The ready-to-eat food market over the next five years, followed by Asia Pacific. Furthermore, countries such as Russia, Poland and Germany among others, are expected to witness stable growth by 2017.
London, UK -- (SBWIRE) -- 02/25/2015 -- Ready-to-eat food, also known as "convenience food" is commercially prepared food, designed for ease of consumption. Ready-to-eat food is considered one of the largest segment in the overall food industry, and is anticipated to grow robustly due to increasing acceptance by customers. Ready-to-eat food products are categorized into frozen and shelf-stable products. Shelf-stable products can be consumed directly upon purchase. Frozen food products also do not require elaborate processing before consumption, beyond basic heating; these include TV dinners, French fries etc.
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Shelf-stable products are products, which can maintain quality and organoleptic properties at room temperature. These products are pre-processed and preservatives added to prevent decomposition by microbial growth or by undesirable chemical changes. Canned foods such as canned fruits and vegetables, which includes olive, carrots, mango, bean, papaya, canned meats, fruit pulps and others, are some examples of shelf-stable ready-to-eat food products. Pre-processed food products that fall in the frozen food category should be stored at or below 40°F. Frozen nuggets, Indian flatbreads, French fries and frozen meals are some examples of frozen ready-to-eat products. Continuous product innovations and wide product range are driving growth of the frozen food category across the globe. However, organised frozen food product manufacturers are facing robust competition from unorganised frozen food product manufacturers present in the market. A major factor that has been impacting growth of the global market is the presence of unorganized market players, and in Europe for instance, these private labels collectively account for 40% market share in Europe.
In terms of market share, the US is expected to dominate the ready-to-eat food market over the next five years, followed by Asia Pacific. Furthermore, countries such as Russia, Poland and Germany among others, are expected to witness stable growth by 2017. Among all the ready-to-eat product ranges such as frozen desserts, meals, snacks, fries and others, frozen meals currently cost comparatively more than other food products in these categories. This category accounts for 40% of the global market share. Also, the demand for ready-to-eat frozen meals exists in North America and Asia Pacific, and is projected to further increase significantly in the near future.
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Improving consumer lifestyle, high disposable income, rapid urbanisation, increasing number of working women and hectic life style are key drivers of growth in the global ready-to-eat food market. Other drivers include increasing employment opportunities, leading to increasing preference for such products as working persons have less time to prepare meals. Also, major consumers of these ready-to-eat frozen products include the large number of persons migrating from Tier I and Tier II cities to metropolitan cities and bachelors and small families residing in urban areas for educational and employment purposes. Additionally, the prominent factor behind growth of the global ready-to-eat food market is consumer convenience and affordable price.
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