Ready To Eat Food Market

Ready-to-Eat Food Market: Meat/Poultry Segment Expected to Dominate Market from 2016 to 2026: Global Industry Analysis and Opportunity Assessment, 2016-2026

The Food and Drug Administration (FDA) defines ready-to-eat food as animal or plant derived food that is cooked, frozen, washed, cooked for hot holding, cooled, and processed to be consumed directly or after heating. Ready-to-eat food must comply with all USDA guidelines related to processing, washing, drying, cooling, freezing, and packaging. In terms of value, the global ready-to-eat food products market is expected to expand at a CAGR of 7.2% during the forecast period (2016–2026) and is estimated to be valued at US$ 195.3 Bn by the end of 2026. 

The global ready-to-eat food products market is segmented on the basis of Product Type (Meat/Poultry, Cereal Based, Vegetable Based, Others), Packaging (Canned, Frozen or Chilled, Retort, Others), and Distribution Channel (Hypermarket/Supermarket, Convenience/Departmental Store, Specialty Store, Online Store, Others). On the basis of product type, the Meat/Poultry segment is projected to account for the largest value share during the forecast period; this segment is estimated to account for 45.7% value share in 2016. In the packaging category, the Frozen or Chilled segment is likely to expand at a CAGR of 8.0% over the forecast period. In the distribution channel category, the Hypermarket/Supermarket segment is estimated to account for the highest value share of 34.3% in 2016 and is expected to gain significant market share by the end of 2026. 

Key market drivers and trends

Factors such as increasing population of working women, growing millennial population, busy work schedules, and on-the-go consumption habits are expected to fuel revenue growth of the global ready-to-eat food products market. Also, the increase in disposable income and consumer preferences for healthy and convenient food coupled with the rising demand for snacks and fried food products are expected to further boost the demand for ready-to-eat food products. Globally, the growth of organised retail has led to a widespread supply of ready-to-eat food products through a wide distribution network. These factors are expected to bolster the growth of the global ready-to-eat food products market in the coming years. However, unhealthy substitutes and low quality and taste along with an increasing shift towards a healthier lifestyle is likely to hinder market growth in the coming years. 

Regional market projections

The global ready-to-eat food products market is segmented into seven key regions – North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East & Africa (MEA), and Japan. The APEJ market is likely to contribute a high revenue share to the global ready-to-eat food products market. APEJ is estimated to hold 18.2% value share in 2016 and this is likely to increase to 20.4% by 2026. Among all regions, North America is estimated to represent the highest value share of 40.1% in 2016 and is expected to register a CAGR of 7.3% during the forecast period. Rise in disposable income coupled with on-the-go lifestyles among the growing population of Asia Pacific excluding Japan, Latin America, and Eastern Europe is expected to drive the growth of the global ready-to-eat food products market.

ready to eat food products market

Key market players

Nomad Foods Ltd., Bakkavor Foods Ltd., General Mills Inc., McCain Foods, Premier Foods Group Ltd., 2 Sisters Food Group, Greencore Group Plc., Orkla ASA, ConAgra Foods, Inc., and ITC Limited are some of the leading companies operating in the global ready-to-eat food products market. Consumers today prefer small quantity of ready meals rather than conventional large meals. This has fuelled the demand for bite-sized on-the-go or ready-to-eat meals. This has pushed manufacturers to innovate and develop new ready-to-eat food products, which are better in taste and offer numerous health benefits. Market players are also offering natural and organic ready-to-eat food products with health benefits to woo a rising class of health conscious customers.

Future Market Insights offers a 10-year forecast for the global ready-to-eat food products market between 2016 and 2026. The main objective of the report is to provide insights on the advancements in the ready-to-eat food products market. The study demonstrates market dynamics that are expected to influence the current environment and future status of the global ready-to-eat food products market over the forecast period. The report aims to offer updates on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in the global ready-to-eat food products market.

The report has been strategically categorised into key segments – by product type, packaging, distribution channel, and region.

Market segmentation

 

By Product Type

 

By Packaging

 

By Distribution Channel

 

By Region

  • Meat/Poultry

  • Cereal Based

  • Vegetable Based

  • Others

  • Canned

  • Frozen or Chilled

  • Retort

  • Others

 

  • Hypermarket/Supermarket

  •  Convenience/Departmental Store

  • Specialty Store

  • Online Store

  •  Others

 


 

  • North America

  • Latin America

  •  Western Europe

  •  Eastern Europe

  • Asia Pacific excluding Japan (APEJ)

  • Middle East & Africa (MEA)

  • Japan

The report begins with an introduction and overview of the ready-to-eat food products market and highlights the key factors, restraints, and trends likely to impact the market over the forecasted 10-year period. The subsequent sections of the report analyse the market size and revenue share of the global ready-to-eat food products market by product type, packaging, distribution channel, and region and present a comprehensive forecast for the next 10 years. The report also provides a market outlook for the period 2016–2026 and sets the forecast within the context of the ready-to-eat food ecosystem, including strategic developments, market regulations, and new product offerings in the global ready-to-eat food products market. In-depth information is also provided on the degree to which drivers are influencing the market in each of the regions covered under the analysis.

A section of the report discusses market competition and throws light on the various factors shaping the internal as well as external competition in the market. Internal competition in the ready-to-eat food products market is observed to be comparatively high owing to a large number of providers of ready-to-eat food products and an increasing number of small domestic players in the market. The global ready-to-eat food industry is facing external competition from producers and distributors of raw material and other food processors, which are adopting forward and backward integration strategies and developing their own facilities to produce ready-to-eat food products. Various industry entry barriers are further analysed and rated on the basis of their impact on the competition levels in the market. 

The final section of the report includes a competitive landscape to provide report audiences with a dashboard view of ready-to-eat food suppliers, manufacturers, retailers, and raw material suppliers operating in the global ready-to-eat food products market. Detailed profiles of providers are also included in the scope of the report to evaluate their long- and short-term strategies, key offerings, and recent developments in the ready-to-eat food space. The leading companies profiled in the report are Nomad Foods Ltd., Bakkavor Foods Ltd., General Mills Inc., McCain Foods, Premier Foods Group Ltd., 2 Sisters Food Group, Greencore Group Plc., Orkla ASA, ConAgra Foods, Inc., and ITC Limited.

Research methodology

The report employs extensive primary and secondary research to ascertain the overall market size, top industry players, top products, industry associations, etc. Data is then validated through the triangulation method and further scrutinised using advanced tools to obtain relevant insights. Given the ever-fluctuating nature of the global economy, Future Market Insights conducts forecasts not only in terms of CAGR, but also performs analysis on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.

Another key feature of this report is the analysis of all important segments in terms of absolute dollar opportunity, usually overlooked while forecasting the market. Absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global ready-to-eat food market.