IMARC Group's latest report, titled "Ready to Eat (RTE) Food Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global ready to eat (RTE) food market is anticipated to exhibit a CAGR of 4.8% during 2022-2027. Ready to eat (RTE) foods refer to food products that are precleaned, precooked, and pre-packaged for direct consumption without requiring additional cooking or preparation. Some commonly available RTE foods include baked goods, dairy products, cheese, desserts, powder mixes, meat products, and dried noodles. They are generally washed, processed, frozen, and packed in containers and can be consumed as is or with minimal heating. They are usually fortified with flavors, preservatives, extracts, acids, sweeteners, and antioxidants to ensure food safety and extend the shelf life of products. As a result, RTE foods have gained immense popularity among consumers due to their enhanced convenience, reduced preparation time, cost efficiency, and minimal wastage or spoilage.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Ready to Eat (RTE) Food Market Trends:
The shifting consumer preferences toward convenience foods represents the primary factor driving the market growth. This can be attributed to the growing working population, hectic work schedules, improving lifestyles, and inflating disposable incomes. Besides this, the expanding food and beverage (F&B) industry is another major growth-inducing factor. Additionally, there has been widespread adoption of RTE foods, especially among the younger population, as they support on-the-go consumption and require minimal time and ingredients for preparation. In line with this, the implementation of lockdowns and social distancing norms amid the recent coronavirus disease (COVID-19) outbreak has catalyzed the demand for RTE foods due to their longer shelf life and convenience. Furthermore, several product innovations, such as the launch of frozen vegetables and salads and flavored food variants with higher quantities of functional ingredients to fulfill the nutritional requirements of consumers, have accelerated the product adoption rate. Other factors, including the emerging café culture, rising trend of online shopping, aggressive promotional activities, easy product availability via e-commerce platforms, and rapid urbanization, are also creating a favorable market outlook.
- Based on the product type, the market has been categorized into meat/poultry-based, cereal-based, fruit/vegetable-based, and others.
- On the basis of the packaging type, the market has been divided into canned, frozen/chilled, retort, and others.
- The market has been segregated based on the distribution channel into supermarkets and hypermarkets, convenience stores, food specialty stores, departmental stores, online stores, and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being 2 Sisters Food Group (Boparan Holdings Limited), ADF Foods Ltd., Bakkavor Group plc, Nomad Foods Ltd. (Birds Eye Ltd., and Findus Group Ltd.), General Mills Inc., Greencore Group Plc., ITC Limited, McCain Foods Limited, MTR Foods Pvt Ltd. (Orkla ASA), and Premier Foods Group Ltd.
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