Future Insights delivers key insights into the global ready-to-eat food products market in a new publication titled, “Ready-to-eat Food Market: Global Industry Analysis and Opportunity Assessment, 2019–2026”. In terms of value, the global ready-to-eat food products market is projected to register a healthy CAGR of 7.2% during the forecast period (2019–2026). In the report, Future Market Insights analyses the global ready-to-eat food products market performance and gives information on the key factors and trends impacting the market.
Analysts at Future Market Insights predict that a rise in the number of working women, a growing millennial population, and on-the-go consumption habits are factors likely to boost the growth of the global ready-to-eat food products market during the forecast period. “A large number of innovations in packaging technology such as the introduction of advanced microwave technology have shifted the focus towards consumption of packaged foods in developed countries such as the U.S., Germany, and Russia; and this, in turn, has led to a significant increase in the demand for ready-to-eat food products globally.”Analyst, Future Market Insights.
However, unhealthy substitutes and low quality and taste coupled with an increasing shift towards a healthier lifestyle is likely to hinder market growth in the coming years.
The global ready-to-eat food products market is segmented on the basis of Product Type (Meat/Poultry, Cereal Based, Vegetable Based, Others), Packaging (Canned, Frozen or Chilled, Retort, Others), and Distribution Channel (Hypermarket/Supermarket, Convenience/Departmental Store, Specialty Store, Online Store, Others).
The Meat/Poultry product type segment is estimated to be valued at US$ 44.54 Bn in 2019 and is likely to expand at a CAGR of 7.7% over the forecast period. This segment is expected to dominate the market in terms of value from 2019 to 2026
The Frozen or Chilled packaging segment is estimated to account for 40.0% value share by the end of 2019. This segment is expected to account for a major market share in terms of value over the forecast period
The Hypermarket/Supermarket distribution channel segment is estimated to be valued at US$ 38.66 Bn by the end of 2019 which is expected to expand at a CAGR of 5.7% over the forecast period to be valued at US$ 67.08 Bn by the end of 2026. Sales of ready-to-eat food products through the Hypermarket/Supermarket channel are expected to support segment growth over the forecast period
Regional projections
The global ready-to-eat food products market is segmented into seven key regions – North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East & Africa (MEA), and Japan. Asia Pacific excluding Japan (APEJ), Eastern Europe, and North America are expected to register high growth rates between 2019 and 2026. The ready-to-eat food products market in North America is expected to register significant value over the forecast period owing to increasing per capita consumption of ready-to-eat food in this region.
North America market is estimated to be valued at US$ 39.02 Bn, which is expected to expand at a CAGR of 7.3% over the forecast period to be valued at US$ 78.73 Bn by the end of 2026. The Asia Pacific market is estimated to be valued at US$ 17.73 Bn by the end of 2019, which is expected to expand at a CAGR of 8.4% over the forecast period to be valued at US$ 39.78 Bn by the end of 2026.
