February 21, 2024
Ready-to-Eat Food Market

The Ready-To-Eat Food Market Is Driven By Changing Consumer Lifestyles And Food Preferences

The ready-to-eat food market consists of a wide range of food products that require minimum or no preparation before consumption. This includes products such as frozen meals, sandwiches, baked goods, burgers, pasta dishes, brownies, snacks, and more. The demand for these products has increased significantly owing to changing lifestyles and food consumption patterns of people. People are increasingly opting for convenience food products that save time and effort in cooking and preparation at home or work. The hectic schedules leave little time for cooking, driving the need for ready meals that can be easily heated and eaten. Moreover, increasing number of women joining the workforce has boosted the demand for time-saving food options for families.

The global Ready-to-Eat Food Market is estimated to be valued at US$ 157871.05 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the major trends in the ready-to-eat food market is the rising demand for plant-based and vegetarian options. With growing health and environment consciousness, many consumers are reducing their meat consumption and adopting more sustainable diets. This is fueling innovations in meat substitutes made from plant proteins like soy, wheat and peas. Manufacturers are developing wide varieties of plant-based burger patties, sausages, nuggets and ready meals to appeal to this consumer base. Furthermore, there is an increased demand for customized and personalized ready meals tailored to specific dietary preferences, medical conditions or religious beliefs. Companies are offering gluten-free, keto-friendly, low-calorie, diabetic-friendly meals and halal/kosher certified options online through subscription services. Advancements in food technology are also enabling products with longer shelf-life and improved food safety, driving the ready-to-eat industry.

Porter’s Analysis

Threat of new entrants: The ready to eat food market has medium threat of new entrants due to the established distribution channels and brand reputation of existing players.

Bargaining power of buyers: Buyers have high bargaining power in this market due to availability of substitute products. They can easily switch to alternatives based on price and quality.

Bargaining power of suppliers: Suppliers have medium bargaining power due to availability of substitute raw materials and less product differentiation.

Threat of new substitutes: Threat of substitutions is high as consumers have many options for convenience foods.

Competitive rivalry: The market has high competition due to presence of many regional and international brands offering variety of ready to eat food products.

Key Takeaways

The Global Ready-To-Eat Food Market Demand is expected to witness high growth. The market is projected to reach a value of US$ 157871.05 Mn by 2023, expanding at a CAGR of 12% during the forecast period. North America is expected to dominate the market during the forecast period owing to increasing demand for convenience food in countries like US and Canada.

Regional analysis: North America accounts for around 35% share of the global ready to eat food market and is expected to continue its dominance during the forecast period. Europe is also a major market for ready to eat food. Growing health consciousness and preference for healthy snacks has increased demand in the region.

Key players: Key players operating in the ready to eat food market are 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. Key players are focused on new product launches and strategic partnerships to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it