Pune, India, Nov. 02, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Ready-to-Eat Food Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Distribution Channel, and Geography,” the ready-to-eat food market is expected to grow from $1,073.87 million in 2022 to $1,471.94 billion by 2028; it is estimated to grow at a CAGR of 5.4% from 2022 to 2028.
Leading players in the ready-to-eat food market are The Kellogg Company; The Kraft Heinz Company; General Mills Inc.; Conagra Brands Inc.; MTR Foods Pvt Ltd.; Hormel Foods Corporation; CAMPBELL SOUP COMPANY; Tyson Foods, Inc.; JBS S.A.; Nestlé SA. These players are focused on developing innovative products to meet the changing requirements of consumers.
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Ready-to-eat food, also called tertiary processed food, is commercially prepared (often through processing) to optimize ease of consumption. Such food is usually convenient to consume without further preparation. It may also be easily portable, have a long shelf life, or offer a combination of such convenient traits. Although restaurant meals meet this definition, they seldom apply the term. Ready-to-eat foods include instant meals such as shelf-stable foods, prepared mixes such as cake mixes, and snack foods.
Based on distribution channel, the ready-to-eat food market has been segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held a significant market share in 2020; however, the online retail segment is projected to register the highest CAGR during the forecast period. E-commerce platforms offer a wide range of products from different brands. The manufacturers of RTE products prefer selling their products through e-commerce platforms as they are popular among youngsters. Moreover, these channels include detailed descriptions of products and customer reviews, which helps customers choose the right product.
Based on product type, the ready-to-eat food market is segmented into breakfast cereals, instant soup & noodles, ready meals, snacks, baked goods & confectioneries, and others. In terms of distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others.
Based on geography, the s is primarily segmented into North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). Asia-Pacific accounted for the largest share of the market. Consumers in Asia Pacific are now increasingly seeking convenience in all types of consumer products. The growing working population and people's hectic lifestyles in developing countries of Asia Pacific have led to high demand for convenience ready-to-eat products with individual portions to be consumed on the go or outside of the home. These factors are expected to drive the growth of the ready-to-eat food market in the region during the forecast period.
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Impact of COVID-19 Pandemic on Ready-to-Eat Food Market
During the COVID-19 pandemic, significant disruption in manufacturing facilities and raw material sourcing disrupted the supply of ready-to-eat food in the region. However, the growing consumer focus on convenience, health, and well-being promotes the global demand for ready-to-eat products. As consumers seek to reduce their risk of sickness, the demand for ready-to-eat products that help boost immunity, such as protein bars and nutritious ready meals, are expected to rise, driving the market over the next few years. Now, people from a majority of the nations are fully vaccinated, and government restrictions have been lifted, boosting the growth of the ready-to-eat food market.
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