The global ready-to-eat foods market is projected to register a healthy CAGR of 7.2% during the forecast period (2016-2026), according to a report produced by Future Market Insights, Valley Cottage, N.Y.
The study, "Ready-to-eat Food Market: Global Industry Analysis and Opportunity Assessment, 2016-2026," analyzes the global ready-to-eat foods market performance and gives information on the key factors and trends impacting the market.
Analysts predict that a rise in the number of working women, a growing Millennial population and changing on-the-go consumption habits are factors likely to boost the growth of the global ready-to-eat foods market.
"A large number of innovations in packaging technology such as introduction of advanced microwave technology have shifted the focus toward consumption of packaged foods in developed countries such as the U.S., Germany and Russia; and this in turn has led to a significant increase in the demand for ready-to-eat food products globally," say analysts.
However, unhealthy substitutes and low quality and taste coupled with an increasing shift toward a healthier lifestyle are likely to hinder market growth in the coming years.
The global ready-to-eat foods market is segmented on the basis of Product Type (meat/poultry, cereal-based, vegetable-based, others), Packaging (canned, frozen or chilled, retort, others) and Distribution Channel (hypermarket/supermarket, convenience/departmental store, specialty store, online store, others).
Report highlights include:
- The meat/poultry product type segment is estimated to be valued at $44.54 billion in 2016, and is likely to expand at a CAGR of 7.7% over the forecast period. This segment is expected to dominate the market in terms of value from 2016 to 2026.
- The frozen or chilled packaging segment is estimated to account for 40% value share by the end of 2016. This segment is expected to account for a major market share in terms of value over the forecast period.
- The hypermarket/supermarket distribution channel segment is estimated to be valued at $38.66 billion by the end of 2016, which is expected to expand at a CAGR of 5.7% over the forecast period to be valued at $67.08 billion by the end of 2026. Sales of ready-to-eat food products through the hypermarket/supermarket channel are expected to support segment growth over the forecast period.
The global ready-to-eat food products market is segmented into seven key regions—North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East and Africa (MEA) and Japan. Asia Pacific excluding Japan (APEJ), Eastern Europe and North America are expected to register high growth rates between 2016 and 2026. The ready-to-eat foods market in North America is expected to register significant value over the forecast period owing to increasing per capita consumption of ready-to-eat foods in this region.
By the end of 2016, the North America market is estimated to be valued at $39.02 billion, which is expected to expand at a CAGR of 7.3% over the forecast period to be valued at $78.73 billion by the end of 2026. The Asia Pacific market is estimated to be valued at $17.73 billion by the end of 2016, which is expected to expand at a CAGR of 8.4% over the forecast period to be valued at $39.78 billion by the end of 2026.
