The Global Ready to make Food Market- Growth drivers, Trends & Recent Developments
The global ready-to-eat meals market has been segmented based on type (rice & noodles, salads, gravies & curries, pasta & pizzas, soups, and others.), distribution channel (non-store-based, store based: supermarkets & hypermarkets, convenience stores, and others.), and geography ( North America, Europe, Asia Pacific, Rest of the world)
Introduction
The global ready to make food market is a contributing segment of the global food market. From a top-down perspective, Strategy Here has analyzed the global food market as a parent market to set the context in which the global ready to make food market will be analyzed.
Ready to eat or ready to make meals are prepared or cooked in advance needing no/minimal further cooking or processing before being eaten. So, these could be precooked, partially cooked, non-preheated/frozen or preserved with a view to be eaten instantly.
Shifting consumers’ food preferences towards ready-to-eat food products owing to the busy lifestyle of working individuals is the major driver
Table of Contents
Market Overview
The Global ready to make food market is expected to grow to $533545 million by 2024.
Growth momentum is expected to accelerate during the forecast period with a 3.52% CAGR.
The ready to make the market is registering high market growth due to changing consumer lifestyles and the ease of making such meals.
China is estimated to be the largest market by revenue.
Key Trends
Millennials will be the generation driving the growth of ready to eat meals as they spend the highest amount of time working compared to other generations.
The online retail segment is anticipated to expand at the fastest CAGR of 6.2% from 2020 to 2027 owing to the growing trend of online shopping among the consumers.
Key Market Players
Conagra Foods Inc. (US), General Mills. Inc. (US), Associated British Foods PLC (UK), McCain Foods Limited (Canada), Bakkavor Group plc (UK), Premier Foods Plc (UK), Tyson Foods, Inc (US), Greencore Group plc (Ireland), Unilever (UK), Kerry Group (Ireland), and Grupo Bimbo, S.A.B. de C.V. (Mexico) are some of the key players in the global ready-to-eat meals market.
The market is fragmented owing to the presence of a large number of global and domestic companies. Manufacturers have increased their product supplies in the supermarkets and hypermarkets amid the coronavirus breakdown. Market players are introducing new ready meals as per the customers’ demand.
Growth Drivers and Challenges
The ongoing convenience food trend and increasing per capita disposable income of consumers.
The growing working population is yet another determinant boosting the global retail sales of ready-to-eat meals.
The increasing influence of western culture IS catalyzing the growth of ready-to-eat meals industry
Ambiguity regarding the health effects of consuming packed and frozen food, along with the market players inability to maintain quality and consistency of food product during transportation and storage are factors that are hampering the market growth.