As stated in our extensive report; providing insights onProduct, Meal Type, Distribution Channel, and Region;the Global Prepared Food Market accounted for USD 142.9 Billion in the year 2021.
“Key Factors Likely to Drive Growth of Prepared Food Market”
Around the globe, customers are more inclining toward ready-to-eat food or items which will be easily consumed with no effort. People around the globe buy ready-to-eat food products or meals, which are easy to cook and less time-consuming. Prepared foods are less time-consuming, require little effort for cooking, are easy to handle, and are easy to store. These factors and consumers' preferences are propelling the demand for prepared food. Furthermore, the digitalization boom and advertisements about the different prepared food products and meals on various media platforms like FB, Instagram, Twitter, and YouTube aid in creating awareness about the products, which contributes to its market. Moreover, for students and working consumers consumption of such prepared meals offer a healthier or cost-effective solution to junk food in such a fast-paced lifestyle. Along with this, the availability factor also plays an important role in the growth of the prepared food market. Easy availability of prepared products in various stores or markets is likely to impact the market performance positively.
The COVID-19 pandemic outbreak increased the purchase of prepared food due to the imposition of lockdown and restrictions in most countries. Buying this prepared food also reduces the number of visits to the grocery stores because these food products can last for a longer time.
In these products, various types of additives and preservatives have been added so that the food product remains fresh for a longer time. This is negatively impacting the expected growth of the prepared food market in the future. Also, the snacks and savory products are projected to dominate the prepared food market during the forecast period 2022-2028. Most consumers consume snacks products because it is easily available and attractive for consumption. With the rising concerns for healthy food options, sorts of snacks are made available, lactose-free, and rich in nutrients.
North Americais anticipated to emerge as a major consumer of prepared meals because of their growing popularity among working-class consumers and students. Furthermore, the increase in disposable income and rapid urbanization in the countries like India also has tremendous potential for the growth of the prepared food market.
Some of key players inPrepared Food Marketinclude,Nestle, General Mills Inc., Kellogg Company, Conagra Brands Inc., Tyson Foods Inc., Dr. Oetker, Nomad Foods, Green Mill Foods, Unilever, 2 Sisters Food Group