According to IMARC Group, the global ready to eat (RTE) food market size reached US$ 173.5 Billion in 2022. Looking forward, the market is expected to reach US$ 229.8 Billion by 2028, exhibiting a growth rate (CAGR) of 4.6% during 2023-2028.
Factors Affecting the Growth of the Ready to Eat (RTE) Food Industry:
- Changing Consumer Lifestyles and Preferences:
The ready to eat food market is significantly influenced by the shift in consumer lifestyles, especially in urban areas. With the increasing pace of life and more individuals engaging in full-time employment, there's a growing preference for convenience foods that save time. This trend is particularly noticeable among millennials and the working population, who often prioritize ease and quick meal options due to their busy schedules. Additionally, the rise in disposable incomes allows consumers to spend more on convenience foods, further boosting the RTE food market. Consumers are now seeking diverse and globally influenced food options, which RTE foods often provide. This shift is a response to not only the need for convenience but also the desire for varied and culturally diverse food experiences.
- Advancements in Food Processing and Packaging Technologies:
Technological advancements in food processing and packaging are pivotal in driving the growth of the RTE food market. Modern processing techniques have significantly improved the quality, shelf life, and safety of RTE foods. High-pressure processing, freeze drying, and advanced canning are some examples that enhance the longevity and preserve the nutritional value of food products. Packaging innovations like modified atmosphere packaging (MAP) and vacuum packing have also played a critical role. These technologies help in maintaining the freshness and preventing the growth of microorganisms, making RTE foods more appealing to health-conscious consumers. Moreover, the introduction of smart packaging, which can monitor freshness and display information about the food quality, adds to consumer trust and market growth.
- Increased Health Awareness and Demand for Nutritious Options:
The surge in health consciousness among consumers globally is a significant factor influencing the RTE food market. People are increasingly aware of the nutritional content of their food and are seeking healthier, more nutritious meal options. This trend has led to the development of a wide range of RTE foods that cater to health-conscious consumers, including organic, gluten-free, low-calorie, and fortified products. The demand for such health-oriented RTE foods is particularly high among demographics such as fitness enthusiasts, the aging population, and those with specific dietary requirements. Additionally, the rise in lifestyle-related health issues, such as obesity and diabetes, has prompted consumers to opt for healthier eating options, including RTE foods that offer balanced nutrition without compromising on convenience.
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Leading Companies Operating in the Global Ready to Eat (RTE) Food Industry:
- 2 Sisters Food Group (Boparan Holdings)
- ADF Foods Ltd.
- Bakkavor Foods Ltd.
- Birds Eye Ltd.
- Findus Group Ltd.
- General Mills Inc.
- Greencore Group Plc.
- ITC Limited
- McCain Foods
- MTR Foods Pvt Ltd. (Orkla ASA)
- Nomad Foods Ltd.
- Premier Foods Group Ltd.
Ready to Eat (RTE) Food Market Report Segmentation:
Breakup by Product Type:
- Meat/Poultry Based
- Cereal Based
- Fruits/Vegetable Based
- Others
Meat/poultry-based ready-to-eat foods are the largest segment due to their widespread popularity, cultural acceptance, and perceived convenience in meal preparation.
Breakup by Packaging Type:
- Canned
- Frozen/Chilled
- Retort
- Others
Frozen/chilled packaging dominates the ready-to-eat food market as it helps in preserving the freshness and extending the shelf life of the products, catering to consumer demand for convenience and quality.
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Food Specialty Stores
- Departmental Stores
- Online Stores
- Others
Supermarkets and hypermarkets are the leading distribution channels for ready-to-eat foods due to their extensive reach, diverse product availability, and the convenience of one-stop shopping for consumers.
Regional Analysis:
- North America (United States, Canada)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
North America emerged as the largest market for ready-to-eat foods, largely driven by a fast-paced lifestyle, high consumer spending power, and a strong inclination towards convenience foods.
Global Ready to Eat (RTE) Food Market Trends:
The escalating demand for convenience and time-saving meal options is a key driver for the Ready to Eat (RTE) Food market's expansion. The rising popularity of RTE foods among the urban population, driven by busy lifestyles and the need for quick and easy meal solutions, significantly contributes to market growth. Additionally, advancements in food processing technology and the introduction of healthier, organic, and specialty dietary options are enhancing the quality and variety of RTE foods. This innovation caters to the evolving consumer health consciousness and dietary preferences. Furthermore, the proliferation of RTE food brands and the availability of a diverse range of products, meeting different culinary tastes and dietary requirements, is propelling the market's global growth.
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Other Key Points Covered in the Report:
- COVID-19 Impact
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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