Ready to eat food products are gaining popularity due to several reasons. First, they are convenient. Women traditionally spent most of their time in the kitchen cooking and cleaning, but the increase in employment has led to an increased demand for ready-to-eat meals. These meals are easy to prepare, store, serve, and eat.
Second, ready-to-eat food products are expected to increase their market share in the future. The market for these products is set to grow at a 4.89% CAGR between 2022 and 2027. For example, the United States alone is expected to increase its ready-to-eat food market share by about 15% during this period.
In India, the number of ready-to-eat food products has risen by almost 30% since the mid-2000s. These products are convenient to use and are easy to cook, saving the consumer valuable time. With the growing popularity of these foods, manufacturers are investing in innovative products to ensure consumers have plenty of choices and get the best value for their money.
The demand for ready-to-eat meals is particularly high among millennials and Generation. This group spends a majority of their income on ready-to-eat food. This makes them an easy target for manufacturers of such products. Their popularity is due to the fact that young consumers don't have a lot of time to cook and eat.
The global Ready to eat food market is divided into several segments. The largest portion of the market is generated by supermarkets and hypermarkets. However, online retail is expected to grow at the fastest CAGR during the forecast period. These online retail sites offer products from a wide range of brands.
Another trend in the market is the rise of health-conscious consumers. These consumers are more likely to eat dairy products, which improve gut health and bone health. Moreover, they reduce the risk of cardiovascular disease and type 2 diabetes. These factors will further increase the market for ready-to-eat food products.
As mentioned earlier, ready-to-eat food products are convenient and can be easily stored. They are also shelf-stable, which means they can be stored at room temperature and don't need refrigeration to stay fresh. Also, they reduce food waste. Whether it's for business or pleasure, the convenience factor is a big plus.