Report : Middle East & Africa 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 6.5% CAGR, the Middle East & Africa Ready-to-Eat Food Market is speculated to be worth US$ 89.64 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa ready-to-eat food market was valued at US$ 58.57 billion in 2021 and is expected to reach US$ 89.64 billion by 2028, registering an annual growth rate of 6.5% from 2021 to 2028. Rising innovations in RTE products and strategic developments by manufacturers and consumer inclination toward low-fat, low-sugar, and nutritious RTE products.
Ready-to-eat food manufacturers are making significant investments in product innovation to attract a large number of consumers. They are offering organic, gluten-free, sugar-free, and plant-based products, and products suitable for a keto diet, which meet various requirements of consumers. Companies such as Kellogg’s Company, Nestle SA, and General Mills produce a variety of nutritious RTE products in different flavors and varieties. For instance, General Mills released a range of instant oatmeal cereals in 2021. The people are focusing on convenience food products while maintaining the nutritional balance in their diets. With the flourishing trend of veganism, manufacturers are also venturing into a plant-based food segment. For instance, Nestlé-owned brand, freshly launched its first fully vegan meal line in August 2021. Under its new Purely Plant menu, the chef-prepared meal delivery service will offer six options developed to showcase the nutritional benefits and delicious possibilities of plant-based foods. Similarly, in 2020, Gardein launched five new varieties of soups prepared from plant-based meat alternatives, made with 100% vegan ingredients. Such product innovations help companies in extending their reach in domestic markets and gaining a competitive edge in international markets. Major manufacturers are employing creative strategies such as new product releases and production capacity scaleup to better serve their customers and satisfy their growing demands. In May 2018, Del Monte Foods, Inc., a prominent processed food company, launched a canned Gold Pineapple line with a major focus on teenagers as a target consumer group. Major RTE product manufacturers are collaborating and partnering with other market players to launch innovative products in the market. Such initiatives by manufacturers are creating lucrative growth opportunities in the ready-to-eat food market.
On the contrary, exceeding risk of microbial contamination in RTE products hurdles the growth of Middle East & Africa ready-to-eat food market.
Based on product type, the Middle East & Africa 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 33.0% market share in 2021, amassing US$ 19.36 billion. It is projected to garner US$ 27.93 billion by 2028 to expand at 5.6% CAGR during 2021–2028.
Based on distribution channel, the Middle East & Africa ready-to-eat food market is categorised into supermarkets & hypermarkets, convenience stores, online retail, and others. The convenience stores segment held 55.1% market share in 2021, amassing US$ 32.26 billion. It is projected to garner US$ 47.98 billion by 2028 to expand at 6.1% CAGR during 2021–2028.
Based on country, the Middle East & Africa ready-to-eat food market has been segmented into Saudi Arabia, the UAE, South Africa, and rest of MEA. Our regional analysis states that rest of MEA captured 38.3% market share in 2021. It was assessed at US$ 22.45 billion in 2021 and is likely to hit US$ 31.94 billion by 2028, exhibiting a CAGR of 5.6% during the forecast period.
Key players dominating the Middle East & Africa ready-to-eat food market are Nestlé SA; Conagra Brands Inc.; The Kraft Heinz Company; General Mills Inc.; MTR Foods Pvt Ltd.; 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 July 2022, Prego+ Plant Protein is a new collection of affordable plant-based sauces, including vegan Meatless Meat sauce. Sauce brand Prego recently launched its first vegan meat sauce, which is now being shipped for distribution to retailers nationwide.
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