Ready to eat Snacks Market – An insight on the important factors and trends influencing the market by 2023
Ready to eat (RTE) snacks refers to all the varieties frozen and chilled snack products that are prepared in minimal time by heating it along with water or simply frying it. RTE snacks have become popular in recent times as people have less time to prepare food at home. Companies have introduced large varieties of RTE snacks that are convenient and come for affordable prices, thus consumers are shifting from traditional home made snacks to RTE snacks.
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There is a high demand for easy to prepare packaged food by both retail segment and foodservice industry. Thus, RTE snacks market is expected to grow with a significant single digit CAGR for the period of 2013-2019.
In this report we have segmented the RTE snacks market in four categories on the basis of product type such as potato specialties, corn specialties, meat specialties and others. Potato specialties include French fries, sweet potato cubes, wedges, hash browns and croquettes among others. Corn specialties include crispy baby corn, pop-corn and corn nuggets. Meat specialties consist of chicken nuggets, chicken wings, grilled meat and wraps among others. The market can also be segmented on the basis of geographies namely North America, Asia Pacific, Europe and Rest of the World.
The key driving factors are innovations in RTE snack varieties, growth in quick service restaurants and growing distribution channel. Other driving factors are growing number of working women and value prices. Retail and foodservice are the largest distributors of RTE snacks products. The unique selling preposition (USP) of RTE snacks is convenience, thus it’s demand is growing worldwide specially in emerging countries.
Key players dominating this market space include McCain Foods Limited, Tyson Foods, ConAgra Foods, Inc., Blaine Larsen Farms, Inc., and Himalya International Limited.
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