Ready to eat food refers to food products which can be eaten straight away without requiring additional preparation steps. It includes products such as frozen meals, chilled meals, canned food and sandwich. Ready to eat food provides convenience to consumers by saving time for cooking. With changing lifestyle and increase in number of working women population, demand for ready to eat food is increasing significantly.
Market Opportunity:
The convenience offered by ready to eat food provides a strong opportunity for market growth. With increasing fast paced lifestyle, consumers have less time for cooking elaborate meals at home. Ready to eat food allows them to simply heat and eat food in minimal time. Working women population, single households and nuclear families heavily rely on ready to eat food options as it saves substantial time in daily meal preparation. Furthermore, product innovation with various regional cuisine inspired ready to eat options also attract consumers looking for dining out experience at home. The convenience and time saving ability of ready to eat food is expected to continue driving the demand over the forecast period.
Porter's Analysis
Threat of new entrants: Low capital requirements and economies of scale in production and distribution make the threat of new entrants moderate. Bargaining power of buyers: Large retail chains have significant bargaining power over suppliers due to their purchase size and ability to switch between suppliers. Bargaining power of suppliers: Suppliers have moderate bargaining power owing to the availability of substitute products. Threat of new substitutes: Substitute products like cooked foods pose moderate threat to the ready to eat food market. Competitive rivalry: Intense rivalry exists among existing players due to easy access to distribution channels.
SWOT Analysis
Strengths: Wide range of product offerings. Ease of preparation and consumption. Long shelf life.
Weaknesses: High sugar, salt, and fat content. Issues regarding food safety and packaging.
Opportunities: Growth in demand from young working professionals and increasing number of nuclear families. Significant scope in developing economies.
Threats: Strict regulatory frameworks and consumer awareness regarding health issues. Supply chain disruptions and rising input costs.
Key Takeaways
The Global Ready-To-Eat Food Market Size is expected to witness high growth over the forecast period owing to increasing urbanization and changing lifestyles.
The Asia Pacific region dominates the market and is expected to maintain its lead during the forecast period due to rising disposable incomes and growing demand for convenience foods in countries like China and India. North America and Europe are also lucrative regions for ready to eat food market.
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. Biogen and Pfizer are the leaders in the market with their extensive product portfolio in soups, snacks, burgers and other savory meals.
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