April 21, 2024

Ready-To-Eat Food Market Poised to Register notewothy Growth during 2024-2031 owing to Improved Supply Chain Infrastructure

The global ready-to-eat food market is a multibillion-dollar industry comprising of a wide range of food items that can be eaten without any additional preparation. Ready-to-eat foods include snacks, frozen meals, canned meals, cereals, sandwiches, etc. providing easy-to-cook and on-the-go options to consumers. Changing lifestyle trends, growing demand for convenience foods, and improved supply chain infrastructure are some of the key factors driving the demand for ready-to-eat foods globally.

The global ready-to-eat food market is estimated to be valued at US$ 182.45 Bn in 2024 and is expected to exhibit a CAGR of 12.% over the forecast period 2024 to 2031.

Key Takeaways

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 opportunities in the market include product customization and expansion in untapped markets. Players are exploring opportunities in Latin America, Asia Pacific and Middle Eastern countries. With improving supply chain infrastructure globally, players are focusing on expanding their geographical footprints.

Market drivers

Improved supply chain infrastructure is one of the key drivers propelling the ready-to-eat food market. Advancements in cold chain logistics, transportation, and storage facilities have enabled players to efficiently deliver perishable ready meals and other products to consumers. This has increased the shelf life of products while maintaining quality. Growing investments by governments and private players in modernizing supply chain networks are expected to boost the market during the forecast period.

PEST Analysis
Political: The government plays a crucial role in regulating the ready to eat food market through policies regarding food production, distribution, packaging and labeling. New initiatives aimed at boosting health and reducing obesity rates can impact demand.

Economic: Changes in disposable income levels affect consumers’ spending power and demand for premium ready to eat food products. Economic downturns may dampen market growth as consumers prioritize essential spending.

Social: Evolving lifestyles and busier schedules are boosting demand for convenient ready meals and snacks. Urbanization and the growing number of nuclear families enhance the need for ready to eat foods. Health and wellness trends also influence product preferences.

Technological: Advancements in food processing, packaging and preservation methods help increase products’ shelf life without compromising taste and nutrition. The development of minimally processed and clean label products supports market expansion.

Around 40% of the global ready to eat food market value is concentrated in the Asia Pacific region. The rising population, income levels and rapid urbanization in countries like China and India are driving demand. Countries in Southeast Asia are also emerging as high-potential markets.

North America accounts for over 25% share of the ready to eat food market, led by the developed U.S. market. Changing dietary habits and the prevalence of nuclear families boost convenience food demand. The Western European market holds a sizeable share and is forecast to witness steady growth with rising health awareness.

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