The global ready-to-eat food market is expected to reach USD 195.9 billion in 2024 and USD 391.1 billion by 2034. By 2034, the market is projected to rise at a 9.2% CAGR.
| Attributes | Key Insights |
|---|---|
| Estimated Global Ready-to-eat Food Market Size (2024E) | USD 195.9 billion |
| Projected Ready-to-eat Food Market Value (2034F) | USD 391.1 billion |
| Value-based CAGR (2024 to 2034) | 9.2% |
Growing consumer desire for long-lasting, minimally processed, additive-free food items is anticipated to drive market expansion. Consumers are gravitating toward meals that are easy to prepare. Due to their busy work schedules, people all around the world are purchasing ready-to-eat (RTE) food items and meals.
Rising busy lifestyles, working-class individuals, teenagers, hostel residents, and single people are expected to push the demand for ready-to-eat food. The flavor and convenience of ready-to-eat food products have led to a trend among young people to replace traditional meals with ready-to-eat meals. This is anticipated to drive the market's expansion.
The food service industry, including hotels, restaurants, cafes, and bakeries, plays a significant role in driving the growth of the ready-to-eat food market. These establishments cater to the increasing consumer preference for convenient and on-the-go food options.
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Ready-to-eat food sales grew at a CAGR of 7.1% from 2019 to 2023. By 2034, the worldwide market for ready-to-eat food is expected to surge at a 9.2% CAGR.
The consumer convenience factor was a key driver of market growth from 2019 to 2023. Consumers with busy lifestyles were gravitating toward ready-to-eat options as a quick and hassle-free meal solution. This era witnessed a wave of innovation in the RTE market.
The demand for frozen, prepared foods increased rapidly. These meals catered to consumers' desire for nutritious and balanced options, offering convenience and a quality dining experience.The demand for healthy, natural, and customized foods without sacrificing health goals or ingredients is increasing. Working professionals are ready to spend money on convenience food without compromising their health.
This trend is creating a market and client base for the high-end convenience and ready-to-eat food market. Wide Array of RTE products are available in the market, including instant breakfast & cereals, bakery & confectionery products, and meat products.
Further, ready-to-eat vegetables and salads are becoming highly popular in emerging countries due to the convenience of consumption, good taste, and growing awareness of the health benefits of vegetables.
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The below table shows the estimated growth rates of the top four countries. The United States, India, and China are set to record high CAGRs of 6.5%, 6.9%, and 7.3%, respectively, through 2034.
| Countries | CAGR |
|---|---|
| United States | 6.5% |
| Germany | 5.3% |
| India | 6.9% |
| China | 7.3% |
The United States is expected to surge at a CAGR of 6.5% by 2034. The United States’ market growth is attributed to the country's increasing consumption of ready-to-eat foods, including frozen products especially frozen pizza.
The affordability of ready-to-eat foods, combined with their quality and freshness, drives the growth of the market in the United States. Increasing reliance on ready-to-eat meals among the working population is expected to promote regional market growth. The trend toward health-conscious lives is increasing the demand for healthy, fast food alternatives are driving sales market growth.
India’s ready-to-eat food sales are anticipated to expand at an impressive 6.9% CAGR, demonstrating the nation's robust demand for quick & easy food options and its promising future. With leading working populations in the world and rising disposable income, the ready-to-eat food market in India is gaining traction.
Less time for cooking and food preparation due to the rising urban working cultures and fast-paced lifestyles is fueling market expansion. Several food items, such as world cuisines, snacks, and traditional Chinese foods and Soups make up India’s ready-to-eat food market. This diversity caters to the population's varying interests and preferences.
Through 2034, China is projected to expand at a CAGR of 7.3%, driven by the following factors:
The below section shows the dairy products segment dominating by product type. It is predicted to hold a market share of 15.7% in 2024. Based on sales channel, the food service segment is anticipated to generate a dominant share through 2024. It is set to hold a share of 35% in 2024.
| Segment | Market Share (2024) |
|---|---|
| Dairy Products (Product Type) | 15.7% |
| Food Service (Sales Channel) | 35% |
The dairy products segment is projected to hold a market share of 15.7% in 2024. Ready-to-eat milk-based options such as cheese, yogurt, paneer, and milk-based desserts offer convenience, nutritional value, and appeal to a wide range of consumer base.
Innovations in preservation and packaging technologies are extending the shelf life of dairy products, increasing their appeal to end-users seeking portable meal solutions. Ready-to-eat dairy-based meals for children are specially formulated to meet the nutritional needs of growing kids.
Innovative meals are designed to be easily consumed without additional preparation, making them a time-saving option for busy parents. The demand for dairy products in the ready-to-eat food market is expected to remain high, driven by consumer preferences for convenient and nutritious options.
The food service sector is the core of the ready-to-eat food market, and is expected to hold a significant share of 35% in 2024. The food service industry caters to diverse consumer needs, including restaurants, hotels, cafes, bakeries & patisseries, and quick service restaurants. The efficiency and convenience of pre-made meals fit the fast-paced food service industry perfectly, contributing to its dominance.
The food service industry is also offering ready-to-eat options on its menus as the trend of ordering in or dining out continues to gain traction. Ready-to-eat products' flexibility to fit different dietary needs and cuisines further solidifies their dominance in the market and positions them as a key factor in the sector's expansion.
The ready-to-eat food market is fragmented due to several international and domestic companies. Leading manufacturers are focusing on product innovation to meet the emerging health choices of consumers around the world. Key companies are directing toward strategies such as partnerships, innovation, online advertising campaigns, and new product developments to expand their product portfolios and customer bases.
Recent Developments
The market will reach USD 195.9 billion in 2024.
The market will grow at a 9.2% CAGR by 2034.
The market will reach USD 391.1 billion by 2034.
Nestlé, Dr. Oetker, and Campbell Soup Company are key players.
Dairy products will hold a 15.7% market share in 2024.
| Estimated Industry Size (2024E) | USD 9,742.6 million |
|---|---|
| Projected Industry Value (2034F) | USD 17,654.7 million |
| Value-based CAGR (2024 to 2034) | 6.1% |
| Market Estimated Size (2023E) | USD 451.5 million |
|---|---|
| Projected Market Valuation (2033F) | USD 669.6 million |
| Value-based CAGR (2023 to 2033) | 4.0% |
| Market Estimated Size (2023) | USD 14,692 million |
|---|---|
| Market Forecasted Size (2033) | USD 25,184.3 million |
| Market CAGR (2023 to 2033) | 6.0% |
| Market Size Value (2023) | USD 429 million |
|---|---|
| Market Size Value (2033) | USD 743.4 million |
| Market CAGR (2023 to 2033) | 6% |
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