The ready-to-eat food category is poised for huge growth, according to a new study.
The global ready-to-eat market is expected to grow at a 7.3 percent compound annual growth rate (CAGR) between now and 2023, according to a study by Brooklyn, New York-based Research Nester Pvt. Ltd. By 2023, the market could generate revenue of $172 billion.
Busier lifestyles, higher personal disposable income, greater adoption of innovative packaging and increased concerns for health and hygiene are among the factors driving category growth, according to the report.
Companies discussed in the report include Greencore Group Plc, McCain Foods, General Mills Inc., MTR Foods, 2 Sisters Food Group, Orkla ASA, Bird’s Eye Ltd., ITC Ltd. and Findus Groups Ltd.