Shifting consumers’ food preferences towards ready-to-eat food products due to the busy lifestyle of working individuals also as hectic work schedules of school grads and students is predicted to be a key factor for the market growth. Moreover, the growing demand for minimally processed and additive-free food products with an extended time period is predicted to fuel market growth. Customers round the globe are more inclining towards food items which will easily be consumed with none efforts. Because of the hectic work schedules, people round the globe are buying Ready-to-Eat food products and meals, which are easy to cook and fewer time consuming. These consumer food preferences are propelling the demand for ready meals.
Precooked or ready meals are highly convenient and that they help save time and energy required for meal preparation. This has led to an increased demand for ready meals, especially among the working population and students across the world. Ready meals are an economical alternative as they are precooked. Moreover, easy availability of ready meals throughout the year will have a positive impact on their demand. Additionally, print and media advertisement has played a key role in creating awareness about ready meals; thereby, augmenting the general market growth.
COVID-19 Impact analysis
- The world is witnessing the spread of Coronavirus (COVID-19) pandemic since the start of 2020. Moreover, from the second month of the year 2020, nearly all the countries round the world have proposed a rustic level lockdown, which led to the restriction on going outside their houses. Under this panic situation, consumers are increasingly buying these ready meals due to their higher time period and convenience in cooking.
- Additionally, ready meals can last an extended time, thus resulting in the smallest number of visits to the marketplaces for the acquisition of food products. These global market trends are anticipated to fuel the demand for ready meals within the year 2020.
- As the lockdowns are imposed by governments due to the COVID-19 pandemic, restaurants, food outlets, and catering businesses were pack up, which has affected the equipment manufacturers sales. Although the food consumption was more as people were reception, the food equipment market got affected worldwide because of the pandemic.
Top Impacting Factors
- Coronavirus has impacted the meat products market due to the negative publicity by social media on the health risks related to animal-based products consumption. Simultaneously, the bakery and food products market witnessed good growth as they are readily available and attractive to eat. The automatic segment is projected to be the very best growing segment within the Prepared Food Equipment market during the forecast period by mode of operation.
- The ease of use and better production of food products in lesser time drive the marketplace for automated prepared food equipment. Most countries choose automated equipment to cater to the increasing demand for processed foods domestically and internationally. The increasing demand for convenience foods Asia Pacific region is driving the Prepared Food Equipment market's growth.
- The saturated markets of developed economies compel manufacturers of prepared food equipment to look for untapped markets and expand their consumer base. This needs substantial investments in many aspects of business expansion, especially with reference to the establishment of latest facilities in developing countries.
Increase in demand for prepared & convenience food
Rise within the per capita income is another factor driving internet sales of ready meals in most parts across the globe. However, increasing safety concerns related to ready meals might affect market growth. The rise in income is due to the growth within the economy, especially the emerging countries has led to a rise in demand for prepared & convenience foods. With the rising demand for convenience and ready-to-eat food, customers also are concerned about the nutritional and health benefits of such food items before consumption. this is often achieved by automating or integrating the general processes, which help maintain food quality and nutritional value.
The demand for prepared food equipment is predicted to extend within the Asia Pacific region thanks to the growing retail industry and increased working professionals. The shift to automated equipment and therefore the application of automation in ready-to-eat food and on-the-go food products, with an increasing population, drives the demand for prepared food equipment. The growing innovations in prepared food equipment also are expected to drive the Asia-Pacific region's market
Increase in demand of healthier & organic food products
The rise within the aging population in developed countries has led to a rise in health concerns. there's a high preference for fresh and minimally processed food products without synthetic chemical preservatives. This adversely affects the demand for prepared food equipment as prepared foods are processed with preservatives and other flavoring agents to extend the time period and enhance palatability.
The snacks & savory products segment is projected to dominate the prepared food equipment market during the forecast period. Every household consumes snacks & savory products because it is definitely available and attractive for consumption. With the growing concerns for healthy food options, sorts of snacks are made available, gluten-free, lactose-free, and rich in nutrients.
Key Benefits of the Report
- This study presents the analytical depiction of the prepared food industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the prepared food market share.
- The current market is quantitatively analyzed to highlight the prepared food market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed prepared food market analysis based on competitive intensity and how the competition will take shape in coming years
Questions answered in the Report
- Who are the leading market players active in the prepared food market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is " prepared food " Market prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- What are the current trends and predicted trends?
- What are the challenges faced in the " prepared food " Market
Prepared Food Market Report Highlights
By Modes of purchase
By Product Outlook
By Distribution Channel Outlook
Key Market Players
Nomad Foods Ltd., Kerry Group plc, Green Mill Restaurants LLC, BRF S.A., FiveStar Gourmet Foods Inc., Kraft Heinz Company, Tutila Ahara Pvt. Ltd., Regal Kitchen Foods Ltd., ConAgra Brand Inc., Nestle SA