[Research Report] The ready-to-eat food market is projected to reach US$ 1,471.94 billion by 2028 from US$ 1,073.87 billion in 2022. It is expected to grow at a CAGR of 5.4% from 2022 to 2028.
Ready-to-eat food consists of various processed and packaged foods that can be consumed without further preparation. Ingredients are washed, cooked, processed, and packed in containers for direct consumption. Some common types of RTE foods include instant soups, baked goods, desserts, and ready meals. These products are enriched with various extracts, acids, flavors, sweeteners, antioxidants, and preservatives. They offer immense convenience to the consumer while assisting in reducing the meal preparation time and providing a longer shelf-life of products, cost-efficiency, and minimal spoilage.
Asia Pacific held the largest share of the ready-to-eat food market in 2020, while other developing regions, such as the Middle East & Africa, are expected to grow significantly in the forecast period. Key players operating in the ready-to-eat food market are expanding their operations across Asia Pacific due to the rise in the working population and hectic lifestyles of people in developing countries. Individuals are increasingly opting to consume on the go or outside of home food.
Moreover, numerous studies have established that transnational food and beverage corporations (TFBCs) have shaped food systems and general consumption in ways, which change the availability, desirability, price, and ultimately consumption of processed foods. The growth of ready-to-eat food market has been prominently observed in middle-income countries.
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Ready-to-Eat Food Market: Strategic Insights
Market Size Value in US$ 1,073.87 Billion in 2022 Market Size Value by US$ 1,471.94 Billion by 2028 Growth rate CAGR of 5.4% from 2022 to 2028 Forecast Period 2023-2028 Historic Period 2020-2021
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Ready-to-Eat Food Market: Strategic Insights
| Market Size Value in | US$ 1,073.87 Billion in 2022 |
| Market Size Value by | US$ 1,471.94 Billion by 2028 |
| Growth rate | CAGR of 5.4% from 2022 to 2028 |
| Forecast Period | 2023-2028 |
| Historic Period | 2020-2021 |
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Impact of COVID-19 Pandemic on Ready-to-Eat Food Market
The COVID-19 pandemic brought unprecedented challenges for many sectors in early 2020. Lockdowns, border restrictions, travel bans, manufacturing discontinuation, and other safety measures rolled out by governments as per the guidelines of the WHO, and national health ministries hampered the manufacturing operations. On the other hand, the COVID-19 outbreak positively impacted the ready-to-eat food market as consumers and retailers were stockpiling convenience food products with longer shelves. Also, consumers looking for healthier packaged food and beverage products to boost immunity were alarmed by the COVID-19 impact. Then, manufacturers of RTE products focused on healthy and nutritious products with enrichment of proteins and other nutritional values, which stimulated the demand for ready-to-eat food products during the pandemic.
Market Insights
Strong Preference for Convenience Food Among Millennials Drives Market Growth
Strong Preference for Convenience Food Among Millennials Drives Market Growth
The consumption of convenience food products of high quality is increasing, which is currently one of the biggest trends in the food industry. Convenience food, such as RTE products, allows consumers to save time and effort associated with meal preparation and cooking, consumption, and post-meal activities. The sources of development of this food segment are said to include the number of social changes, most notably the increasing number of smaller households and the rising millennial population across the globe. Because of the hectic work schedules of millennials, they prefer to be efficient with their time rather than wasting it on tedious tasks. They are more likely to spend their money on convenience. Thus, they increasingly prefer RTE products, such as baked products, snacks, and dairy products, further driving the ready-to-eat food market.
Product Type Insights
Based on product type, the ready-to-eat food market is segmented into breakfast cereals, instant soup & noodles, ready meals, snacks, baked goods & confectioneries, and others. The other ready-to-eat food segment is projected to register the largest share during the forecast period. Other types include dairy products, desserts, spreads, sauces, and dips. RTE dairy products include ice cream, yogurt, packaged flavored milk, and cheese. Health-conscious consumers mostly consume dairy products as regular dairy products improve bone and gut health and reduce the risks of cardiovascular diseases (CVDs) and type 2 diabetes. The popularity of processed and packaged sauces and dips grew as people switched from traditional ways of living and adopted a modern lifestyle, fueling the growth of ready-to-eat food market.
Ready-to-Eat Food Market Report Scope
Distribution Channel Insights
Based on distribution channel, the ready-to-eat food market has been segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The online retail segment is projected to register the highest CAGR in the ready-to-eat food market during the forecast period. Online retail offers a convenient shopping experience to users, followed by simplified product delivery. Online retail stores offer a wide range of products at heavy discounts; also, consumers can conveniently buy desirable products remotely.
The key players operating in the ready-to-eat food market are Nestlé SA; Conagra Brands Inc.; The Kraft Heinz Company; General Mills Inc.; CAMPBELL SOUP COMPANY; MTR Foods Pvt Ltd.; Hormel Foods Corporation; Tyson Foods, Inc.; JBS S.A.; and The Kellogg Company. These players are engaged in developing products with reduced health risks to meet emerging consumer trends and abide by regulatory frameworks. They are involved in mergers and acquisitions, business expansions, and partnerships to expand their market share.
Report Spotlights
- Progressive industry trends in the ready-to-eat food market to help players develop effective long-term strategies
- Business growth strategies adopted to secure growth in developed and developing markets
- Quantitative analysis of the ready-to-eat food market from 2019 to 2028
- Estimation of global demand for ready-to-eat food
- Porter's Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook, and factors governing the growth of the ready-to-eat food market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- Size of the ready-to-eat food market size at various nodes
- Detailed overview and segmentation of the market and the RTE products industry dynamics
- Size of the growth in various regions with promising growth opportunities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The major players operating in the global ready-to-eat food market are Nestlé SA; Conagra Brands Inc.; The Kraft Heinz Company; General Mills Inc.; CAMPBELL SOUP COMPANY; MTR Foods Pvt Ltd.; Hormel Foods Corporation; Tyson Foods, Inc.; JBS S.A.; The Kellogg Company.
In 2020, Asia Pacific accounted for the largest share of the global ready-to-eat food market. Many Asia Pacific countries, such as China and India, are among the world's fastest-growing populations. The food industry is anticipated to expand at a faster pace as a result of increasing population, rising urbanization, and rapid development of suburban areas. The growing middle class coupled with increasing disposable income in the developing countries of Asia Pacific is expected to result in high growth rate for the region over forecast period.
In 2020, the supermarkets and hypermarkets segment accounted for the largest market share. The penetration of supermarkets and hypermarkets is rapidly expanding globally with big retailers such as Walmart expanding into many developing countries in Asia Pacific. Supermarkets and hypermarkets are one stop shop for numerous ready-to-eat food and offers large discounts due to economies of scale. The convenience and discounts offered by supermarkets and hypermarkets has resulted in dominant share for the segment in the ready-to-eat food market.
On the basis of product type, ready meals is the fastest growing segment. The growing hectic schedules as well as evolving lifestyles has led consumers to increasingly seek ready meals. Moreover, the increasing working women population has led to working households, resulting in less time for meal preparation. Thus, ready meals are increasingly being consumed as they offer convenience.
Rise in working women population is a key driver of global ready-to-eat food market. In Asia, female labor force participation ranges from 16% in Afghanistan to 83% in Nepal, further growing in several other countries in the region. According to the “International Labor Organization,†the female employment rate in Germany was 42.50% in 1990 and has increased to 54.91% by 2020. Similarly, the female employment rates in other countries such as the US, France, Chile, and Mexico have surged in recent times.
Innovations in RTE products and strategic developments by manufacturers is expected to offer lucrative opportunities in the market. Major manufacturers are employing creative strategies such as new product releases and production capacity scaleup to better serve their customers and satisfy their growing demands. In May 2018, Del Monte Foods, Inc., a prominent processed food company, launched a canned Gold Pineapple line with a major focus on teenagers as a target consumer group. Major RTE product manufacturers are collaborating and partnering with other market players to launch innovative products in the market. The aforementioned factors have led to increased opportunities for ready-to-eat food market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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