According to market research expert Future Market Insights, the global ready-to-eat food market is set to experience significant growth between 2024 and 2034, with projections reaching US$ 195.9 billion in 2024, rising to US$ 391.1 billion by 2034, at a 9.2 percent compound annual growth rate (CAGR).
Driving this is a growing consumer preference for long-lasting, minimally processed, and additive-free food items that cater to consumers' busier lifestyles through convenient meal solutions. This trend is particularly pronounced among working-class individuals, teenagers, hostel residents, and singles, who seek quick and hassle-free options to fit their hectic schedules.
The food service industry, encompassing hotels, restaurants, cafes, and bakeries, is pivotal in driving market expansion by catering to the rising consumer preference for convenient, on-the-go food options.
Trends within the market include a heightened demand for vegetarian and vegan ready-to-eat foods, aligning with ethical dietary preferences and the growing popularity of plant-based diets. Additionally, consumers are exploring various ready-to-eat brands to find products that meet their specific dietary needs and taste preferences, driving diversity in product offerings.
While the market presents significant opportunities, certain factors can potentially mitigate its growth. This largely revolves around perceptions regarding the health qualities of convenient meal solutions compared to fresh alternatives. The demand for products with clear labels and no artificial additives is imperative to combat this perception and helps brands portray that their products reflect consumers' increasing preference for healthier food options.
In this competitive landscape, international and domestic companies vie for market share, with leading manufacturers focusing on product innovation to meet evolving consumer preferences. Strategies such as partnerships, innovation, and online advertising campaigns are leveraged to expand customer bases.
