7-9 September 2023 Bombay Exhibition Centre,
ANUFOOD India 2023
A Dive into the Ready-to-Eat and Ready-to-Cook Food Market
RTE Food Market-Market CAGR % by region, global 2021 Source- Mordor Intelligence
By -FoodTechBiz Desk
Owing to the rising working population worldwide, busy schedules, and time constraints, there is significant adoption of convenience foods like ready-to-eat (RTE) and ready-to-cook (RTC) that need minimal time and ingredients to cook. According to the reports, during the period of 2022-27, the global ready-to-eat food market is expected to grow at a CAGR of 4.8%. In India, the RTE food market share is projected to increase by USD 751.43 million from 2021 to 2026, and the market will grow at a CAGR of 18.63%.
Source - www.imarcgroup.com
Based on product type, the global RTE market is categorized into cereal-based, fruit/vegetable-based, meat/poultry-based, and others. Meat and poultry-based segments are currently occupying the top market share among these.
The packaging type divides the market into frozen/ chilled, retort, and canned, among others. The frozen/chilled segment presently holds the biggest market share.
According to the distribution channels, the market is bifurcated into food specialty stores, online stores, supermarkets and hypermarkets, departmental stores, and convenience stores. As of now, supermarkets and hypermarkets dominate the market.
The market is geographically divided into Europe, North America, Latin America, Asia-Pacific, and the Middle East and Africa, where North America currently holds the largest market share.
RTE and RTC Foods – A Market Analysis
Reports suggest that the world is witnessing a wave of demand surge for convenient and instant healthy foods and the market is highly competitive.
Leaders of the pack
The top companies globally operating in the RTE and RTC market are 2 Sisters Food Group (Boparan Holdings), ADF Foods, Bakkavor Foods, Birds Eye, Findus Group, General Mills Inc., iD, Pink Harvest Farms, Regal Kitchen, Greencore Group, ITC, McCain Foods, MTR Foods, (Orkla ASA), Nomad Foods, Premier Foods, and many more.
The RTE market forecast value in 2032 is expected to reach USD 3,77,945.91 million globally. Though already quite mainstream in developed countries, convenience foods are also slowly sliding into developing country households. This primarily reduces the time spent preparing elaborate meals and focuses on careers.
The main drivers of the market include the growing number of Quick-Service Restaurants (QSRs), the trending café culture, and the rising adoption of on-the-go convenience food products. To cater to the nutritional aspects, manufacturers are constantly innovating to roll out flavored variants of products that attract consumers. Online marketing, promotional activities, celebrity endorsements, and the urge to be the best are projected to drive the convenience food market to new heights in the coming times.
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