Covina, Aug. 30, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global ready to eat food market size and share value is projected to grow from USD 210.9 Billion in 2024 and is forecasted to reach USD 489.3 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 9.7% during the forecast period (2024 - 2034).
Ready to Eat Food Market Report Overview
Ready to Eat Food are convenient, pre-packaged meals or snacks that require minimal preparation before consumption. Ready to eat foods, which are created to provide a simple and quick dining experience, are a vital component of today's convenience culture since they accommodate busy lifestyles. These foods range from single-serve snacks to complete meals and are available in refrigerated, frozen, and shelf-stable formats.
The fact that ready to eat foods may accommodate a variety of dietary requirements and preferences, such as vegetarian, gluten-free, and low-calorie options, is another factor contributing to their appeal. This area of the food business is still developing, with innovations meant to improve taste, nutritional content, and customer happiness in general.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Ready to Eat Food Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Nomad Foods Ltd.
- McCain Foods
- Bakkavor Foods Ltd.
- ConAgra Foods Ltd.
- Premier Foods Group Ltd.
- Orkla ASA
- General Mills Inc.
- Greencore Group Plc.
- ITC Limited
- 2 Sisters Food Group Limited.
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Analyst View:
The fast-paced nature of modern life, characterized by dual-income households and long working hours, is a primary driver of ready to eat food consumption. Consumers are increasingly seeking convenient meal solutions that fit into their hectic schedules.
Market Dynamics:
Drivers:
Urbanization and Population Growth
- As a result of urbanization, cities get larger and the population of metropolitan regions increases. The speed of life quickens in growing cities, leaving individuals with less time for dinner preparation. Ready-to-eat (RTE) foods are in high demand due to this trend since they provide quick and easy meal options that fit into the hectic schedules of city people. This change is advantageous to the RTE food business since consumers are looking for items that save time and effort.
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Market Trends:
Sustainability and Ethical Sourcing
- Eco-friendly and sustainably sourced items are becoming more and more popular among consumers. Demands for less environmental impact, ethical ingredient sourcing, and eco-friendly packaging are a few examples of this factor.
Segmentation:
Ready to Eat Food Market is segmented based on Product, Packaging, Distribution Channel, and Region.
Product Insights
- This industry includes the following: Meat and Poultry, Fruits and Vegetable, Cereal, and Snacks. The market growth for snacks is anticipated to be dominant as snacks are inherently convenient and require minimal preparation, making them ideal for on-the-go consumption. They fit seamlessly into busy lifestyles, offering quick and easy solutions for hunger between meals.
Packaging Insights
- Frozen or chilled is anticipated to boost the growth for the target market as this extended shelf life makes frozen or chilled RTE foods ideal for both consumers and retailers. For consumers, it means they can store meals for longer without frequent shopping trips. For retailers, it ensures that products remain fresh for a longer time, reducing waste and increasing sales potential.
Distribution Channel Insights
- Hypermarket/supermarket is anticipated to boost the growth for target market as Supermarkets and hypermarkets usually have a lot of foot traffic because of their size, assortment of goods, and well-chosen locations. They are widely accessible to a wide range of customers because they are frequently located in busy regions or shopping complexes.
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Recent Development:
- In August 2024, UK plant-based meat brand Squeaky Bean unveiled its latest vegan product i.e. ready to eat crispy bacon strips. The Crispy Bacon Style Strips are reputed to have a flavor that is both sweet and salty. They resemble real bacon in that they have the "same characteristic streaks and crispy texture." They can be used in salads, sandwiches, pancakes, and other recipes in place of bacon because they are high in protein and fiber.
Regional Insights
- North America: The North American market for ready-to-eat (RTE) foods is well-established and still expanding due to factors like hectic lifestyles, a premium on convenience, and developments in technology. Leading nations, the US and Canada have significant markets for a wide range of cutting-edge RTE food products.
- Asia Pacific: The Asia Pacific ready to eat food market is expanding quickly because to shifting eating habits, the rising middle class, and increased urbanization. South Korea, China, Japan, India, and other nations have made major contributions to this expansion.
Browse Detail Report on "Ready to Eat Food Market Size, Share, By Product Type (Meat and Poultry, Fruits and Vegetable, Cereal, and Snacks), By Packaging Type (Canned, Frozen or Chilled, and Retort), and By Distribution Channel (Hypermarket/Supermarket, Convenience/Departmental Store, Specialty Store, and Online Store), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Global-Ready-to-Eat-Food-615
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