by The ready to eat food market comprises food products that can be easily consumed without extensive preparation. Ready to eat food such as frozen and shelf stable meals, refrigerated meals, pre-made salads, dried cereal, and breakfast bars are gaining popularity due to the busy lifestyle of consumers. The increasing demand for convenience food coupled with the growing online food delivery and e-commerce platforms is fueling the growth of the ready to eat food market.
The Global ready to eat food market is estimated to be valued at US$ 182.45 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in The Ready To Eat Food Market includes Biogen Inc., AstraZeneca PLC, Pfizer Inc., Novartis International AG, Merck & Co., Inc., Sanofi S.A., F. Hoffmann-La Roche Ltd., Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Ceregene Inc., BioTime Inc., Stemedica Cell Technologies, Inc., Neuralstem, Inc., and StemCells Inc. These players are focusing on offering innovative product launches catering to the rising demand.
The key opportunities in the market include rising demand from working population, increasing demand through online food delivery channels. With the growing internet penetration and urbanization, the online food delivery segment is expected to provide major growth opportunities to manufacturers over the forecast period.
Technological advancements such as increased shelf life, microwavable packaging and freeze drying technology is supporting the growth of ready to eat food market. These technologies help in maintaining freshness and ensuring product safety.
Market drivers
The major drivers for the growth of ready to eat food market include rising demand for convenience food owing to busy lifestyles, growing working population, and increasing disposable income in developing nations. The increasing number of nucealr families is another key factor fueling the demand. Moreover, the proliferation of online food delivery platforms is driving the market significantly.
Current Challenges in Ready To Eat Food Market
The ready to eat food market is facing challenges due to changing consumer preferences and health consciousness. Rising obesity and other health issues have forced people to move towards more nutritious food options. Packaging and safety regulations are constantly evolving to ensure quality standards. Supply chain complexities and demand fluctuations amid the pandemic also impacted production and margins. Sustainability issues around packaging waste need to be addressed. Innovation is key to cater to diverse tastes while providing balanced nutrition.
SWOT Analysis
Strength: Wide product range and convenience offered. Established brands with strong distribution.
Weakness: High packaging costs. Dependency on few raw materials affects margins.
Opportunity: Growing health awareness. Expanding into organic and customization.
Threats: Regulations around additives and labelling. Competition from local players.
Geographical Regions with Highest Market Value
North America leads in terms of ready to eat food market value currently. Rising disposable incomes and preference for packaged foods drive high consumption. Asia Pacific region offers lucrative prospects for future growth.
Fastest Growing Geographical Region
The ready to eat food market in Asia Pacific region is forecast to expand fastest through 2024. Rising health awareness coupled with increasing urbanization and busy lifestyles will boost demand. India and China represent major untapped opportunities due to huge populations and growing middle class.
