Ready-to-Eat Food Packaging market was valued at USD 305.6 Billion in 2019 and is expected to reach over USD 459.5 Billion by 2026
Ready-to-Eat Food Packaging Market
According to the report, the global Ready-to-Eat Food Packaging market was valued at USD 305.6 Billion in 2019 and is expected to reach over USD 459.5 Billion by 2026, growing at a CAGR of around 6% during the forecast period from 2020 to 2026.
The improving customer standard of living, high disposable income, and rapid urbanization are rising the demand and popularity for ready-to-eat food, thus propelling the ready-to-eat food packaging market development. Similarly, health conscious outlook of consumers is also promoting the growth of fortified nutritious packaged food.
Global Ready-to-Eat Food Packaging Market: Overview
The Food and Drug Administration describes the ready-to-eat food as a plant or animal-derived foodstuff that is frozen, cooked, cooked for hot holding, washed, cooled, and processed to be eaten directly or just after heating. Ready-to-eat foodstuff must meet the terms with all USDA procedure associated with washing, processing, cooling, drying, packaging, and freezing.
Global Ready-to-Eat Food Packaging Market: Growth Factors
The improving customer standard of living, high disposable income, and rapid urbanization are rising the demand and popularity for ready-to-eat food, thus propelling the ready-to-eat food packaging market development. Varying food eating behavior among customers augmented enthusiasm to spend on these foodstuffs, and short of time to make food at home due to the growth in urbanization are some other factors that are driving the ready-to-eat food packaging market. The growing health awareness among the customers and sometimes deprived sensory aspects of ready-to-eat foodstuffs may hold back the development of the ready-to-eat food packaging market. Modern products in functional ingredients, organic foods, convenience, and development in areas of packaging skill are projected to offer a wide range of opportunities in the division.
Global Ready-to-Eat Food Packaging Market: Segmentation
The global ready-to-eat food packaging market is classified based on product type, which is further divided into vegetable based, cereal based, meat/poultry, and others. On the basis of packaging, the ready-to-eat food packaging market is segregated into the retort, chilled or frozen, canned, and others. On the basis of the distribution channel, the market is divided into a specialty store, departmental/convenience store, hypermarket/supermarket, online store, and others. Based on the product type, the meat/poultry division is anticipated to hold the highest value share in the coming future.
Global Ready-to-Eat Food Packaging Market: Regional Analysis
Presently, North America is projected to hold the highest market share of ready-to-eat-food packaging. The U.S. is expected to be the biggest market in North America owing to technical innovations, high disposable incomes, and busy lifestyles. The European region also anticipates holding a major market share for ready-to-eat food market which has increased the popularity of the ready-to-eat-food packaging market. The growing regions of the Asia Pacific and South America also estimated to be the strongest markets. In the Asia Pacific, India and China anticipate growing at a rapid pace owing to the quickly changing demographics, urbanization, and customer eating habits. The rivalry in the ready-to-eat food market is anticipated to be high majorly in Europe and the U.S., which are considered to be the saturated markets. These regions are considered to have several snack food manufacturing companies serving the partial population. The huge development prospect, particularly in the developing regions such as India and China, is likely to attract the big market players for the ready-to-eat-food packaging market. The fuelling food division, the recognition of international brands, multiple food outlets, and distinct distribution channels adopted by key players are projected to help the ready-to-eat-food packaging market to develop at a constant pace.
Global Ready-to-Eat Food Packaging Market: Competitive Players
Some of the most important market players in the global ready-to-eat food packaging market are Premier Foods Group Ltd., ConAgra Foods Inc., Bakkavor Foods Ltd., Greencore Group Plc., General Mills, McCain Foods, ITC Limited, Orkla ASA, and Nomad Foods Ltd., are among others.
Global Ready-to-Eat Food Packaging Market: Regional Segment Analysis
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