Ready-to-Eat Meals Market is expected to reach around USD 188 billion by 2030 at a CAGR of 10.98%. The chief factors that could contribute to the solid performance of the dynamic market include the launch of organic ready meals, the introduction of new varieties of convenience food, technological advancements, and the establishment of a robust distribution network at the global level.
Ready-to-eat meals can be defined as the food items that are precleaned, precooked, and mostly packed and ready for consumption without prior cooking or preparation. The ready-to-eat meals market has been performing exceptionally well during the pandemic. Young consumers have been spending their income on convenience ready-to-eat products as it suits their hectic lifestyle. However, the market has also been facing several obstacles as it has associated with obesity. According to the World Health Organization (WHO), in 2016, over 1.9 billion adults over 18 years were overweight.
A diverse range of factors exists in the global ready-to-eat meals market that could influence its growth potential in the future. The key market variables that have been evaluated in the market report include opportunities, restraints, challenges, and threats. A holistic global market analysis has been carried out to explore the promising market thoroughly.
Covid 19 Analysis
The Covid 19 pandemic has had a major impact on the global ready-to-eat meals market domain. The market is one of the very few industries that has been positively impacted by the virus outbreak. Due to the high level of uncertainty, people started stocking convenience food items which led to a surge in demand at the global level. During the forecasted period, the global market is expected to showcase solid performance.
Chief variables existing in the market
Key Market Drivers
A broad range of variables exists in the global market setting that positively influence its performance. Some of the major market drivers include the rising trend relating to the consumption of convenience food and the increased in the per capita disposable income of consumers. During the forecasted period, these factors could act as catalysts and contribute to the expanded ready-to-eat meals market size.
Irrespective of the fact that the global ready-to-eat meals market is highly attractive in nature, there exist several challenges that diminish its attractiveness. One of the major challenges is the health complexity associated with the high consumption of ready-to-eat food. It could adversely impact the global market revenue during the forecasted period. Another major challenge is related to the high level of unpredictability of customer tastes and preferences. During the forecasted period, these elements could play a cardinal role to restrict the market share of the key business players.
Opportunities in the global market
Several opportunities exist in the global ready-to-eat meals market setting that could be capitalized on by the major players during the forecasted period. For instance, there is the opportunity to integrate new kinds of digital technologies so that the production process of ready-to-eat food can be automated. There is also the opportunity for businesses to introduce new kinds of flavors and varieties so that they can expand their product line and cater to the needs of a diverse group of audiences. According to the in-depth market forecast, businesses would have to rely on their strategies in order to exploit the opportunities that exist n the global market landscape.
A number of restraining factors exist in the global ready-to-eat meals market that could hamper its growth potential during the forecasted period. A major restraint is the introduction of stringent regulations and guidelines in the industry. Businesses need to lay emphasis on the regulatory requirements while operating in the market setting so that they can sustainably and responsibly operate in the market. Another major restraint that exists in the market setting is the rapid evolution of technology. Due to the dynamic nature of the technological landscape, organizations get limited scope to adapt to the business setting and integrate new kinds of technological elements in their business processes. These market restraints could play a key role in the market during the forecasted period and impact its growth potential.
Cumulative Evaluation of the market
The ready-to-eat meals market outlook report gives a detailed insight into the attractiveness of the market and its growth potential in the future. Several macros, as well as micro factors, have been taken into consideration to evaluate the market at the global level. Some of the chief opportunities that could positively influence its growth in the future include the adoption of technologically advanced elements and the existence of a solid distribution channel. However, several variables could also have a negative impact on the performance of the industry at the global level. The fluctuating nature of the tastes and preferences of customers is expected to increase the level of uncertainty in the global ready-to-eat meals industry setting. The chief global market trends that have been identified in the report are expected to play an influential role in molding its performance and profitability.
Overview of the Main Market Segments
On the basis of type, the global ready-to-eat meals market can be further classified into rice and noodles, salads, gravies and curries, pasta and pizzas, soups, and others. The demand for varying ready-to-eat meals is expected to vary at the global level. The rice and noodles segment is expected to dominate the market owing to factors such as the rise in the variety of products and the awareness of organic ready-to-eat launches.
By Distribution Channel
Based on the distribution channel, the global ready-to-eat meals market can be further segmented into store-based and non-store-based channels. The store-based segment can be further divided into supermarkets and hypermarkets, convenience stores, and others. During the forecasted period, the store-based segment is expected to dominate the market setting and drive the ready-to-eat meals industry growth. The increase in demand for convenience food is expected to serve as the catalyst and influence the global market size.
The global ready-to-eat meals market can be divided into several geographical regions like North America, Europe, the Asia Pacific, and the rest of the world. During the forecasted period, each region is expected to play an influential role in influencing the global market size. The European segment is expected to dominate the global market during the forecasted period. Several factors could contribute to its commendable performance, such as the rising trend revolving around convenience food items and the availability of a diverse range of ready-to-eat meals. The existence of prominent business players in the specific geographical region could also contribute to its strong performance in the future.
The competitive intensity in the global ready-to-eat meals market is high due to the rising demand for the market offerings. In order to capitalize on the market opportunities, several business entities have entered the business landscape and increased the competition level. Most of the businesses have been competing with one another to expand their portion of the global market share. Some of the key players that are contributing to the rise in the market revenue are listed below:
Recent Market Developments
A detailed ready-to-eat meals market analysis has been carried out in the report to capture its attractiveness and growth potential in the future. A diverse range of strategic and analytical tools have been used to investigate the key variables that exist in the market. The PESTLE analysis has uncovered the chief variables that exist in the political, economic, social, technological, legal, and environmental settings of the market. The SWOT analysis has helped to uncover macro and micro factors such as strengths, weaknesses, opportunities, and threats. The competitive landscape has been evaluated with the help of Porter’s Five Force model. These tools have helped to identify and examine the key ready-to-eat meals industry trends that have the potential to influence the industry performance during the forecasted period.
Key Industrial segments
By Distribution Channel
Frequently Asked Questions (FAQ) :
Ready-to-eat meals market valuation would be USD 188 billion.
Ready-to-eat meals market CAGR would be 10.5% during the forecast period.
Europe would dominate ready-to-eat meals market.
North America would be the fastest-growing ready-to-eat meals market.
The types in ready-to-eat meals market report are salads, gravies & curries, rice & noodles, soups, pasta & pizzas, and others.