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.
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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.
The
report provides a pin-point analysis of the various factors that will
drive or challenge the market’s growth between 2016 and 2023.
Besides this, technological innovations in freezing and packaging of
ready to eat snacks have been analyzed at length. The report presents
an executive-level analysis of the competitive scenario of the global
RTE snacks market. This includes a detailed scrutiny of the profiles
of leading companies operating in this market.
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.
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.
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.
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