Report : Asia Pacific Ready-to-Eat Food Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Breakfast Cereals, Ready Meals, Instant Soups and Noodles, Snacks, Baked Goods & Confectioneries, and Others) and Distribution Channel (Supermarkets & Hypermarkets, Convenience Stores, Online Retail, and Others)
At 6.7% CAGR, the Asia Pacific Ready-to-Eat Food Market is speculated to be worth US$ 548.30 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific ready-to-eat food market was valued at US$ 349.89 billion in 2021 and is expected to reach US$ 548.30 billion by 2028, registering an annual growth rate of 6.7% from 2021 to 2028. Fostering consumer inclination toward low-fat, low-sugar, and nutritious RTE products and surge in working women population.
Over the past few years, the awareness regarding health and nutrition has increased significantly. Because of hectic work schedules and extended working hours, people fail to concentrate on their health and fitness, which results in obesity, diabetes, eye problems, and skin problems, among other health issues. Therefore, consumers have started looking for RTE products that offer enhanced health benefits. They are changing their dietary habits to include nutrient-rich packaged food in their diets. Also, with the rising prevalence of diabetes, the preference for sugar-free products is increasing continuously. According to the World Health Organization (WHO), in 2019, diabetes ranked ninth among the leading causes of death, with ~1.5 billion deaths directly caused by the disease. Thus, manufacturers are focused on offering sugar-free ready-to-eat food. For instance, in September 2021, Mondelez International launched a new line of sugar-free Oreos in China. The newly launched variety of Oreo biscuits contains maltitol instead of sucrose and glucose. The biscuits are available in two flavors—classic and rose. The rose-flavored biscuits have a floral taste with a crispy texture. Obesity is one of the most important public health issues in the region. Obesity and overweight rates in children and adults continue to rise. According to a survey conducted by Ipsos in 2020, 19% of adults worldwide identified obesity as the most serious issue they faced. As a result, people's preferences are increasingly shifting toward low-carb, low-fat, and sugar-free diets. In October 2019, PepsiCo launched a ready-to-eat popcorn snack named Smart50 in its Better-for-You Snacks portfolio, which includes RTE food products with the calorie content reduced by 50 calories or less. The Smart50 is whole-grain popcorn that is free from artificial flavors. With health becoming a top priority for consumers across the world, they are willing to pay more for the products that offer enhanced health benefits. Thus, the increasing focus on health is driving innovation in ready-to-eat food, which is expected to bring new trends to the market during the forecast period.
On the contrary, extending risk of microbial contamination in RTE products hurdles the growth of Asia Pacific ready-to-eat food market.
Based on product type, the Asia Pacific ready-to-eat food market is divided into breakfast cereals, ready meals, instant soups and noodles, snacks, baked goods & confectioneries, and others. The others segment held 30.5% market share in 2021, amassing US$ 106.73 billion. It is projected to garner US$ 158.36 billion by 2028 to expand at 5.9% CAGR during 2021–2028.
Based on distribution channel, the Asia Pacific ready-to-eat food market is categorised into supermarkets & hypermarkets, convenience stores, online retail, and others. The convenience stores segment held 50.4% market share in 2021, amassing US$ 176.49 billion. It is projected to garner US$ 270.95 billion by 2028 to expand at 6.4% CAGR during 2021–2028.
Based on country, the Asia Pacific ready-to-eat food market has been segmented into China, Japan, India, Australia, South Korea, and Rest of Asia Pacific. Our regional analysis states that Rest of Asia Pacific captured 33.1% market share in 2021. It was assessed at US$ 115.88 billion in 2021 and is likely to hit US$ 170.89 billion by 2028, exhibiting a CAGR of 5.8% during the forecast period.
Key players dominating the Asia Pacific ready-to-eat food market are Nestlé SA; Conagra Brands Inc.; The Kraft Heinz Company; General Mills Inc.; MTR Foods Pvt Ltd.; Tyson Foods, Inc.; Hormel Foods Corporation; JBS S.A.; and The Kellogg Company among others.
- In May 2022, General Mills announced that it has entered into a definitive agreement to acquire TNT Crust, a manufacturer of high-quality frozen pizza crusts for regional and national pizza chains, foodservice distributors, and retail outlets. TNT Crust is currently a portfolio company of Peak Rock Capital.
In December 2021, MTR Foods Pvt. Ltd, announced its foray into the fresh Idli and Dosa batter category with the launch of MTR Minute Fresh.
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