LONDON, Jan. 21, 2016 /PRNewswire/ --
- The total revenue for the North American ready-to-eat meal products market was $ billion in 2014 and is expected to reach $ billion in 2021, at a compound annual growth rate (CAGR) of %.
- Expanding urban population, increasing women workforce percent, and development of better technologies to improve the shelf life of products are the key drivers for this market. The growing ethnic diversity in the North American region will lead to more innovations in flavors and taste.
- Young cooks are dynamic and are looking for a fast cooking product with balanced nutrition.
- Contamination, unstructured distribution, and expensive storage costs are the factors inhibiting market growth.
- Marketing campaigns are the key for reaching out to consumers. Manufacturers need to invest in campaigns to create awareness about the safety of ready-to-eat meal products.
- Unstable raw material prices, high logistics costs, strict regulations, and market maturity are the factors inhibiting the growth of this market.
Key Industry Challenges
- Ready-to-eat meal products are perishable with a shelf life of weeks to weeks. This leads to the addition of synthetic preservatives in the food to maintain its quality and prevent decomposition. Presence of preservatives deters consumers from purchasing such products.
- To improve consumer acceptance of ready-to-eat meals and change the perception of deterring health being a result of consuming them, manufacturers need to invest more on marketing campaigns. Further, research investments are also needed from the manufacturers to identify healthier alternatives such as gluten- and preservative-free foods. However, this will increase the total cost of the product.
- The North American foods market is affected by unpredictable weather pattern and seasonal availability of raw materials, disturbing the production plan of manufacturers and thereby the supply chain.
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