Market Trends of Ready-to-Eat Food Industry
This section covers the major market trends shaping the Ready-to-Eat Food Market according to our research experts:
Surge in Demand for Convenient and Healthy Instant Food
- Globally, the demand for convenient and instant food, particularly instant pasta, rice, snacks, meat products, and others, is growing at a faster pace due to changes in social and economic patterns, as well as increased expenditure on food and beverage, awareness about healthy foods, changes in meal patterns and existing food habits, growing ex-pat settlement population around the world and the desire to taste new products.
- The United States is one of the world's largest markets for ready-to-eat food, with countries like Germany and the United Kingdom following suit, and the emerging markets of Asia-Pacific, the Middle East, and Latin America are too projected to see future growth for the same.
- Instant or easy-to-prepare snacking and ready meals are becoming extremely popular, especially among working-class people, teenage children, people living in hostels, and bachelors due to their hectic lifestyles. Moreover, the on-the-go concept is closely associated with easy consumption and handling of products, which ready-to-eat food can offer. Thus, the demand for ready-to-eat food is increasing due to the linked convenience of consumption and aided by disposable packaging simultaneously.
- For instance, in March 2021, General Mills, United States food company, released ready-to-eat cookies based on its baking brand Pillsbury for the first time. Pillsbury's Soft Baked Cookies will be available in four flavors: chocolate chip, confetti sugar with drizzled icing, and peanut butter with chocolatey drizzle.
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Asia-Pacific Dominates the Market
- Asia-Pacific dominates the ready-to-eat food market. The rising demand for frozen and ready meals, such as frozen meat products, and frozen snacks like pizza, frozen cereals, soups, etc., drive the market. The introduction of more exotic products, the influx of private labels, and product premiumization are some factors supporting market demand. The consumers' perception of ready meals is persistently improving, where convenience and high-speed cooking time is ideal for consumers.
- Countries such as China and India are likely to lead the demand in the region due to strong growth and high potential in these countries. Chilled ready meals and frozen ready meals are also one of the most consumed categories of ready-to-eat food in these countries. Evolving consumer food preferences such as gluten-free, vegan, and sustainable packaging add value to the market.
- For instance, in February 2022, VegaBytz introduced their plant-based, 100% vegan meat products in India. Meat/Chicken/Tuna ready-to-eat meals and curry products are all vegan and made entirely from plants in the VegaBytz product line. In addition, companies operating in the market are focusing on adopting strategic measures to achieve a strong foothold in these countries, driving the market growth.
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