North America Ready-to-Eat Food Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|Forecast Data Period||2023 - 2028|
|Historical Data Period||2018 - 2021|
*Disclaimer: Major Players sorted in no particular order
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North America Ready-to-Eat Food Market Analysis
The North American market for ready-to-eat food is expected to register a CAGR of 3.36%% during the forecast period, 2022 - 2027.
During the COVID-19 pandemic, ready-to-eat foods were one of the few businesses that saw a massive increase in demand. With most individuals working from home and countries under lockdown, ready-to-cook meal products have been flying off the shelves in recent months. Indeed, it is predicted that this shift in consumer behavior will greatly boost the market examined over the projected period.
During the projection period, North America will provide considerable growth prospects for market participants. The regional market is expanding due to the rising demand for on-the-go consumables, particularly among millennials. Also, the demand for ready-to-eat food goods in North America will change demographics, such as increased purchasing power. The United States is the most important market for ready-to-eat foods in North America. The market in this region will grow at a slower rate than the markets in South America, Asia, the Middle East, and Africa.
Young people spend the majority of their money on ready-to-eat foods. For ready-to-eat food manufacturing behemoths, young consumers are the easiest prey. The ease of use of such items contributes to an increase in overall market demand worldwide.
Ready-to-eat food is considered the most convenient alternative to ordinary food, as it may be consumed at any time (such as during breakfast, lunch, or dinner).
North America Ready-to-Eat Food Market Trends
This section covers the major market trends shaping the North America Ready-to-Eat Food Market according to our research experts:
Convenience of Use Driving the Ready-to-Eat Food Market
The convenience of time-saving and the little effort required to prepare these meals is driving the expansion of the ready meals sector. Furthermore, the working population and millennials are more interested in these meals because they only require heating before consumption, reducing overall effort. Manufacturers are working on producing novel products to meet rising demand and gain significant market share. For example, Freshly Inc., the meal delivery service owned by Nestle SA, unveiled a new product line in 2020 for consumers "seeking to command their health and power active lifestyles." FreshlyFit ready-to-eat meals are based on keto, paleo, and plant-based diet principles.
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Ready-to-Eat market is Projected to Grow at the Significant Growth Rate
The North American Ready-to-Eat Food Market accounted for the greatest revenue share in 2021, and it is expected to continue to dominate the market between 2022 and 2027, owing to rising consumer demand for ready-to-eat meals and baked goods, and frozen foods in the region. With the increasing working population, customers prefer ready-to-eat meals to save time and effort.
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North America Ready-to-Eat Food Industry Overview
With prominent competitors such as Nomad Foods Ltd, General Mills, McCain Foods, Premier Foods Group Ltd, and Conagra Brands playing in the market, the North American ready-to-eat food market is fiercely competitive. Manufacturers have developed effective competitive strategies due to high industrial profitability, boosting competition among current market competitors. Major players are focusing heavily on product innovation to consolidate the market.
North America Ready-to-Eat Food Market Leaders
McCain Foods Ltd.
Conagra Brands, Inc.
*Disclaimer: Major Players sorted in no particular order
North America Ready-to-Eat Food Market News
In 2021, United States food major General Mills, for the first time, launched ready-to-eat cookies based on its baking brand Pillsbury.
In 2020, HelloFresh, the global meal kit leader, purchased Factor as a major step in the company's expansion plan to improve its position in the United States and extend its total addressable market.
In 2020, Nestle SA acquired Freshly Inc. and launched a new product line for customers, i.e., "FreshlyFit Ready-to-Eat Meals."
North America Ready-to-Eat Food Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Instant Breakfast/ Cereals
5.1.2 Instant Soups and Snacks
5.1.3 Ready Meals
5.1.4 Baked Goods
5.1.5 Meat Products
5.1.6 Other Product Types
5.2 By Distribution Channel
5.2.1 Hypermarkets/ Supermarkets
5.2.2 Convinience Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
5.3.1 United States
5.3.4 Rest of North America
6. COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Nomad Foods Ltd
6.4.2 General Mills Inc.
6.4.3 McCain Foods Limited
6.4.4 Nestle SA
6.4.5 Premier Foods Group Ltd.
6.4.6 Conagra Brands Inc.
6.4.7 Fleury Michon
6.4.8 Dr. August Oetker Nahrugsmittel KG
6.4.9 The Campbell Soup Company
6.4.10 The Kraft Heinz Company
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
North America Ready-to-Eat Food Market Research FAQs
What is the current North America Ready-to-Eat Food Market size?
The North America Ready-to-Eat Food Market is projected to register a CAGR of 3.36% during the forecast period (2023-2028).
Who are the key players in North America Ready-to-Eat Food Market?
McCain Foods Ltd., Conagra Brands, Inc., Nestle S.A and General Mills are the major companies operating in the North America Ready-to-Eat Food Market.
North America Ready-to-Eat Food Industry Report
Statistics for the 2023 North America Ready-to-Eat Food market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Ready-to-Eat Food analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.