Ready-to-eat (RTE) foods refer to fully cooked food products that can be consumed without any further preparation. Some common examples include frozen meals, ready-to-cook meals, canned food, frozen pizza, pre-cooked meat products, salads, sandwiches and many more. The global demand for RTE foods has grown significantly in recent times owing to busier lifestyles and need for convenient options that save time in the kitchen. The global ready to eat food market is estimated to be valued at US$ 182.45 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Increasing demand for convenient options is a major market opportunity for ready to eat food products. With more people joining the workforce and having busier schedules, ready meals and other easily preparable food items are gaining popularity as they help save substantial time in the kitchen. According to recent surveys, nearly 70% of consumers today cite lack of time as a key barrier to cooking meals at home from raw ingredients. This has significantly boosted the sales of RTE foods globally. With lifestyle changes expected to continue in the coming years across regions, the demand for convenient ready meals and other such food items is likely to keep surging. Key players can capitalize on this opportunity by offering more innovative product ranges, varying packaging formats and competitive prices.

Porter's Analysis

Threat of new entrants: The ready to eat food market poses moderate threat of new entrants as it requires large capital investments and established supply chains.

Bargaining power of buyers: Buyers have moderate bargaining power in this market as there are many established brands offering similar products.

Bargaining power of suppliers: Food suppliers have low bargaining power in this market due to the availability of substitutes.

Threat of new substitutes: Threat from substitutes is high in this market as packaged food and home cooking offer alternatives.

Competitive rivalry: The market experiences high competitive rivalry between established brands.

SWOT Analysis

Strength: Established brands have economies of scale advantages. Changing lifestyles and urbanization drive the demand for ready meals.

Weakness: High dependency on raw material prices. Vulnerable to health and nutrition related regulations.

Opportunity: Growth in developing regions owing to rising disposable incomes. Innovative products catering to specific dietary requirements.

Threats: Stringent food safety laws increase compliance costs. Environmental concerns over packaging waste disposal.

Key Takeaways

The Global Ready To Eat Food Market Size is expected to witness high growth driven by changing lifestyles and busy schedules.

Regionally, Asia Pacific dominates the market currently owing to rapid urbanization and rising middle class population in countries like India and China. North America and Europe are also major regions.

Key players operating in the ready to eat food market are Biogen Inc., AstraZeneca PLC, Pfizer Inc., Novartis International AG, Merck & Co., Inc., Sanofi S.A., F. Hoffmann-La Roche Ltd., Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Ceregene Inc., BioTime Inc., Stemedica Cell Technologies, Inc., Neuralstem, Inc., and StemCells Inc. Regional analysis indicates that Asia Pacific is poised to grow at the fastest rate during the forecast period on account of developing economies and health awareness.

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