Market Size of North America Ready-to-Eat Food Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.36 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Ready-to-Eat Food Market Analysis
The North American market for ready-to-eat food is expected to register a CAGR of 3.36%% during the forecast period, 2022 - 2027.
During the COVID-19 pandemic, ready-to-eat foods were one of the few businesses that saw a massive increase in demand. With most individuals working from home and countries under lockdown, ready-to-cook meal products have been flying off the shelves in recent months. Indeed, it is predicted that this shift in consumer behavior will greatly boost the market examined over the projected period.
During the projection period, North America will provide considerable growth prospects for market participants. The regional market is expanding due to the rising demand for on-the-go consumables, particularly among millennials. Also, the demand for ready-to-eat food goods in North America will change demographics, such as increased purchasing power. The United States is the most important market for ready-to-eat foods in North America. The market in this region will grow at a slower rate than the markets in South America, Asia, the Middle East, and Africa.
Young people spend the majority of their money on ready-to-eat foods. For ready-to-eat food manufacturing behemoths, young consumers are the easiest prey. The ease of use of such items contributes to an increase in overall market demand worldwide.
Ready-to-eat food is considered the most convenient alternative to ordinary food, as it may be consumed at any time (such as during breakfast, lunch, or dinner).
North America Ready-to-Eat Food Industry Segmentation
Ready-to-eat foods are pre-cooked, pre-cleaned, and mostly packed foods that require no preparation or cooking before consumption. Ready-to-eat food is considered the most convenient alternative to ordinary food, as it may be consumed at any time (such as during breakfast, lunch, or dinner). The market is segmented by packaging type (canned, frozen, chilled, others), product type (soup & noodles, meat & fish, cereal-based, ready meals, others), distribution channel, and geography. This market is driven by the increasing demand for convenience foods that helps reduce the interval for preparing meals on the part of busy consumers who don't have much time to cook. The report offers market size and forecasts in value (USD million) for the above segments.
| By Product Type | |
| Instant Breakfast/ Cereals | |
| Instant Soups and Snacks | |
| Ready Meals | |
| Baked Goods | |
| Meat Products | |
| Other Product Types |
| By Distribution Channel | |
| Hypermarkets/ Supermarkets | |
| Convinience Stores | |
| Online Retail Stores | |
| Other Distribution Channels |
| Geography | |
| United States | |
| Canada | |
| Mexico | |
| Rest of North America |
North America Ready-to-Eat Food Market Size Summary
The North American ready-to-eat food market is poised for significant growth, driven by changing consumer behaviors and increasing demand for convenient meal options. The COVID-19 pandemic acted as a catalyst, with lockdowns and remote work arrangements boosting the popularity of ready-to-eat meals. This trend is expected to continue, particularly among millennials and the working population, who value the time-saving and minimal effort required to prepare these meals. The United States stands out as the largest market within the region, although growth rates may be slower compared to other global regions. The market's expansion is supported by rising purchasing power and a shift in demographics, further fueling the demand for on-the-go consumables.
The competitive landscape in the North American ready-to-eat food market is intense, with major players like Nomad Foods Ltd, General Mills, McCain Foods, Premier Foods Group Ltd, and Conagra Brands actively vying for market share. These companies are focusing on product innovation to meet the evolving consumer preferences and to maintain their dominance. Notable developments include General Mills' launch of ready-to-eat cookies under its Pillsbury brand and Nestle SA's acquisition of Freshly Inc., which led to the introduction of the FreshlyFit product line. The market's robust growth prospects are underscored by the increasing consumer inclination towards ready-to-eat meals, baked goods, and frozen foods, positioning North America as a leading region in this sector.
North America Ready-to-Eat Food Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Product Type
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2.1.1 Instant Breakfast/ Cereals
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2.1.2 Instant Soups and Snacks
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2.1.3 Ready Meals
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2.1.4 Baked Goods
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2.1.5 Meat Products
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2.1.6 Other Product Types
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2.2 By Distribution Channel
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2.2.1 Hypermarkets/ Supermarkets
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2.2.2 Convinience Stores
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2.2.3 Online Retail Stores
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2.2.4 Other Distribution Channels
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2.3 Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Mexico
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2.3.4 Rest of North America
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North America Ready-to-Eat Food Market Size FAQs
What is the current North America Ready-to-Eat Food Market size?
The North America Ready-to-Eat Food Market is projected to register a CAGR of 3.36% during the forecast period (2024-2029)
Who are the key players in North America Ready-to-Eat Food Market?
McCain Foods Ltd., Conagra Brands, Inc., Nestle S.A and General Mills are the major companies operating in the North America Ready-to-Eat Food Market.
