Ready To Eat Food Market size is estimated to reach $231.4 billion by 2027, growing at a CAGR of 5.2% during the forecast period 2022-2027. Ready to eat food refers to food that may be securely partaken by consumers without cooking it. Ready to eat or ready to cook food is also termed fast food which is effortless to prepare and eat up. It typically involves frozen dinner, packed snack food, bread, pasta, breakfast cereals, fruit snacks, sauces, processed meat, protein bars, and more. Frozen food is being recognized as people are increasingly opting for the frozen food aisle not only for fast meals like pizza or frozen pasta but also fast-frozen products to improve meals and snacks. Ready-to-Eat (RTE) meat and poultry products are products that are secure to consume without added preparation, though they may undergo added preparation (for example, reheating) for a superior taste or countenance. This classification may involve frozen meat and poultry products. Baked goods are classified as a product type under ready-to-eat foods.
The soaring intake of convenient ready-to-eat foods like baked foods and frozen products by youth is set to drive the Ready To Eat Food Market. The effortless intake of ready-to-eat foods at any time of the day like breakfast, lunch, or dinner turning them into the nearest substitute for everyday food is set to propel the growth of the Ready To Eat Food Market during the forecast period 2022-2027. This represents the Ready To Eat Food Industry Outlook.
Ready To Eat Food Market Segment Analysis – By Product Type:
The Ready To Eat Food Market based on product type can be further segmented into Instant Breakfast / Cereals, Instant Soups And Snacks, Ready Meals, Baked Goods, Meat Products, and Others. The Ready Meals Segment held the largest market share in 2021. This growth is owing to the surging convenience in terms of reduced time and effort in the preparation of the meals. Ready-to-eat products also include baked goods and frozen products. The soaring inclination of millennials and the working population towards ready meals is further propelling the growth of the Ready Meals segment.
Furthermore, the Baked Goods segment is estimated to grow with the fastest CAGR of 5.8% during the forecast period 2022-2027 owing to the soaring preference of consumers for baked goods with functional constituents and resultant health advantages in conjunction with reduced sugar and artificial constituents and butter alternatives.
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Ready To Eat Food Market Segment Analysis – By Distribution Channel:
The Ready To Eat Food Market based on distribution channels can be further segmented into Supermarkets & Hypermarkets, Convenience Stores, Online Stores, and Others. The Supermarkets & Hypermarkets Segment held the largest market share in 2021. This growth is owing to the effortless accessibility of all kinds of Ready To Eat Foods across different brands in one place. Supermarkets market products like frozen products at a competitive price to extend their consumer base. The strategic bundling of products like bundling instant noodles, ready meals, and canned soup in conjunction with the proliferating count of outlets and expansion of international players worldwide is further propelling the growth of this segment.
Furthermore, the Online segment is estimated to grow with the fastest CAGR of 5.9% during the forecast period 2022-2027 owing to the surging digitalization of the retail sector in conjunction with developing robust online to offline integration employed by key players and the ease of utilization of e-commerce websites with ready to eat foods like baked goods and frozen products at fingertips just a click away amidst the COVID-19 pandemic.
Ready To Eat Food Market Segment Analysis – By Geography:
The Ready To Eat Food Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America (Ready To Eat Food Market) held the largest share with 39% of the overall market in 2021. The growth of this region is owing to the soaring intake of ready-to-eat foods including frozen products like frozen pizza in the region. The affordability of these foods in conjunction with their quality and freshness is further propelling the growth of the Ready To Eat Food Market in the North American region.
Furthermore, the Asia-Pacific region is estimated to be the region with the fastest CAGR rate over the forecast period 2022-2027. This growth is owing to factors like the heightened convenience of ready-to-eat foods in conjunction with the accelerated urbanization in the Asia-Pacific region. The proliferating introduction of health-based ready meals to satisfy the requirements of health-conscious customers in conjunction with the soaring intake of frozen products like frozen type ready meals is further fuelling the progress of the Ready To Eat Food Market in the Asia-Pacific region.
Ready To Eat Food Market Drivers
Emergence Of Functional Baked Goods Are Projected To Drive The Growth Of Ready To Eat Food Market:
Bakeries presently have the chance to improve their products by incorporating immunity backing constituents. For example, bakers can include beta-glucans extracted from baker’s yeast to an assortment of baked goods. Beta-glucans have the capability to reinforce the immune system as supported by research. Additional supplement alternatives involve a cream of tartar and sodium ascorbate. Cream of tartar provides immune backing to baked goods and frostings by way of its antioxidant and anti-inflammatory characteristics. Sodium ascorbate, extracted from ascorbic acid, supports healing, and development. There are constituents that bakers can utilize to include digestive backing to their products. The earliest is dietary fiber. Additional fiber performs best in products like bread and muffins, and there are numerous constituent alternatives accessible to support the augmentation of fiber content claims. Probiotics, which utilize good bacteria to stabilize the gastrointestinal system, are no longer just for dairy products but are also ideal for packaged baked goods. Ultimately, there is a constituent that is very effortless to include in baked goods, specifically breads termed lactic acid. Lactic acid is organically existing in fermentation procedures, and it enhances product digestibility, boosts shelf life, and stabilizes pH. The emergence of functional baked goods is therefore fuelling the growth of the Ready To Eat Food Market during the forecast period 2022-2027.
Surging Innovations In Frozen Products In Ready To Eat Food Are Expected To Boost The Demand Of Ready To Eat Food Market:
Frozit, the Frozen Foods Division of Ruchi, has been including spice and flavor in the hearts of people with its extensive series of spices and innovative products with an Indian and Global touch, specifically frozen products like Italian Pasta, Italian Olive Oil, Italian Pesto Sauce, and South Korean Vermicelli. More ready-to-eat frozen products include roasted veg pasta and pasta mushroom. Roasted veg pasta incorporates the taste of Italy with the goodness of nutrition. It is the ideal dish for a light appetite with reduced calories and carbohydrates while being high in fiber and nutrients. Another ready-to-eat frozen product is Pasta Mushroom which is a continental-style mushroom and pasta in a creamy sauce. These kinds of surging innovations in Frozen Products in Ready To Eat Food are driving the growth of the Ready To Eat Food Market during the forecast period 2022-2027.
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Ready To Eat Food Market Challenges
Accentuated Adjustment Of Listeria Monocytogenes In Acidic Ready To Eat Products Is Hampering The Growth Of The Ready To Eat Food Market:
Ready to eat (RTE) foods, in spite of having numerous benefits, are connected with the happening of foodborne sickness cases and outbreaks increasing concerns regarding their security. Numerous RTE foods depend on acidic conditions to restrict the development of pathogens. However, bacteria like Listeria monocytogenes, Salmonella, Escherichia coli, Clostridium botulinum, and Clostridium perfringens can endure and evolve under the acid conditions in these acidic RTE foods, presenting a health hazard. L. monocytogenes is one of the most significant foodborne bacteria and the most fatal one, bringing about a greater count of loss of lives than any other foodborne bacteria. This bacterium utilizes different mechanisms to endure under acidic conditions that also permit it to pass by way of the stomach. Glutamate decarboxylase and arginine deiminase are the most significant systems, while other mechanisms also add to acid resistance. L. monocytogenes is able to endure in acidic RTE foods and bring about the ailment. This issue is hampering the growth of the Ready Eat Food Market.
Ready To Eat Food Market Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Ready To Eat Food Market. Key companies of this market are:
Nestle S.A.
Kraft Heinz Company
Tyson Foods
McCain
Iglo Group (Nomad Foods)
Campbell Soup
Greencore Group
Maple Leaf Foods
ConAgra
Fleury Michon
Recent Developments
In December 2021, Fleury Michon has declared the introduction of a principal investment plan of €120 million over the next five years. The objectives: Remodelling their plants, expediting their ecological transition, and establishing their series of nitrite-free products. Established in 1905, the Fleury Michon brand, which registered revenue of €735.4 million in 2020 – inclusive of 6% from exports – is currently the leader in supermarkets and grocery stores in France for packaged deli meats and cold cuts, fresh pre-cooked dishes, and crab sticks.
In November 2021, Kraft Heinz brought an extra-terrestrial taste to Earthlings as it revealed its earliest bottle of HEINZ Tomato Ketchup Marz Edition. Prepared with delectable tomatoes cultivated by recreating identical soil, temperature, and water conditions on Earth to those discovered on the Red Planet, this collaboration finished its arrival with a 14-person astrobiology team at the Aldrin Space Institute at Florida Tech. By way of its collaboration with the Aldrin Space Institute, HEINZ mimicked cultivating tomatoes on Mars.
In October 2021, Nestlé introduced egg and shrimp substitutes, further extending its portfolio of plant-based foods accessible to consumers. The novel products will be accessible earliest in chosen markets in Europe as a restricted test run. Nestlé will introduce its egg substitute under the Garden Gourmet vEGGie name.
Key Takeaways
Geographically, North America Ready To Eat Food Market accounted for the highest revenue share in 2021 and it is poised to dominate the market over the period 2022-2027 owing to the surging inclination of consumers for ready to eat meals and products like baked goods and frozen products in the North American region.
Ready To Eat Food Market growth is being driven by the considerable upsurge in demand amidst the coronavirus pandemic owing to the ready-to-eat foods like baked goods and frozen products flying off the shelves currently with the majority of people working from home and nations in lockdown. However, with novel progressive developments, the ready-to-eat foods are evolving into high-priced products, catering to just a limited class of communities and this is one of the major factors hampering the growth of the Ready To Eat Food Market.
Ready To Eat Food Market Detailed Analysis on the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Ready To Eat Food Market report.
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