Ready To Eat Market is anticipated to grow at a CAGR of 7.68% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Ready To Eat Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global Ready To Eat (RTE) market accounted for over US$123.60 billion in 2019. It is anticipated to grow at a CAGR of 7.68% from 2020 to 2030.
The COVID-19 pandemic has brought the global economy into a tailspin. Also, the COVID-19 pandemic is hampering the supply of fresh vegetables &fruits in the market. A professor at Queen's University in Belfast has stated: “Massive disruptions to global food supply system will result from the pandemic.”
However, the situation is creating immense opportunities for products that are packed and ready to eat. For instance, Nissin Foods Holdings Co. Ltd.claimed that the demand for its instant cup noodles has increased during the present COVID-19 pandemic.Also, studies found that there is an increased demand for processed &packaged foods that has a long shelf life.In the present situation, people have been adopting packed RTE food as a safety measure. Moreover, in situations wherein people are advised to stay at home, the demand for ready to eat foods, such as pastas and noodles, will drive market growth.
Increasing working populations across the globe demand foods, which can be cooked easily and, in less time, thereby, increasing the demand for RTE foods worldwide. Additionally, attractive packaging, advertisements, and promotional events to market RTE foods are other factors that are responsible for market growth. Moreover, changing food eating habits, and the increasing number of local players in the market will create new opportunities in the market.
However, the decreasing demand for non-vegetarian food due to COVID-19 is hampering market growth. Also, fluctuations in the prices of raw materials, increasing health awareness across the globe and the high cost of packaging are several factors that are curbing market growth.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Ready-To-Eat Market by Product Type (Instant Breakfast/Cereals, Instant Soups & Snacks, Ready Meals, Baked Goods, and Meat Products), by Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Food Specialty Stores, Departmental Stores, and Online Retailers) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/ready-to-eat-market/182
Asia Pacific region is expected to grow with the highest CAGR during the forecast period. There are various factors contributing to market growth in this region including high disposable income, rapid urbanization, changing lifestyles of consumers, and food consumption behavior, among others. Additionally, the rising popularity of online delivery services in the region and the increasing number of internet users are supplementing growth in the region. Moreover, thein creasing demand for easy-to-cook food during the present COVID-19 pandemic is fueling Asia Pacific market growth.
Some of the prominent players in the ready to eat market include Nestle SA, Kellogg Co., Kraft Foods, Conagra Brands Inc, ADF FOODS LTD, ITC Limited, and Vadilal Industries Ltd, among others.
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