Ready-to-Eat Food Market Research Report and Outlook by 2028

The ready-to-eat food sector is anticipated to grow significantly, reaching a valuation of US$ 1,471.94 billion by 2028, up from US$ 1,073.87 billion in 2022. This growth represents a compound annual growth rate (CAGR) of 5.4% from 2022 to 2028.

Ready-to-eat food encompasses items that can be consumed directly by consumers without the need for cooking. This category, often referred to as fast food, includes a variety of convenient options such as instant meals, packaged snacks, bread, pasta, breakfast cereals, fruit snacks, sauces, processed meats, protein bars, and more. A significant driver of the ready-to-eat food market is the evolving eating habits of consumers. The primary catalyst for this market's growth is the increasing willingness to invest in convenient food options, coupled with the time constraints many face due to rapid urbanization.

The market for ready-to-eat food is categorized by product type into segments such as breakfast cereals, instant soups and noodles, ready meals, snacks, baked goods and confectioneries, among others. Notably, the ready meals segment is projected to be the fastest-growing category during the forecast period. The appeal of these meals lies in their convenience, requiring minimal preparation time and effort, which is particularly attractive to busy consumers.

Working professionals and millennials are increasingly drawn to ready-to-eat meals, as they typically only require heating before consumption, thus simplifying the meal preparation process. In response to this growing demand, manufacturers are innovating and launching new products to capture a larger share of the market. For example, in 2020, Freshly Inc., a meal delivery service under Nestl? SA, introduced a new line aimed at health-conscious consumers looking to maintain active lifestyles. Such developments are expected to further propel the ready-to-eat food market's growth in the coming years.

Geographically, the ready-to-eat food market is divided into regions including North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2020, the Asia Pacific region held the largest market share and is projected to experience the highest CAGR during the forecast period. The expansion of supermarkets in Asia has facilitated the increased consumption of processed foods, which is likely to continue driving growth in this distribution channel.

Additionally, the Asian market is attracting multinational food and beverage companies due to its open markets, shifting consumer preferences, youthful and expanding populations, and robust economic growth rates. The rising consumption of ultra-processed foods in Asia is also contributing to the growth of the ready-to-eat food market in this region.

Key players in the ready-to-eat food market include major companies such as Nestl? SA, Conagra Brands Inc., The Kraft Heinz Company, General Mills Inc., Campbell Soup Company, MTR Foods Pvt Ltd., Hormel Foods Corporation, Tyson Foods, Inc., JBS S.A., and The Kellogg Company. These companies are actively developing a diverse range of products to meet the increasing consumer demand. With a growing focus on health, manufacturers are introducing nutritious ready-to-eat options that are rich in essential vitamins, minerals, and other nutrients. According to the World Health Organization, diabetes was the ninth leading cause of death in 2019, with approximately 1.5 million fatalities directly attributed to the disease. In light of this, manufacturers are taking steps to create gluten-free and sugar-free ready-to-eat products.

The market size for ready-to-eat food has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders specializing in the ready-to-eat food sector.