Global ready to eat food market is expected to reach USD 172 billion by the end of 2023 witnessing a promising compound annual growth rate of 7.3% over the forecast period owing to the changing lifestyle of consumers.
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“Ready to Eat Food Market: Global Demand, Growth Analysis & Opportunity Outlook 2023”
The global ready to eat food market is segmented into product type such as meat/poultry products, cereal based products, vegetable based products, and others, out of which meat/poultry products segment captured the biggest market in overall ready to eat food market and is projected to seize a noteworthy CAGR by 2023. Ready to eat food is defined as an animal and plant derived food that is washed, cooked, frozen and processed to be consumed directly after heating.
The process saves time and energy of the consumers. People now prefer nutritional small quantity of ready to eat food rather than traditional large meals due to busy lifestyle.
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Global ready to eat food market is anticipated to post a notable CAGR of 7.3 % over the forecast period i.e. 2016-2023. Moreover, the global ready to eat food market is projected to account noteworthy revenue of USD 172 Billion by the end of 2023.
Additionally, the market is riding on the back of busy lifestyle of consumers and high personal disposable income.
Asia-Pacific is estimated to hold 18.3% market share in 2016, however the market share is anticipated to reach 21.0% by the end of 2023 owing to the increasing employment opportunities and rising personal disposable income of middle class consumers in developing countries. This growth of North America region is attributed to various factors such as improved standard of living and rise in per capita income.
Moreover, Asia-Pacific is expected to showcase modest growth over the forecast period owing to growing working women population along with easy availability of ready to eat cook food.
Rising Number of Working Population
Rising health and hygiene concerns among the working population along with rising personal disposable income of consumers are believed to foster the growth of global ready to eat food market. Moreover, rapid urbanization along increasing number of employment leads to busy schedule of the population which is envisioned to intensify the demand for ready to eat food.
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Rapid Expansion of Online Distribution Channel
Increasing number of online retailers all over the globe is also boosting the growth of ready to eat food market. Further, increase in the global population coupled with advancement in the packaging technology and growing demand for convenience products due to swelled personal disposable income are some of the major factors likely to foster the demand for ready to eat food.
On the contrary, governmental regulation regarding the procurement of raw materials such as meat and vegetables are also believed to negatively impact the growth of ready to eat food market.
The report titled “Ready to Eat Food Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the global ready to eat food market in terms of market segmentation by product, by packaging, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global ready to eat food market which includes company profiling of Findus Group Ltd., General Mills Inc., McCain Foods, MTR Foods, 2 Sisters Food Group, Greencore Group Plc., Orkla ASA, Bird’s Eye Ltd, ITC Limited. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global ready to eat food market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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