GLOBAL READY TO EAT FOOD INDUSTRY

Foods that have been canned and refrigerated to increase their shelf life are known as ready to eat foods. The demand for ready-to-eat foods has increased as a result of people’s hectic lifestyles. They can be stored in little quantities for a longer period of time in order to provide sufficient nutrients to customers. Because of shifting food preferences and the availability of a diverse product range, ready-to-eat foods have gained popularity in recent years. Furthermore, the urban lifestyle creates a strong demand for long-term food preservation. Because of shifting eating habits, the worldwide ready-to-eat food business is seeing strong expansion, pushing demand for ready-to-eat food. Advances in the food and beverage sector, combined with a rapidly increasing packaging business, are expected to propel the ready-to-eat food market in the coming years.

During the COVID-19 epidemic, demand for ready-to-eat food products surged, especially among consumers who dislike cooking. Furthermore, restaurants that had restricted services due to an increase in coronavirus infections had urged customers to cook at home, resulting in a medium-term increase in the consumption of ready-to-eat products. During the coronavirus epidemic, ready-to-eat food goods became one of the few businesses that saw a massive increase in demand. With most individuals working from home and countries under lockdown, ready-to-cook meal products have been flying off the shelves in recent months. 

GLOBAL READY-TO-EAT FOOD MARKET OUTLOOK

The global market for ready-to-eat foods is expected to rise at a CAGR of 4.3 percent during the next five years. The convenience given in terms of time savings and the little effort required for the preparation of these meals is driving the expansion of the ready meals sector. Furthermore, the working population and millennials have grown their liking for these meals, owing to the fact that they simply require heating before consumption, reducing overall effort. Manufacturers are working on producing novel products in order to meet rising demand and gain significant market share. Because of the busy lifestyles of working people, as well as the rigorous work schedules of college graduates and students, a shift in consumer food preferences toward ready-to-eat food products is predicted to be a crucial factor in market growth. Furthermore, market expansion is likely to be fueled by rising demand for minimally processed and additive-free food products with a long shelf life.

INDIAN MARKET OUTLOOK:

In India, the ready-to-eat industry is predicted to increase at a compound annual growth rate (CAGR) of 16.24%. In metro areas where many working individuals don’t have enough time to prepare good meals, demand for ready-to-eat food products is increasing rapidly. Furthermore, the longer shelf life and widespread availability of ready-to-eat food goods are driving up demand across the country. Paneer, chana masala, rajma masala, pav bhaji, and other ready-to-eat products are among the most popular. The rise in demand for ready-to-eat food products has piqued the interest of numerous companies, who are expected to contribute to the market’s growth in the future years. Furthermore, product innovation, sustainable packaging, and a demand for single-serving frozen items, as well as aggressive marketing and promotional efforts, will drive market expansion.

TOP PLAYERS WORLDWIDE

• Al Kabeer Exports Pvt. Ltd.
• Berkshire
• Britannia Industries
• Bikanervala Foods Pvt. Ltd.
• Bird’s Eye Ltd.
• BRF S.A.
• Chao Xiang Yuan Food Co. Ltd.
• ConAgra Brands Inc.
• Dabur India Limited
• Darshan Foods Pvt. Ltd.
• Oetker
• General Mills
• Gits Food Products Pvt Ltd.
• Godrej Agrovet Limited
• Godrej Tyson Foods Limited
• Green Mill Foods
• Haldiram Manufacturing Company Private Limited
• Haldiram Snacks Pvt. Ltd.
• Heritage Foods Limited
• ITC Limited
• Kraft Heinz Company
• McCain Foods (India) Private Limited
• McCormick & Co. Inc.
• MTR Foods Pvt. Ltd.
• Nestle India Limited
• Nestlé S.A.
• Nomad Foods Ltd.
• Tyson Foods
• Vadilal Industries Limited
• Venky’s Group