Ready-to-Eat Foods Market Continues to Grow as Convenience Becomes a Top Priority for Consumers with CAGR Of 8.84% From 2023 To 2027

The global ready-to-eat foods market has experienced substantial growth in recent years, and this trend is expected to continue as busy lifestyles and increasing demand for convenience foods drive consumer preferences. According to the latest market research, the global ready-to-eat foods market is projected to reach a value of $251.4 billion by 2026, growing at a CAGR of 8.84% from 2023 to 2027.

Driving factors:

· The market is driven by a variety of factors, including changing dietary habits, an increase in the number of working women, and a rise in urbanization. Consumers are increasingly looking for quick, easy, and healthy meal options that require little to no preparation time. Ready-to-eat foods, which include frozen meals, canned foods, and packaged snacks, meet these demands and are becoming more popular as a result.

· The COVID-19 pandemic has also contributed to the growth of the ready-to-eat foods market. With lockdowns and social distancing measures in place, consumers have turned to packaged foods as a safer and more convenient option. This trend is expected to continue as more consumers prioritize health and safety in their food choices.






Some consumer trends driving the growth of the ready-to-eat foods market:

· Health and Wellness: Consumers are increasingly looking for ready-to-eat foods that are healthy and nutritious, as they become more health-conscious and concerned about their diets. This has led to the emergence of new product categories, such as plant-based and low-calorie options, as well as a growing demand for organic, gluten-free, and non-GMO products.

· Convenience: As people's lives get busier, they are turning to ready-to-eat foods that offer quick and easy meal solutions. This includes not just traditional frozen meals and canned foods, but also snacks, grab-and-go options, and meal-replacement shakes and bars.

· Sustainability: With growing awareness of environmental issues, consumers are looking for ready-to-eat foods that are produced sustainably and have minimal impact on the planet. This has led to the emergence of new packaging and production methods, such as compostable packaging and plant-based proteins.

· Snacking: Consumers are increasingly snacking throughout the day rather than sticking to three square meals. This has led to the emergence of new snacking categories, such as protein bars and jerky, as well as the growth of single-serve snack packs.

· International Flavours: As people's palates become more adventurous, there is a growing demand for ready-to-eat foods that offer diverse and exotic flavors. This has led to the emergence of new product categories, such as Asian and Latin American cuisine, as well as the growth of international food festivals and fusion cuisine.





Market analysis:

The Key Market segments are:

By Market Players:
Nestle
Unilever
Kraft Heinz
McCain Foods Limited
General Mills
Sigma Alimentos
Greencore Group
Campbell Soup
ConAgra
The Schwan Food
Tyson Foods
Pinnacle Foods
Inc.
Smithfield Foods
Hormel Foods
JBS
Nomad Foods
Fleury Michon
2 Sisters Food Group
ITC

By Type:
Frozen Dinner RTE Foods
Chilled Dinner RTE Foods
Canned Dinner RTE Foods

By Application:
Hypermarket/Supermarket
Independent Retailers
Convenience Stores


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Competitive landscape of the ready-to-eat foods market:

· Key Players: The ready-to-eat foods market is highly competitive, with several key players dominating the industry. These include Nestle S.A., ConAgra Foods, Inc., General Mills, Inc., Bakkavor Group, McCain Foods, and Campbell Soup Company, among others.

· Mergers and Acquisitions: In recent years, there has been a wave of mergers and acquisitions in the ready-to-eat foods market, as companies seek to expand their product offerings and gain a competitive edge. For example, in 2020, Nestle acquired Freshly, a provider of healthy and convenient meal delivery services, while Conagra acquired Pinnacle Foods, a major producer of frozen meals and snacks.

· Innovation: Innovation is key in the ready-to-eat foods market, with companies constantly introducing new products and flavors to cater to changing consumer tastes. For example, in recent years, there has been a growing demand for plant-based and low-calorie options, leading to the introduction of new products such as meat-free burgers and vegetable-based snacks.

· Strategic Partnerships: Many companies in the ready-to-eat foods market have formed strategic partnerships to expand their reach and gain access to new markets. For example, in 2020, Bakkavor Group formed a partnership with HAVI, a global supply chain management company, to improve the efficiency of its supply chain and enhance its product quality.

· Brand Recognition: Brand recognition is key in the ready-to-eat foods market, as consumers tend to stick with brands they know and trust. This has led to aggressive marketing campaigns and the use of social media influencers to promote new products and increase brand awareness.






Some details on the regulatory framework and food safety concerns in the ready-to-eat foods market:

· Packaging and Labelling Requirements: Ready-to-eat foods are subject to various packaging and labeling requirements to ensure they are safe for consumption. This includes requirements for the use of food-grade materials, as well as the inclusion of nutritional information, allergen warnings, and expiration dates on packaging.

· Food Safety Guidelines: Ready-to-eat foods are also subject to food safety guidelines to prevent contamination and ensure product quality. This includes guidelines for the handling and storage of perishable foods, as well as regulations on food processing and manufacturing.

· Food Security Concerns: There are also growing concerns around food security in the ready-to-eat foods market, particularly in the wake of the COVID-19 pandemic. This includes concerns around supply chain disruptions, as well as the safety and quality of imported foods.

· Traceability and Transparency: To address food security concerns, many companies are investing in traceability and transparency measures to track the origin of their ingredients and ensure product safety. This includes the use of blockchain technology to create transparent supply chains and improve traceability.

· Compliance and Auditing: To ensure compliance with regulatory requirements and mitigate food safety risks, many companies in the ready-to-eat foods market conduct regular audits and inspections of their production facilities and supply chains. This includes third-party audits and certifications, such as the Safe Quality Food (SQF) certification.


Recent news and articles published by different sources:

· Recently Homespring, the pioneer brand in ready-to-cook and ready-to-eat foods celebrated its 13th anniversary; shared robust expansion plans in the market.

· "Ready-to-eat foods market to grow at a CAGR of 7.1% during 2021-2026" (Source: Market Research Future.

· "Consumers demand healthier options in the ready-to-eat foods market" (Source: Food Dive)


· "COVID-19 pandemic drives growth in the frozen ready-to-eat foods market" (Source: Food Business News)

· "New technologies revolutionizing the ready-to-eat foods market" (Source: Food Processing)


· "Food safety concerns drive investment in traceability and transparency in the ready-to-eat foods market" (Source: Food Safety News)





Potential challenges and opportunities in the ready-to-eat foods market:

Challenges:

1. Food safety and quality concerns: Ready-to-eat foods are susceptible to contamination and spoilage, which can lead to foodborne illnesses and product recalls. Maintaining high levels of food safety and quality can be a challenge for companies in the market.

2. Evolving consumer preferences: Consumer preferences are constantly evolving, and companies must stay ahead of these trends to remain competitive. For example, consumers may demand healthier or more sustainable options, which can be a challenge for companies that rely on traditional products.

3. Supply chain disruptions: The ready-to-eat foods market relies on a complex supply chain, which can be vulnerable to disruptions due to factors such as weather events, trade restrictions, and labor shortages.

Opportunities:

1. Growing demand: The ready-to-eat foods market is projected to experience strong growth in the coming years, driven by factors such as convenience, changing lifestyles, and increased urbanization.

2. Health and wellness trends: Consumers are increasingly focused on health and wellness, and companies can capitalize on this trend by offering healthier or functional ready-to-eat food options.

3. Innovation: Innovation in product development and packaging can help companies differentiate themselves in the market and appeal to consumers.





What governments are doing?

· Governments support their food, agriculture, and fisheries sectors to achieve a wide range of objectives - Traditionally governments intervened heavily in the agricultural sector as per the needs and growing demand of the market. According to recent developments and trends government has adopted innovative and technological advances in the market.

· The Codex Alimentarius Commission, which was established in 1963 by the Food and Agriculture Organization of the United Nations (FAO) and WHO, develops harmonized international food standards, guidelines, and codes of practice to protect the health of consumers and ensure fair trade practices in the food trade. This ensures the safety of the ready to foods market and increased consumer trust.


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FAQs covered in the report:

1. What are ready-to-eat foods?

2. What are the different types of ready-to-eat foods available in the market?


3. What is driving the growth of the ready-to-eat foods market?

4. What are the key challenges facing companies in the ready-to-eat foods market?


5. What are the emerging trends in the ready-to-eat foods market?

6. Who are the major players in the ready-to-eat foods market?

7. How is technology impacting the ready-to-eat foods market?


8. What are the key regulatory requirements for the ready-to-eat foods market?

9. What is the outlook for the ready-to-eat foods market in the next 5-10 years?


10. What are the key opportunities for companies in the ready-to-eat foods market?



Table of contents of the report:

I. Executive Summary

II. Introduction

III. Market Overview

IV. Market Segmentation

V. Competitive Landscape

VI. Regulatory Framework and Food Safety Concerns

VII. Consumer Trends

VIII. Technology and Innovation

IX. Supply Chain Analysis

X. Regional Analysis

XI. Future Outlook

XII. Conclusion

XIII. References

List of sources and references used in the report.





Points Covered in The Report:

· The factors which are mentioned in the document are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors, etc.

· The entire profile of the organization is mentioned like the capacity, production, price, revenue, cost, gross margin, income volume, income revenue, consumption, increase rate, import, export, supply & strategies. The technological tendencies that they're making are also covered in the document. This document analyzed 12 years of data history and forecast.


· Data and information by market player, region, type, application, and custom research are added according to specific requirements.

· The Report incorporates the SWOT analysis of the market. Finally, the Report incorporates the belief element and conclusion part in which the evaluations of the economic professionals are covered.





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