Report : North America 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 4.6% CAGR, the North America Ready-to-Eat Food Market is speculated to be worth US$ 395.36 billion by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America ready-to-eat food market was valued at US$ 290.43 billion in 2021 and is expected to reach US$ 395.36 billion by 2028, registering an annual growth rate of 4.6% from 2021 to 2028. Increasing working women population and powerful preference for convenience food among millennials.
In recent decades, women's participation in workforces in different countries has increased tremendously. Such a significant rise in the employment of women boosts the popularity of convenience food among working-class populations. These food products can be easily procured, stored, served, or eaten, thus proving to be convenient by saving time and physical energy. Additionally, a rise in the working women population has transformed the eating habits of people. The female employment rates in other countries such as the US and Mexico have surged in recent times. The female labor force across many countries in the region has increased exponentially. The growth in participation began at different points in time, and proceeded at different rates; nonetheless, the substantial and sustained growth in the participation of women in labor forces in rich countries remained a striking feature of economic and social developments in the 20th century. Thus, this factor is potentially contributing to the growth of ready-to-eat food market.
On the contrary, higher risk of microbial contamination in RTE products hurdles the growth of North America ready-to-eat food market.
Based on product type, the North America 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 32.1% market share in 2021, amassing US$ 93.13 billion. It is projected to garner US$ 120.65 billion by 2028 to expand at 3.9% CAGR during 2021–2028.
Based on distribution channel, the North America ready-to-eat food market is categorised into supermarkets & hypermarkets, convenience stores, online retail, and others. The supermarkets & hypermarkets segment held 56.9% market share in 2021, amassing US$ 165.12 billion. It is projected to garner US$ 216.87 billion by 2028 to expand at 4.1% CAGR during 2021–2028.
Based on country, the North America ready-to-eat food market has been segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 79.5% market share in 2021. It was assessed at US$ 230.79 billion in 2021 and is likely to hit US$ 304.10 billion by 2028, exhibiting a CAGR of 4.1% during the forecast period.
Key players dominating the North America ready-to-eat food market are Nestlé SA; Conagra Brands Inc.; The Kraft Heinz Company; General Mills Inc.; CAMPBELL SOUP COMPANY; MTR Foods Pvt Ltd.; Hormel Foods Corporation; Tyson Foods, Inc.; 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 nationwid
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