The global ready-to-eat food market is expected to grow 22 percent between now and 2023.
Meat/poultry is forecasted to see the biggest ready-to-eat category growth, according to the Research and Markets report.
The channels expected to see the biggest growth in ready-to-eat food sales are hypermarkets and supermarkets, according to the study. The channels enjoyed 37 percent value share in 2016, and that rise significantly in the next five years.
“Currently, ready-to-eat food is the largest segment in the overall conventional and non-conventional food industry,” according to the report. “This segment is growing at a fast pace as a result of the high consumer acceptance for such food globally.”
Improving consumer lifestyles, rapid urbanization and high disposable income are increasing demand for on the go convenience foods, thereby fueling the ready-to-eat food market growth, according to the study.