North America Ready-to-Eat Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The North American market for ready-to-eat food is expected to register a CAGR of 3.36%% during the forecast period, 2022 - 2027.

During the COVID-19 pandemic, ready-to-eat foods were one of the few businesses that saw a massive increase in demand. With most individuals working from home and countries under lockdown, ready-to-cook meal products have been flying off the shelves in recent months. Indeed, it is predicted that this shift in consumer behaviour will greatly boost the market examined over the projected period.

During the projection period, North America will provide considerable growth prospects for market participants. The regional market is expanding due to rising demand for on-the-go consumables, particularly among the millennial population. Also driving the demand for ready-to-eat food goods in North America will be changing demographics, such as an increase in purchasing power. In North America, the United States is the most important market for ready-to-eat foods. The market in this region will grow at a slower rate than the markets in South America, Asia, and the Middle East and Africa.

Young people spend the majority of their money on ready-to-eat foods. For ready-to-eat food manufacturing behemoths, young consumers are the easiest prey. The ease of use of such items contributes to an increase in overall market demand around the world.

Ready-to-eat food is regarded as the most convenient alternative to ordinary food, as it may be consumed at any time (such as during breakfast, lunch, or dinner).

Key Market Trends

Convenience of Use Driving the Ready-to-Eat Food Market

The convenience given in terms of time saving and the little effort required for the preparation of these meals is driving the expansion of the ready meals sector. Furthermore, the working population and millennials are more interested in these meals as a result of the fact that they only require heating before consumption, reducing overall effort. Manufacturers are working on producing novel products in order to meet rising demand and gain significant market share. Freshly Inc., the meal delivery service owned by Nestle SA, for example, unveiled a new product line in 2020 for consumers "seeking to command their health and power active lifestyles." FreshlyFit ready-to-eat meals are based on keto, paleo, and plant-based diet principles.

Ready-to-Eat market is Projected to Grow at the Significant Growth Rate

The North American Ready To Eat Food Market accounted for the greatest revenue share in 2021, and it is expected to continue to dominate the market between 2022 and 2027, owing to rising consumer demand for ready-to-eat meals and baked goods, and frozen foods in the region. With the increase in the working population, customers prefer the ready to eat meals to save time and effort.

Competitive Landscape

With prominent competitors such as Nomad Foods Ltd, General Mills, McCain Foods, Premier Foods Group Ltd, and Conagra Brands playing in the market, the North America ready-to-eat food business is fiercely competitive. Manufacturers have developed effective competitive strategies as a result of high industrial profitability, which is boosting competition among current market competitors. Major players are focusing heavily on product innovation as a means of consolidating the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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