by Ready to eat food products such as canned foods, frozen foods, prepared meals are convenient alternatives to conventional cooking methods. They save time for working individuals and nuclear families with dual-income individuals who have little time to spend on cooking. Ready to eat food offerings include soups, noodles, pasta, breakfast cereals among others which require minimal or no preparation time. They are fully cooked and can be consumed directly after opening the packaging.
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 9.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The ready to eat food market has been witnessing the trend of increasing demand for organic and plant-based ready meals. Consumers are increasingly becoming health conscious and prefer food products with clean label and organic ingredients. Furthermore, rising awareness about issues like animal welfare and environmental sustainability has fueled the demand for vegan and vegetarian ready to eat meals. Major ready to eat food brands have launched variety of plant-based and organic meal options such as soups, pastas, burritos and pizza pockets to cater to the evolving consumer preferences. The market share of organic and plant-based ready to eat foods is expected to grow significantly over the forecast period.
Porter’s Analysis
Threat of new entrants: The Ready to Eat Food market has moderate threat of new entrants given the high capital requirement to setup production units and distribution network.
Bargaining power of buyers: Buyers have moderate bargaining power in this market owing to availability of product substitutes.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of alternate suppliers in the market.
Threat of new substitutes: Threat of substitutes is low as Ready to Eat Food offers convenience along with nutrition.
Competitive rivalry: The market is highly competitive due to presence of numerous regional and global players.
Key Takeaways
The Global Ready To Eat Food Market Growth is expected to witness high growth over the forecast period. The rising demand for convenient food products owing to changing lifestyles and busier schedules is driving the market.
Europe accounts for the largest market share currently due to growing health consciousness among consumers in the region. However, Asia Pacific is expected to witness the fastest growth due to rising disposable income and increasing demand for on-the-go food products.
Key players operating in the Ready to Eat Food market are Clos Sainte Aurore (France), Spirulina Viva (Mexico), SPIFORM (France), Spirulina La Capitelle (France), Aurospirul (India), Far East Microalgae Industries, Co., Ltd. (Taiwan). These players are focused on developing innovative products and using organic ingredients to cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
