Ready to Eat Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Global Ready to Eat Food Market is segmented by Product Type (Instant Breakfast/Cereals, Instant Soups & Snacks, Ready Meals, Baked Goods, Meat Products, and Others); Distribution Channel (Hypermarkets / Supermarkets, Convenience Stores, Online Retailers, and Others); and Geography

Market Snapshot

Study Period:

2016 - 2026

Base Year:

2020

Fastest Growing Market:

Europe

Largest Market:

North America

CAGR:

4.3 %

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Market Overview

The global ready-to-eat food market is projected to grow at a CAGR of 4.3% during the forecast period (2020 - 2025).

  • The young consumers spend most of their income on convenient ready-to-eat food products. In Europe, the majority of the population is between the age group of 18-35 years, which is a clear indicator of the increased demand for convenient food products. Young consumers are the easiest targets for ready-to-eat food manufacturing giants. The convenience level of such products helps to increase the total demand in the market, across the world
  • Ready-to-eat food products are being considered as the closest alternative to regular food, which can be consumed at any time (such as during breakfast, lunch, or dinner). The initiatives taken by regulatory authorities, like ongoing promotional efforts undertaken by the Singapore Health Promotional Board to create awareness regarding frozen foods and fish products, are driving the market growth.
  • Ready-to-eat food products turned into one of the few industries that witnessed surge in immense demand during the coronavirus pandemic. With countries on lockdown and most people working from home, ready-to-cook food products were flying off the shelves over the last few months. One of the India-based online grocery store named Grofers even reported a sale surge of 170% in the ready-to-eat category, 31% in the ready-made meals and mixes category, and 41% in the frozen food category, indicating sudden consumer shift from home cooked food to ready-to-eat products. In fact, it is speculated that this change in consumer behaviour is likely to uplift the market studied significantly in 2021, when compared with 2019.

Scope of the Report

By product type, the market is segmented as instant breakfast/cereals, instant soups & snacks, ready meals, baked goods, meat products, and others. By distribution channel, the market is segmented as hypermarkets/supermarket, convenience stores, online retailers, and others. Moreover, the study provides an analysis of the ready to eat food market in the emerging and established markets across the world, including North America, Europe, Asia-Pacific, South America, Middle East & Africa.

By Product Type
Instant Breakfast/Cereals
Instant Soups & Snacks
Ready Meals
Baked Goods
Meat Products
Others
By Distribution Channel
Hypermarkets / Supermarkets
Convenience Stores
Online Retailers
Others
By Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
United Kingdom
Germany
France
Russia
Italy
Spain
Rest of Europe
Asia Pacific
India
China
Japan
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
South Africa
Saudi Arabia
Rest of Middle East & Africa

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Key Market Trends

Ready Meals Expanding its Market Share

The growth of the ready meals market is driven by the increase in the convenience offered, in terms of time-saving, and the little effort required for the preparation of these meals. Moreover, the preference for these meals, by the working population and millennials, has increased, owing to the fact that they only require heating before consumption, which reduces the overall effort. ​With the increasing demand, manufacturers are focusing on developing innovative products to capture the demand and to achieve major market shares. For instance,​ In 2019, Seara Alimentos launched Seara Rotisserie Fit, a low-calorie, low-sodium, preservative-free ready meals range made using fresh ingredients. The low-calorie range has six different flavor options, including one vegetarian.​

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North America Holds the Major Share of Ready-to-Eat-Food Market

The market for ready-to-eat food in the region is mainly driven by the increasing demand for frozen pizza and handheld breakfast. These are positioned as low-cost products with quality and freshness. Moreover, these meals have gained equal popularity as the foods found in restaurants as well as foods found in other food outlets. ​Furthermore, chilled ready meals and frozen ready meals are one of the most consumed categories of ready-to-eat food in the country. In addition, companies operating in the market are focusing on adopting strategic measures to achieve a strong foothold in the country driving the market growth. For instance, In 2018, Conagra Brands Inc. acquired Pinnacle Foods to grab a major share of the fast-growing snack and frozen food markets. The two companies are investing to become the two fastest-growing frozen meal companies with brands, which include Birds Eye, Power Bowls, and Hungry-Man.​

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Competitive Landscape

The market studied is highly competitive with the presence of key players operating in the market, such as Nomad Foods Ltd, General Mills, McCain Foods, Premier Foods Group Ltd, and Conagra Brands. High industrial profitability has led manufactures to develop powerful competitive strategies, which is intensifying the competition among the existing market players. Major players are intensely embarking on product innovation as their prime strategy, to consolidate the market studied. For instance,​ In 2019, M&S Food (Marks & Spencer) became one of the major food retailers in the United Kingdom to launch a range of own-brand halal ready meals. In response to the increasing demand for a halal diet, customers will be able to shop a range of six Halal Food Authority (HFA)-certified prepared meals available from 36 M&S stores.​

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables and Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Instant Breakfast/Cereals

      2. 5.1.2 Instant Soups & Snacks

      3. 5.1.3 Ready Meals

      4. 5.1.4 Baked Goods

      5. 5.1.5 Meat Products

      6. 5.1.6 Others

    2. 5.2 By Distribution Channel

      1. 5.2.1 Hypermarkets / Supermarkets

      2. 5.2.2 Convenience Stores

      3. 5.2.3 Online Retailers

      4. 5.2.4 Others

    3. 5.3 By Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 United Kingdom

        2. 5.3.2.2 Germany

        3. 5.3.2.3 France

        4. 5.3.2.4 Russia

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Spain

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia Pacific

        1. 5.3.3.1 India

        2. 5.3.3.2 China

        3. 5.3.3.3 Japan

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Share Analysis

    2. 6.2 Strategy Adopted by Key Players

    3. 6.3 Most Active Companies

    4. 6.4 Company Profiles

      1. 6.4.1 Nomad Foods Ltd.

      2. 6.4.2 General Mills Inc. 

      3. 6.4.3 McCain Foods Limited

      4. 6.4.4 Premier Foods Group Limited

      5. 6.4.5 Nestlé SA

      6. 6.4.6 Conagra Brands Inc.

      7. 6.4.7 Fleury Michon

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  9. 8. IMPACT OF COVID-19 ON THE MARKET

** Subject to Availability

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