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)

Code: BMIRE00025753 | Pages: 144 | Industry: Food and Beverages | Date: Sep 2022 | Type: Regional

The ready-to-eat food market in North America is expected to grow from US$ 290.43 billion in 2021 to US$ 395.36 billion by 2028. It is estimated to grow at a CAGR of 4.6% from 2021 to 2028.

 

The consumption of high-quality convenience food is increasing, which is currently one of the biggest trends in the food industry. Convenience food, such as ready-to-eat food, allows consumers to save time and efforts associated with ingredient shopping, meal preparation and cooking, consumption, and post-meal activities. The development of this food segment is ascribed to many social changes; the most notable of these include the increasing number of smaller households and the rising millennial population across the region. Due to hectic work schedules, millennials prefer to be efficient with their time rather than spending it on tedious tasks. Thus, they are more likely to spend their money on convenience in the near future, which drives the popularity of ready-to-eat food, such as baked products, snacks, and dairy products.

 

According to the data by Hartman Group, 96% of millennials replace a meal with a snack once a week, while 58% say they snack 4–5 times a day. 91% of all consumers say they eat snacks throughout the day, while 8% say they forget all meals entirely and just snack. These factors are contributing to a major shift among millennials toward daily snacking, replacing meals with savory and sweet snacks, in various formats. Convenience and taste are the main desired attributes among adults while buying food. According to the 2017 Food and Health Survey of the International Food Information Council (IFIC), convenience is a key driver for millennials when purchasing food, while taste is more important for baby boomers. As they get older and wealthier, millennials’ preferences shift toward more expensive eatables, such as customized healthy snacks, sugar-free confectioneries, and customized prepared meals.

Meal kit delivery companies, such as Blue Apron, and supermarket delivery services, such as Amazon Fresh and Instacart, have benefited from this preference for convenience and quality. Moreover, they find RTE food handling easy due to evolved cold supply chains. Millennials with no access to cars and not willing to waste time commuting to grocery stores, especially in urban areas, prefer online buying of RTE products. Thus, the demand for ready-to-eat food is surging with the increasing preference for convenience among millennials.

 

With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America ready-to-eat food market at a substantial CAGR during the forecast period.

 

 North America Ready-to-Eat Food Market Revenue and Forecast to 2028 (US$ Billion) 

 North America Ready-to-Eat Food Market Revenue and Forecast to 2028 (US$ Billion) 

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North America Ready-to-Eat Food Market Segmentation

 

The North America ready-to-eat food market is segmented on the basis of product type, distribution channel, and country. Based on product type, the market is segmented into breakfast cereals, ready meals, instant soups and noodles, snacks, baked goods & confectioneries, and others. In 2021, the others segment held a larger market share, and the ready meal segment is expected to register a higher CAGR during the forecast period.

Based on distribution channel, the market is segmented into supermarkets & hypermarkets, convenience stores, online retail, and others. In 2021, the supermarkets & hypermarkets segment held the largest market share, and the online retail segment is expected to register the highest CAGR in the market during the forecast period.

 

Based on country, the market is segmented into the US, Canada, and Mexico. In 2021, the US held the largest market share, and Canada is expected to grow at the fastest CAGR during the forecast period.

 

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 SA; and The Kellogg Company are a few leading companies in the North America ready-to-eat food market.

1.           Introduction

1.1         Study Scope

1.2         The Insight Partners Research Report Guidance

1.3         Market Segmentation

2.           Key Takeaways

3.        Research Methodology

3.1         Scope of the Study

3.2         Research Methodology

3.2.1        Data Collection

3.2.2        Primary Interviews

3.2.3        Hypothesis Formulation

3.2.4        Macro-Economic Factor Analysis

3.2.5        Developing Base Number

3.2.6        Data Triangulation

3.2.7        Country Level Data

4.           North America Ready-to-Eat Food Market Landscape

4.1         Market Overview

4.2         Porter’s Five Forces Analysis

4.2.1        Bargaining Power of Suppliers

4.2.2        Bargaining Power of Buyers

4.2.3        Threat of New Entrants

4.2.4        Competitive Rivalry

4.2.5        Threat of Substitutes

4.3         Expert Opinion

4.4         Ecosystem Analysis

5.           North America Ready-to-Eat Food Market — Market Dynamics

5.1         Market Drivers

5.1.1        Powerful Preference for Convenience Food Among Millennials

5.1.2        Increasing Working Women Population

5.2         Market Restraints

5.2.1        Higher Risk of Microbial Contamination in RTE Products

5.3         Market Opportunities

5.3.1        Heighten Innovations in RTE Products and Strategic Developments by Manufacturers

5.4         Future Trends

5.4.1        Growing Consumer Inclination Toward Low-Fat, Low-Sugar, and Nutritious RTE Products

5.5         Impact Analysis of Drivers and Restraints

6.           North America Ready-to-Eat Food – Market Analysis

6.1         North America Ready-to-Eat Food Market Overview

6.2         North America Ready-to-Eat Food Market – Revenue and Forecast to 2028

7.           North America Ready-to-Eat Food Market Analysis – by Product Type

7.1         Overview

7.2         North America Ready-to-Eat Food Market, by Product Type (2021 and 2028)

7.3         Breakfast Cereals

7.3.1        Overview

7.3.2        Breakfast Cereals: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

7.4         Ready Meals

7.4.1        Overview

7.4.2        Ready Meals: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

7.5         Instant Soups and Noodles:

7.5.1        Overview

7.5.2        Instant Soups and Noodles: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

7.6         Snacks:

7.6.1        Overview

7.6.2        Snacks: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

7.7         Baked Goods and Confectioneries:

7.7.1        Overview

7.7.2        Baked Goods and Confectioneries: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

7.8         Others

7.8.1        Overview

7.8.2        Others: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

8.           North America Ready-to-Eat Food Market Analysis – by Distribution Channel

8.1         Overview

8.2         North America Ready-to-Eat Food Market, by Distribution Channel (2021 and 2028)

8.3         Supermarkets and Hypermarkets

8.3.1        Overview

8.3.2        Supermarkets and Hypermarkets: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

8.4         Convenience Stores

8.4.1        Overview

8.4.2        Convenience Stores: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

8.5         Online Retail

8.5.1        Overview

8.5.2        Online Retail: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

8.6         Others

8.6.1        Overview

8.6.2        Others: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

9.           North America Ready-to-Eat Food Market – Country Analysis

9.1         Overview

9.1.1        North America: Ready-to-Eat Food Market, by Key Country

9.1.1.1          US: Ready-to-Eat Food Market –Revenue and Forecast to 2028 (US$ Billion)

9.1.1.1.1          US: Ready-to-Eat Food Market, by Product Type

9.1.1.1.2          US: Ready-to-Eat Food Market, by Distribution Channel

9.1.1.2          Canada: Ready-to-Eat Food Market –Revenue and Forecast to 2028 (US$ Billion)

9.1.1.2.1          Canada: Ready-to-Eat Food Market, by Product Type

9.1.1.2.2          Canada: Ready-to-Eat Food Market, by Distribution Channel

9.1.1.3          Mexico: Ready-to-Eat Food Market –Revenue and Forecast to 2028 (US$ Billion)

9.1.1.3.1          Mexico: Ready-to-Eat Food Market, by Product Type

9.1.1.3.2          Mexico: Ready-to-Eat Food Market, by Distribution Channel

10.        Industry Landscape

10.1      Overview

10.2      Market Initiative

10.3      New Product Development

10.4      Merger and Acquisition

11.        Company Profiles

11.1      Nestlé SA

11.1.1     Key Facts

11.1.2     Business Description

11.1.3     Products and Services

11.1.4     Financial Overview

11.1.5     SWOT Analysis

11.1.6     Key Developments

11.2      Conagra Brands Inc.

11.2.1     Key Facts

11.2.2     Business Description

11.2.3     Products and Services

11.2.4     Financial Overview

11.2.5     SWOT Analysis

11.2.6     Key Developments

11.3      The Kraft Heinz Company

11.3.1     Key Facts

11.3.2     Business Description

11.3.3     Products and Services

11.3.4     Financial Overview

11.3.5     SWOT Analysis

11.3.6     Key Developments

11.4      General Mills Inc.

11.4.1     Key Facts

11.4.2     Business Description

11.4.3     Products and Services

11.4.4     Financial Overview

11.4.5     SWOT Analysis

11.4.6     Key Developments

11.5      CAMPBELL SOUP COMPANY

11.5.1     Key Facts

11.5.2     Business Description

11.5.3     Products and Services

11.5.4     Financial Overview

11.5.5     SWOT Analysis

11.5.6     Key Developments

11.6      MTR Foods Pvt Ltd.

11.6.1     Key Facts

11.6.2     Business Description

11.6.3     Products and Services

11.6.4     Financial Overview

11.6.5     SWOT Analysis

11.6.6     Key Developments

11.7      Hormel Foods Corporation

11.7.1     Key Facts

11.7.2     Business Description

11.7.3     Products and Services

11.7.4     Financial Overview

11.7.5     SWOT Analysis

11.7.6     Key Developments

11.8      Tyson Foods, Inc.

11.8.1     Key Facts

11.8.2     Business Description

11.8.3     Products and Services

11.8.4     Financial Overview

11.8.5     SWOT Analysis

11.8.6     Key Developments

11.9      JBS S.A.

11.9.1     Key Facts

11.9.2     Business Description

11.9.3     Products and Services

11.9.4     Financial Overview

11.9.5     SWOT Analysis

11.9.6     Key Developments

11.10   The Kellogg Company

11.10.1  Key Facts

11.10.2  Business Description

11.10.3  Products and Services

11.10.4  Financial Overview

11.10.5  SWOT Analysis

11.10.6  Key Developments

12.        Appendix

12.1      About The Insight Partners

12.2      Word Index

 

 

LIST OF TABLES

Table 1.             North America Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

Table 2.             US Ready-to-Eat Food Market, by Product Type – Revenue and Forecast to 2028 (US$ Billion)

Table 3.             US Ready-to-Eat Food Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Billion)

Table 4.             Canada: Ready-to-Eat Food Market, by Product Type – Revenue and Forecast to 2028 (US$ Billion)

Table 5.             Canada Ready-to-Eat Food Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Billion)

Table 6.             Mexico Ready-to-Eat Food Market, by Product Type – Revenue and Forecast to 2028 (US$ Billion)

Table 7.             Mexico Ready-to-Eat Food Market, by Distribution Channel – Revenue and Forecast to 2028 (US$ Billion)

Table 8.             List of Abbreviation

 

 

LIST OF FIGURES

Figure 1.           North America Ready-to-Eat Food Market Segmentation

Figure 2.           North America Ready-to-Eat Food Market Segmentation – by Country

Figure 3.           North America Ready-to-Eat Food Market Overview

Figure 4.           North America Ready-to-Eat Food Market, by Distribution Channel

Figure 5.           North America Ready-to-Eat Food Market, by Country

Figure 6.           North America Ready-to-Eat Food Market, Industry Landscape

Figure 7.           Porter's Five Forces Analysis

Figure 8.           Expert Opinion

Figure 9.           Ecosystem: North America Ready-to-Eat Food Market

Figure 10.        North America Ready-to-Eat Food Market Impact Analysis of Drivers and Restraints

Figure 11.        North America Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

Figure 12.        North America Ready-to-Eat Food Market Revenue Share, by Product Type (2021 and 2028)

Figure 13.        Breakfast Cereals: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

Figure 14.        Ready Meals: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

Figure 15.        Instant Soups And Noodles: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

Figure 16.        Snacks: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

Figure 17.        Baked Goods and Confectioneries: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

Figure 18.        Others: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

Figure 19.        North America Ready-to-Eat Food Market Revenue Share, by Distribution Channel (2021 and 2028)

Figure 20.        Supermarkets and Hypermarkets: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

Figure 21.        Convenience Stores: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

Figure 22.        Online Retail: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

Figure 23.        Others: Ready-to-Eat Food Market – Revenue and Forecast to 2028 (US$ Billion)

Figure 24.        Geographic Overview of North America Ready-to-Eat Food Market

Figure 25.        North America: Ready-to-Eat Food Market Revenue Share, by Key Country (2021 and 2028)

Figure 26.        US: Ready-to-Eat Food Market –Revenue and Forecast to 2028 (US$ Billion)

Figure 27.        Canada: Ready-to-Eat Food Market –Revenue and Forecast to 2028 (US$ Billion)

Figure 28.        Mexico: Ready-to-Eat Food Market –Revenue and Forecast to 2028 (US$ Billion)

  1. Nestlé SA
  2. Conagra Brands Inc.
  3. The Kraft Heinz Company
  4. General Mills Inc.
  5. CAMPBELL SOUP COMPANY
  6. MTR Foods Pvt Ltd.
  7. Hormel Foods Corporation
  8. Tyson Foods, Inc.
  9. JBS S.A.
  10.  The Kellogg Company
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