The frozen and chilled packaged ready-to-eat segment was estimated to account for 40.0% value share by the end of 2016 and is expected to grow significantly by 2026. According to a report by Future Market Insights (FMR), in terms of value, the global ready-to-eat food products market is projected to register a healthy CAGR of 7.2% during the forecast period.
“A large number of innovations in packaging technology such as introduction of advanced microwave technology have shifted the focus towards 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,” the report states.
The Meat/Poultry product type segment was valued at USD 44.54bn 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 to 2026. In terms of distribution channels, the Hypermarket/Supermarket segments are expected to expand at a CAGR of 5.7% over the forecast period, to be valued at USD 67.08bn by the end of 2026. Sales of ready-to-eat food products through the Hypermarket/Supermarket channel are expected to strongly support segment growth.
Regionally, North America is expected to grow at a CAGR of 7.3% in order to reach USD 78.73bn by 2026, while Asia-Pacific will grow even more, at a CAGR of 8.4% to reach USD 39.78bn during the same time frame, according to the report.
