Ready-to-eat (RTE) Food Market: Overview
Ready-to-eat food is one of the many trends that are symptomatic of the vibrant ecosystem of food consumption patterns world over. The demand in the RTE food market has thrived squarely on the back of success food companies and their cohorts have gained to offer convenience. An assortment of technologies have worked to make deliveries of RTE and ready-to-prepare food to consumers when they want them and where they want them. Rise in home deliveries has led to the proliferation of RTE food products, propelling the evolution of RTE food market.
Packaged food manufacturers in the RTE food market have leveraged research to unveil better packaging and more nutritious ingredients such as exotic plant-based ingredients. Businesses in food and beverages industry reap large gains from the rise in popularity of online-delivery platforms. The emergence of high-technology indoor farms in urban regions has propelled new avenues. Some of the key product categories are instant breakfast/cereals, ready meals, baked goods, instant soups and snacks, and meat and poultry products. Some of the key distribution channels are online stores, hypermarkets and supermarkets, convenience stores, and food specialty stores.
The study provides insights into several of food consumption trends of various population cohorts. The assessments and market estimations help food and beverage companies guide their investment decisions. Food ecosystem that is emerging as a result of technologies are offered an incisive analysis in the RTE food market.
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Ready-to-eat (RTE) Food Market: Key Trends
The growing demand for convenience food among consumers who are hard-pressed time is a key trend in the RTE food market. Changing lifestyle has been reinforcing the trend of on-the-go consumption habits, bolstering the acceptance of RTE. The increasing trend of making health and wellness as integral to food consumption habits has spurred innovations in the RTE food market.
Rapid pace of urbanization in several parts of the world has a key accelerator for adoption of new food consumption trends among millennials. Developed nations has already witnessed extensive demand in the global RTE food market on the back of growing popularity of packaged food. New substitutes are being explored, especially for the affluent class who prefer protein ingredients in RTE products.
In developing regions, consumers are becoming more aware of not just about the taste but about the nutritional profile of their packaged food products, opening new revenue potential in the RTE food market in recent years. The focus toward latest food craze has also boosted the creation of new opportunities for RTE manufacturers.
Ready-to-eat (RTE) Food Market: Competitive Analysis and Key Developments
A number of RTE food manufacturers over the years have become increasingly cautions about the health and sensory requirements of consumers. Several players in the RTE food market are leaning on exploring new savory trends by incorporating exotic ingredients such as Himalayan pink salt and quinoa.
A growing number of players are expected to cater to vegan population and also increasingly offering gluten-free RTE food products. Pre- and probiotics are expected to gain traction among RTE manufacturers looking for competitive edge over their peers in the RTE food market.
On another level, top players are focusing on improving the packaging in a bid to offer products with prolonged shelf-life. They are trying new packaging technologies that might enable the brands not just stand out but also take care of the convenience factor.
Ready-to-eat (RTE) Food Market: Regional Analysis
On the regional front, the RTE food market is witnessing colossal revenue prospects in North America. The regional market has witnessed rapid adoption of new RTE food trends. Europe is also a promising regional market. Strides in retail marketing of frozen food products in above-mentioned regional markets are also boosting the expansion of the RTE food market. On the other hand, the emergence of new business models related to distribution system in Asia Pacific is also making the region as the next hotbed of opportunities.
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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.