Does increasing working women affecting the READY TO EAT food market ?

Definition of Market/Industry:

Ready to eat food are ready meal that is convenient to consume as they help in saving time and efforts. Such foods have longer shelf-life and can be classified into canned, frozen, and retort. They are widely available across convenience/departmental stores, hyper/supermarket, and specialty stores.

The global ready to eat food market was accounted for US$ 122,488 Mn in terms of value by the end of 2019.

Drivers:

Growing demand for convenience food around the globe is primarily fueling the market growth of the ready to eat food.

This is due to the hectic lifestyle of the consumer along with the increasing working women around the globe.

Moreover, growing disposable income of the consumer which is encouraging them to spend on convenience food is further expected to foster the market growth of the ready to eat food over the forecast timeframe.

Rapid urbanization and improving consumer lifestyles are projected to fuel the market growth of the ready to eat food. Moreover, growth in the food processed industry is also contributing to the market growth of the ready to eat food. Growing penetration of various food manufacturer in the market is again expected to foster the market growth of the ready to eat food over the forecast timeframe.

Figure 1. Global Ready to Eat Food Market, Revenue Share (%), By Region, 2019

Statistics:

North America region dominated the global ready to eat food market in 2019, accounting for 40.2% share in terms of value, followed by APEJ and Western Europe, respectively.

Market Restraints

Growing demand for fresh and healthy foods among health-conscious consumers is expected to restrict the market growth of the ready to eat food. According to the Coherent Market Insights analysis, ready to eat foods in some countries such as Canada and Japan are viewed as convenient options and perceived to be unhealthy and are consumed when there is a lack of other options as they are overly processed.

Frozen and chilled meals such as frozen pizza and meals are gaining popularity across the globe. This is expected to foster the market growth of ready-to-eat food. Moreover, increasing consumption of canned meals coupled with the growing demand for dried products such as instant pasta and noodles are further anticipated upsurge the market growth over the forecast period.

Ready-to-eat food products have become a meal replacement trend among the young population due to their taste and convenience. This is expected to stimulate the market growth of the ready-to-eat. Moreover, advancement in freezing technology coupled with the increasing number of consumers visiting quick-service restaurants and mom & pop stores are again anticipated to accelerate the market growth of the ready-to-eat snacks in the near future.

Global Ready to Eat Market — Impact of Coronavirus (Covid-19) Pandemic

The novel Coronavirus (COVID-19) has impacted almost all the industries globally including food and beverage industry. Rising demand for packed food products owing to rising health and hygiene awareness supports the growth of the ready to eat food market globally.