DUBLIN--(BUSINESS WIRE)--The "Ready-to-Eat Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The ready-to-eat food market is projected to register a CAGR of 4.3% during the forecast period 2021 to 2026.
The demand for ready-to-eat food products skyrocketed during the COVID-19 pandemic. Ready-to-eat food products turned into one of the few industries that witnessed a 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 stores 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 a sudden consumer shift from home-cooked food to ready-to-eat products. In fact, it is speculated that this change in consumer behavior is likely to uplift the market studied significantly in 2021 when compared with 2019.
Young consumers spend most of their income on convenient ready-to-eat 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.
Key Market Trends
Ready Meals Segment is Driving the Overall Ready-to-Eat Food Market
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. With the increasing demand, manufacturers are focusing on developing innovative products to capture the demand and to achieve major market shares.
North America Holds the Major Share of Ready-to-Eat Food Market
The market for ready-to-eat food in the North American region is mainly driven by the increasing demand for frozen pizza and handheld breakfasts. These are positioned as low-cost products with quality and freshness. Moreover, these meals have gained equal popularity as the foods found in restaurants and foods found in other food outlets in North America. 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.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Product Type
5.2 By Distribution Channel
5.3 By Geography
6 COMPETITIVE LANDSCAPE
- Nomad Foods Ltd
- General Mills Inc.
- McCain Foods Limited
- Nestle SA
- Premier Foods Group Limited
- Conagra Brands Inc.
- Fleury Michon
- Dr. August Oetker Nahrungsmittel KG
- The Campbell Soup Company
The Kraft Heinz Company
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/zh22dc
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.