eat food market is the increased willingness to spend on such food and the lack of time to cook at home due to rapid urbanization.
Based on product type, the ready-to-eat food market is segmented into breakfast cereals, instant soup & noodles, ready meals, snacks, baked goods & confectioneries, and others. The Ready meals segment accounted for the fastest-growing segment in the forecast period. The convenience offered in terms of time savings and the little effort required to prepare these meals is driving the expansion of the ready meals segment.
Furthermore, the working population and millennials have become more interested in these meals because they only require heating before consumption, reducing overall effort. Manufacturers are working on developing novel products to meet rising demand and gain significant market share.
For Instance, Freshly Inc., the meal delivery service owned by Nestle SA, introduced a new product line in 2020 for consumers seeking to command their health and fuel active lifestyles. These factors are expected to fuel the growth of ready-to-eat food market during the forecast period.
Based on geography, the ready-to-eat food market is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2020, Asia Pacific held the largest share of the market, and it is also expected to register the highest CAGR in the market during the forecast period. The diffusion of supermarkets in Asia favored the consumption of processed foods in the region and is expected to continue tracing the growth of respective distribution channels.
Moreover, attracted by increasingly open markets, changing consumer preferences, young and growing populations, and high economic growth rates, the transnational food, and beverage corporations (TFBCs) are targeting the Asian markets at a high pace. Moreover, the consumption of ultra-processed food is increasing in Asia. These factors are fueling the growth of the ready-to-eat food market across Asia Pacific.
The leading players in the ready-to-eat food market are Nestle SA; Conagra Brands Inc.; The Kraft Heinz Company; General Mills Inc.; CAMPBELL SOUP COMPANY; MTR Foods Pvt Ltd.; Hormel Foods Corporation; Tyson Foods, Inc.; JBS S.A.; and The Kellogg Company.
These players are developing a variety of products (RRPs) to address consumers' growing demand. Growing health-conscious consumer manufacturers are launching nutritious RTE products rich in vitamins, minerals, and other nutrients.
Key Market Dynamics
Market Drivers
- Strong Preference for Convenience Food Among Millennials
- Rise in Working Women Population
Market Restraints
- Risk of Microbial Contamination in RTE Products
Market Opportunities
- Innovations in RTE Products and Strategic Developments by Manufacturers
Future Trends
- Consumer Inclination Toward Low-Fat, Low-Sugar, and Nutritious RTE Products
Company Profiles
- Nestle SA
- Conagra Brands Inc.
- The Kraft Heinz Company
- General Mills Inc.
- Campbell Soup Co
- MTR Foods Pvt Ltd.
- Hormel Foods Corporation
- Tyson Foods, Inc.
- JBS S.A.
- The Kellogg Company
For more information about this report visit https://www.researchandmarkets.com/r/4lu104
