In a recent published report, Kenneth Research has updated the market report for Ready to Eat (RTE) Food Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Ready to Eat (RTE) Food Market products.
Ready to eat food is defined as an animal and plant derived food that is washed, cooked, frozen and processed to be consumed directly after heating. The process saves time and energy of the consumers. People now prefer nutritional small quantity of ready to eat food rather than traditional large meals due to busy lifestyle.
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Market Size & Forecast
Global ready to eat food market is expected to reach USD 172 billion by the end of 2023 witnessing a promising compound annual growth rate of 7.3% over the forecast period owing to the changing lifestyle of consumers.North-America holds the largest consumer base of ready to eat food market across the globe and is estimated to represent highest value share of 42% by the end of 2016 owing to the technological innovations, busy lifestyle of consumers and high personal disposable income. Asia-Pacific is estimated to hold 18.3% market share in 2016, however the market share is anticipated to reach 21.0% by the end of 2023 owing to the increasing employment opportunities and rising personal disposable income of middle class consumers in developing countries.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
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In 2015, Meat and poultry product segment stood for largest market share in terms of revenue and is anticipated to attain 46.0% value share in 2016. Frozen ready meals segment is likely to expand at a CAGR of 9.0% over the period of forecast i.e. 2016-2023.Ready to eat food market is likely to expand with a higher pace owing to high consumer acceptance for such foods globally. Ready to eat food products are more popular among the younger working class consumers as they hardly find time to cook food due to their busy lifestyle. Owing to expand the market among these consumers, ready to eat food manufacturers are focused on providing low-cost affordable products.
Nomad Foods Ltd.
Bakkavor Foods Ltd.
General Mills Inc.
Premier Foods Group Ltd.
2 Sisters Food Group.
Greencore Group Plc.
ConAgra Foods Inc.
Growth Drivers and Challenges
Increasing number of nuclear families, rising employment opportunities coupled with increasing number of working woman are some of the major factors that will fuel the growth of global ready to eat food market over the forecast period.Rising personal disposable income coupled with busy lifestyle of working class consumers will further boost the demand for ready to eat food products across the globe.
Rapid urbanization has reduced the time to cook food at home, innovative ready to eat food product offering such as nutritional and rich ingredient products resulted in to the inclination of consumer behaviour towards the use of ready to eat food further boosting the global ready to eat food market across the globe.Rising health consciousness towards the use of cooked and fresh food along with the government regulations towards the procurement of raw material such as meat and vegetables are the main factors expected to restrain market growth in future.
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About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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