Ready To Eat Market By Food Type (Vegetarian and Non-Vegetarian), Product Type (Instant Soups & Snack, Cereal, Ready Meal, Baked Good, Frozen Food, and Others), Distribution Channel (Hypermarkets/Supermarkets, Convenience Stores, Food Specialty Stores, Online Retailers, and Others) -Analysis & Forecast 2020-2030.
Report ID : 182 | Published Date : May 2020 | Pages : 160 | Region : Global | Report Code : FB-22
Ready to Eat Market Overview and Introduction
Ready to Eat (RTE) is a category of food products that can be directly consumed without extra preparation or other cooking procedures other than heating up the food. RTE food has been gaining popularity among teenagers and working populations due to its taste and ease of consumption. Most regional governments have implemented different rules & regulations on ready to eat food products owing to concerns regarding food safety. Also, there are several government regulations on the packaging of RTE foods. As a result, people have faith in companies having food safety certifications.
Increasing social events, including informal gatherings, parties, picnics, and others, have been propelling the demand for RTE snacks such as chips, fries, high-fiber biscuits, nachos, and baked beans. Thus, the high consumption of RTE snacks across the globe is driving the market growth. Additionally, the increasing number of RTE food retail stores and the emergence of digital platforms to order such foods are supplementing the overall growth of the market. Moreover, advancements in RTE food packaging and attractive promotional advertisements are creating new opportunities in the market.
However, different food safety regulations across the globe are major restraining factors present in the market. Also, increasing awareness regarding the benefits associated with home-cooked snacks are limiting market growth. Moreover, fluctuations in the prices of meat and other raw materials are hampering market growth.
The global ready to eat market can be segmented into food type, product type, distribution channel and region.
Ready to Eat Market By Food Type
Based on food type, the market can be segmented into vegetarian and non-vegetarian. The non-vegetarian segment accounted for the largest market in 2019 and is expected to continue its dominance during the forecast period. The growth of this segment can be attributed to the significant preference for non-vegetarian food across the globe. Also, advancements in the frozen food supply chains and the high popularity of sea foods is supplementing growth of this segment.
Ready to Eat Market By Product Type
Based on product type, the market can be segmented into instant soups & snacks, cereals, ready meals, baked goods, frozen foods, and others. The frozen food segment is expected to grow at the highest CAGR owing to the increasing demand for sea foods. Also, Frozen foods can be stored in refrigerators for long durations, which is further supplementing growth of the frozen food segment.
Ready to Eat Market By Distribution Channel
Based on distribution channel, the market can be segmented into hypermarkets/supermarkets, convenience stores, food specialty stores, online retailers, and others. The online retailers segment is expected to grow at the highest CAGR during the forecast period. Good/fast food delivery service, a wide range of options “ready to” food options, and availability of the internet across the globe are driving growth of the online retailer segment.
Ready to Eat Market By Region
Based on region, the global ready to eat market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific is expected to grow at the highest CAGR during the forecast period. The increasing population of working women in the countries, such as India and China, is a major factor driving growth in the region. The increasing number of local players and the emergence of online “ready to” food delivery services in the region are also supplementing growth in the Asia Pacific region.
Ready to Eat Market Prominent Players
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.