The global Ready-To-Eat Food Market is poised for remarkable expansion, with projections indicating a staggering valuation of US$ 391.1 billion by 2034, propelled by a robust Compound Annual Growth Rate (CAGR) of 9.2%. The market, driven by evolving consumer lifestyles and preferences, presents lucrative opportunities for investors seeking sustainable growth in the B2B industry.
The ready-to-eat food market is witnessing unprecedented growth, fueled by a growing consumer desire for convenient, long-lasting, and minimally processed food options. With busy lifestyles becoming the norm, consumers are increasingly gravitating towards ready-to-eat meals that offer both convenience and nutritional value.
The market’s expansion is driven by a diverse range of factors, including rising urbanization, changing family dynamics, and increasing distances between home and workplace. Moreover, the popularity of ready-to-eat foods among working-class individuals, teenagers, and single people is contributing to the market’s growth trajectory.
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A significant growth factor for the ready-to-eat food market is the increasing consumer preference for plant-based diets and environmentally sustainable options. With a surge in demand for vegetarian and vegan ready-to-eat foods, the market is witnessing a paradigm shift towards healthier and more ethical dietary choices.
Key Takeaways from the Ready-to-eat Food Market Report:
- The global ready-to-eat food market is expected to reach a valuation of US$ 195.9 billion by 2024.
- The market is expected to surge at 9.2% CAGR over the forecast period.
- Based on product type, dairy products are anticipated to hold a market share of 15.7% in 2024.
- The United States is projected to grow at a CAGR of 6.5% through 2034.
- China’s ready-to-eat food market is projected to rise with a CAGR of 7.3% during the forecast period.
“Some of the factors bolstering the market include the introduction of more exotic products, the surge of private labels, and the premiumization of products. Consumer perceptions of prepared meals are steadily increasing, with customers finding that high-speed cooking times and convenience are optimal,” Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Business Growth Headlines:
- Ready-to-Eat Food Market on a Trajectory of Exponential Growth: The global ready-to-eat food market is forecasted to double in value, reaching US$ 391.1 billion by 2034, driven by increasing consumer demand for convenient and nutritious meal options.
- Evolving Consumer Lifestyles Drive Market Expansion: Changing family dynamics, urbanization, and busy work schedules are driving the demand for ready-to-eat foods, leading to a surge in market growth worldwide.
- Plant-Based Diets Propel Market Growth: The growing popularity of vegetarian and vegan diets is fueling demand for plant-based ready-to-eat foods, presenting lucrative opportunities for manufacturers and suppliers.
- Investment Opportunities Abound in Sustainable Solutions: Investors in the B2B industry can capitalize on the market’s growth by investing in sustainable practices, innovative packaging solutions, and environmentally friendly production methods.
Competitive Landscape
Nestlé, Dr. Oetker, Campbell Soup Company, Nomad Foods, Danone, Vietnam Hanfimex Corporation, and General Mills Inc. are key ready-to-eat food manufacturers listed in the report. The market is fragmented due to several international and domestic companies.
