Ready to eat foods are attracting significant demand with the fast paced lifestyle where consumers prefer to save time in cooking activities. Ready to eat foods such as canned food, frozen food, and packaged food provide convenience and fulfill nutritional requirements of consumers. The growing demand for healthy and nutrition food able to fulfill daily macronutrient and micronutrient requirements is boosting adoption of ready to eat foods fortified with vitamins, proteins, and minerals.
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 Opportunity:
The opportunity of on-the-go consumption is expected to drive the ready to eat food market growth over the forecast period. With hectic schedules and increasing disposable income, consumers prefer to consume ready meals while travelling to work, school, or during other outdoor activities. The millennial population in particular accounts for over 50% of all on-the-go eating occasions globally. The increasing demand for portable and convenient ready to eat options such as cereals, noodles, snacks, and sandwiches suitable for consumption anywhere is driving manufacturers to launch innovative on-the-go packaging solutions such as re-closable pouches and cups. This rising demand for on-the-go consumption provides lucrative opportunity for ready to eat food manufacturers to increase their market share with product innovations and expansion of distribution channels catering to consumers' evolving preferences.
Porter's Analysis
Threat of new entrants: The ready to eat food market has moderate threat of new entrants due to the high level of capital required for manufacturing facilities and distribution networks.
Bargaining power of buyers: Buyers in the market have moderate bargaining power due to the availability of substitute packaged foods.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute ingredients.
Threat of new substitutes: The threat of substitutes is moderate as packaged and frozen foods provide alternatives.
Competitive rivalry: The competition is high among existing players.
SWOT Analysis
Strengths: Ready to eat foods offer convenience, portion control, and nutrition. They have long shelf life.
Weaknesses: They have high processing and packaging costs. Many products contain high sugar, salt, and fat levels.
Opportunities: Growing health-conscious consumers and on-the-go lifestyles increase demand. Developing regions offer high growth potential.
Threats: Strict regulations over food processing and packaging methods. Supply chain disruptions impact production.
Key Takeaways
The Global Ready To Eat Food Market Growth is expected to witness high growth over the forecast period supported by changing consumer lifestyles and rising disposable incomes in developing regions. The market size for 2023 is US$ 157871.05 Mn.
Regional analysis for the ready to eat food market reveals Asia Pacific as the fastest growing region due to rising working populations, rapid urbanization, and improving economies in countries such as India and China. North America currently dominates the market supported by demand for healthy convenience foods.
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). Major players focus on product innovation and mergers & acquisitions to strengthen their market presence.
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