A new market study, titled “Discover Global Ready to Eat Meals Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Elaborating about Ready to Eat Meals, these are plant and animal-derived food. These types of foods can be frozen, processed, and cooked to be used after heating the food or can be consumed directly. The worldwide market for such meals is substantially propelled by the convenience of these products offer to people, especially the working professionals and students. It has been observed that due to a hectic lifestyle, most of the people prefer to go for such meals that can lower the preparation time.
This is a significant factor that is triggering the demand for Ready to Eat Meals. Furthermore, such meals offer a perfect alternative to junk food and much better for eating out. Besides, the growing level of disposable income of consumers is also majorly contributing to the growth of this particular market in the coming years. As per a report published by the NIH- National Institutes of Health, around 90 percent of the United States population are consuming ready meals. The report also informed that it offers more than 7 percent of daily energy.
However, it has observed that the negative thinking about such meals by health-conscious people is negatively affecting the growth of this market. Furthermore, events like the horsemeat scam in the United Kingdom have convinced some consumers not to consumers such meals. So, this has dramatically reduced the demand for such meals in the UK market. But key players are now taking all the possible steps on the packaging of such meals as it is quite essential to retain the quality of the products.
Key Players of Global Ready to Eat Meals Market =>
- General Mills (US)
- Bakkavor Group Ltd (U.K.)
- Nomad Foods Ltd (British Virgin Islands)
- McCain Foods (Canada)
- Premier Foods Group Ltd (U.K.)
- Orkla ASA (Norway)
- ConAgra Foods Inc. (US)
- ITC Limited (India)
Market Segmentation Overview
In this market report, the global market for Ready to Eat Meals is segmented on the product type, application, and regions. On the basis of product type, it is split into the bakery, non-alcoholic beverages, soups, ready meals & mixes, herbs & spices, noodles & pasta, and others. Among these, the ready meals & mixes market segment is expected to dominate the global market during the forecast period. The reason behind this is the growing popularity of such types of meals among people owing to the low price and associated health benefits. Coming to the application-based segment, it is split into home use and restaurant. The restaurant segment is anticipated to witness the maximum market share.
Geographical Market Segmentation Analysis
On the basis of geography, the global market for such meals is segmented into key regions. These are Europe (Western Europe and Eastern Europe), North America, South America, Asia Pacific, and the Middle East and Africa. Apart from the region, the market is also segmented on the basis of the country. Based on the country, it is split into India, Russia, China, North and South Africa, Egypt, Turkey, Japan, the United States of America, Korea, Indonesia, Hong Kong, France, Italy, the United Kingdom, Southeast Asia, and others. North America’s regional market is expected to dominate the global market during the forecast period owing to the rising consumer base for these meals.
In November 2019, McCain Foods, a Canada-based company, informed that it would invest around USD 80 million to develop a “Formed Potato Specialty” production line at its Grand Falls facility. This will help McCain to satisfy the increasing demand from the consumers. Besides, the company may soon launch its new ready to eat or pre-cooked product.
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