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Report

Ready to Eat – Instant Food for Instant Hunger

5 October 2021 by Mordor Intelligence

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Ready to Eat Products Sell as Hot Cake Amid the Pandemic

–  Consumers who are not fond of cooking food and the restaurants restricting services in fear of the rising COVID cases spiked the momentum for the ready-to-eat food market.

–  Young consumers spend most of their income on ready-to-eat (RTE) food products due to their level of convenience.

–  The initiatives taken by regulatory authorities, like ongoing promotional efforts undertaken by the Singapore Health Promotional Board to create awareness regarding frozen foods and fish products, are driving the market growth.

Market Bulletin

Grofers reported a sale surge of 170% in the ready-to-eat category, 31% in the ready-made meals and mixes category, and 41% in the frozen food category, showing a sudden consumer shift from home-cooked food to ready-to-eat products during the pandemic.

Ready Meals Segment Acing the Market

The growth of the ready meals market is driven by the increase in the convenience offered and the reduced cooking effort. Theses meals are largely preferred by the working population and millennials.

North America Leads the Market Race

–  The rising demand for frozen pizza and handheld breakfast drove the market as these are positioned as low-cost products with quality and freshness.

–  Chilled ready meals and frozen ready meals are some of the country’s most consumed categories of ready-to-eat food.

Competitor’s Approach on Consolidating the Market

–  Companies operating in the market are focusing on adopting strategic measures to achieve a strong foothold in the North America region, driving the market growth.

–  High industrial profitability has led manufacturers to develop powerful competitive strategies, intensifying competition among the existing market players.

–  Major players are intensely embarking on product innovation as their prime strategy to consolidate the market.

This report was contributed by knowledge partner:

 

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