The global ready-to-eat (RTE) food products market is projected to register a healthy CAGR of 7.2% during the forecast period of 2016-2026, according to a report published by Future Market Insights, Valley Cottage, N.Y.

The study, "Ready-to-eat Food Market: Global Industry Analysis and Opportunity Assessment, 2016–2026," predicts that a rise in the number of working women, a growing Millennial population and on-the-go consumption habits are factors likely to boost the growth of the global RTE food products 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," says Future Market Insights 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 RTE food products 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).

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 2016-2026.

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 RTE food products through the hypermarket/supermarket channel are expected to support segment growth over the forecast period.

The global RTE food products market is segmented into seven key regions – North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East & Africa (MEA) and Japan. Asia Pacific excluding Japan (APEJ), Eastern Europe and North America are expected to register high growth rates between 2016-2026. The North American RTE food products market is expected to register significant value over the forecast period, owing to increasing per capita consumption of RTE food 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.