The ready-to-eat food market in South & Central America is expected to grow from US$ 74.76 billion in 2021 to US$ 102.30 billion by 2028. It is estimated to grow at a CAGR of 4.7% from 2021 to 2028.
Over the past few years, awareness regarding health and nutrition has increased significantly. Due to hectic work schedules and extended working hours, people fail to concentrate on their health and fitness, resulting in obesity, diabetes, eye, 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. 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 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. Health is becoming a top priority for consumers across the region, so they are willing to pay more for 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.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the South & Central America ready-to-eat food market at a substantial CAGR during the forecast period.
South & Central America Ready-to-Eat Food Market Segmentation
The South & Central 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 convenience stores 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 Brazil, Argentina, and the Rest of SAM. In 2021, the Rest of SAM held the largest market share, and Argentina is expected to grow at the fastest CAGR during the forecast period.
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 are a few leading companies in the South & Central America ready-to-eat food market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 74.76 Billion |
| Market Size by 2028 | US$ 102.30 Billion |
| CAGR (2021 - 2028) | 4.7% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product Type
|
|
Regions and Countries Covered
|
|
| South and Central America | Brazil, Argentina, Rest of South and Central America |
| Market leaders and key company profiles |
|
The South & Central America Ready-to-Eat Food Market is valued at US$ 74.76 Billion in 2021, it is projected to reach US$ 102.30 Billion by 2028.
As per our report South & Central America Ready-to-Eat Food Market, the market size is valued at US$ 74.76 Billion in 2021, projecting it to reach US$ 102.30 Billion by 2028. This translates to a CAGR of approximately 4.7% during the forecast period.
The South & Central America Ready-to-Eat Food Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South & Central America Ready-to-Eat Food Market report:
The South & Central America Ready-to-Eat Food Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South & Central America Ready-to-Eat Food Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America Ready-to-Eat Food Market value chain can benefit from the information contained in a comprehensive market report.
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