Ready-made Food Industry to Expand Significantly, Projected to Reach a Value of $406.9 Billion by 2034

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The ready meals segment currently dominates the market, holding a 36.1% share, according to recent reports. This segment is expected to continue its growth trajectory, with the Global Ready-to-Eat Foods Market projected to expand from USD 193.8 billion in 2024 to USD 406.9 billion by 2034, at a compound annual growth rate (CAGR) of 7.7%.

This surge in popularity can be attributed to several factors. For one, ready-to-eat foods provide a practical solution for dual-income families striving to balance work and home life. They are also increasingly being favoured by individual consumers, who account for a 63.2% market share.

Manufacturers are responding to this growing demand by introducing innovative products. For instance, Conagra Brands has introduced microwaveable single-serve meals under their Marie Callender's and Banquet brands, targeting busy consumers seeking quick meal solutions. General Mills has followed suit with Annie's Organic Microwaveable Meals, catering to health-conscious consumers. Kellogg's has introduced Kellogg's Breakfast Bowls, RTE breakfast options designed for busy consumers, and Pringles Ready-to-Eat Snack Meals, combining their popular snack brand with meal solutions.

The trend towards convenience extends beyond meals. Campbell Soup Company has introduced single-serve, microwaveable soups for on-the-go consumers, aligning with the trend of convenience and portability. Dr. Oetker has launched mini pizza snacks, targeting the snackification trend in the RTE sector.

In response to the growing demand for healthier and more sustainable options, producers are introducing plant-based ready-to-eat foods. Dr. Oetker has expanded its RTE pizza line with the introduction of plant-based pizzas, and Campbell Soup Company has launched new plant-based soups and broths under its Well Yes! brand.

The shift towards e-commerce is also impacting the ready-to-eat food market. Increasing sales through online retail channels can tap into the consumer shift towards e-commerce. Online platforms are becoming a popular channel for purchasing ready-to-eat foods, and innovative packaging and preservation technologies are being adopted to extend the shelf life of products while maintaining their taste and nutritional value.

The food service sector significantly benefits from ready-to-eat foods, with these outlets being the predominant distribution channels, holding a 51.2% share. North America, particularly the U.S., will lead the Ready-to-Eat foods market in 2024 with a 43.3% share. However, expanding the distribution of ready-to-eat foods into emerging markets can provide substantial growth opportunities.

Ready-to-eat food producers must navigate a myriad of regulations regarding food safety, labeling, and ingredient disclosure. With rising health awareness, there is a significant opportunity for the development of ready-to-eat foods that are not only convenient but also offer health benefits. A growing demand for sustainable packaging solutions in the ready-to-eat food market further underscores this need.

In conclusion, the ready-to-eat food market is experiencing robust growth, driven by consumer demand for convenience, health, and sustainability. Manufacturers are responding with innovative products and packaging solutions, creating a dynamic and evolving market landscape.

Ready-made Food Industry to Expand Significantly, Projected to Reach a Value of $406.9 Billion by 2034