Market Trends of Asia-Pacific Ready-to-Eat Food Industry
Rising Demand For Ready Meals Food Products to Influence Growth
- The convenience offered by ready-to-eat meals has been a significant driver of their growth in popularity, as they save time and require minimal effort to prepare. Additionally, an increasing number of individuals, particularly working professionals and students, prefer these products over restaurant meals due to the money saved and the fact that they only need to be heated before consumption.
- However, the popularity of packaged foods and ready-to-eat meals has also led to concerns about their taste and nutritional value. In recent years, the packaged food industry has evolved to offer better quality food options with simpler preparation methods, contributing to the market's growth for ready-to-eat meals. Several Indian companies, including MTR, Gits, Haldiram, and Bikano, are also trying to tap into the food industry's potential by improving the quality of their products and expanding their utility.
- Quick commerce, or q-commerce, is a significant driver of the growth in sales of ready meals. Local delivery service players have been quick to meet the growing demand for fast and convenient delivery of small quantities of goods to customers. Additionally, consumers cannot travel freely, so they are more willing to explore different cuisines and flavors, including ethnic and exotic tastes. The growing awareness and adoption of global trends have also contributed to the popularity of plant-based foods, including ready meals, which have gained a recognizable niche market.
- For instance, in April 2023, Float Foods, a pioneer in plant-based food technology and innovation, announced the launch of its two latest products at the Food & Hotel Asia (FHA) exhibition at the Singapore Expo. The new product launch includes Asia's first plant-based poached egg and plant-based yolk. Hence, these factors positively affect the market in the Asia-Pacific region.
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India holds Major Share in the Asia-Pacific Region
- The popularity of convenient foods has significantly increased in recent times, particularly among working-class people, teenagers, hostel residents, and bachelors. As a result, manufacturers are continuously launching innovative products to meet the consumer's needs. For instance, in March 2021, Hyderabad-based Instahot Foods Private Limited launched The Taste Company (TTC) brand, which offers a delectable menu of ready-to-eat Indian food products for breakfast as well as meals.
- The company claims that it is the first brand in the country to offer non-vegetarian varieties, including chicken rice, in the instant food category. Further, the company also announced its plans to launch its two new ready-to-eat food products, including chicken biryani and Gongura chicken biryani.
- Moreover, hypermarkets and supermarkets are the primary distribution channels for RTE food in India. The wider availability of products under one roof, ranging from soup to ready-to-eat food products, has fueled the growth in the sales channel. Supermarkets sell products at competitive prices and offer discounts to expand their consumer base. However, despite the growing demand for convenience on-the-go snack food in the market, some consumers are more health-conscious.
- The rising prevalence of lifestyle disorders such as atherosclerosis, stroke, diabetes, and obesity has increased the inclination toward healthy snack products such as nuts, fruit snacks, snack bars, and other confectionery snack products. Therefore, all the above-mentioned factors drive the Ready-to-eat food market across the country.
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