Ready to eat (RTE) snacks contribute significant revenue to the overall packaged food industry, thanks to milliennials, who consume more snacks than any other group. Snacks are becoming a meal replacement trend owing to this generation, which presents immense scope for growth. Due to the high convenience quotient of RTE snacks, Transparency Market Research (TMR) predicts robust growth for the ready to eat snacks market in the coming years.
The global RTE snacks market is divided on the basis of product and geography. By product, the components of the market are potato specialties, meat specialties, corn specialties, and others.
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Global Ready to Eat Snacks Market: Drivers and Restraints
Besides the excessive uptake of RTE snacks by milliennials, the growth of quick service restaurants, innovations in RTE snack foods, and the increasing number of distribution channels are driving the global RTE snacks market. An increasing number of women in the workforce and a high convenience quotient of these foods are other factors favoring the growth of this market. With changing lifestyle and the influence of Western food habits, consumers across the world are shifting from traditional meals to ready to eat packaged food.
An increasing number of distribution channels for RTE snacks is also favoring the growth of this market. This includes retail outlets, supermarkets, quick service restaurants, and mom and pop stores. The variety of RTE snacks for different age groups is also driving sales of these products. Manufacturers of RTE snacks are also spending heftily on marketing and advertising campaigns, which is leading to the rising popularity of these foods among all age groups.
However, increasing health awareness, particularly in the young generation, is detrimental to the growth of this market. Consumers are increasingly recognizing the benefits of home cooked snacks, which are not found in ready to eat packaged snacks. This is because RTE snacks are loaded with preservatives for a long shelf life and to preserve the nutritional value of the food. Moreover, the price factor of RTE snacks makes them affordable only to select economic classes of the society.
Global Ready to Eat Snacks Market: Regional Outlook
Region-wise, the global RTE snacks market is divided into North America, Europe, Asia Pacific, and Rest of the World. Amongst these, North America is expected to present lucrative growth opportunities for this market. However, Asia Pacific is expected to emerge as a significant region for the RTE snacks market. Rising disposable incomes and changing lifestyle in the region are some of the major reasons driving the RTE snacks market in Asia Pacific.
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Companies Mentioned in the Report
The report analyzes the vendor landscape of the market with a detailed competitive profile of the companies, namely McCain Foods Limited, Con Agra Foods Inc., Himalaya International Limited, and Tyson Foods. The historical roadmap and recent developments of these companies have been presented at length in the report.