That’s a good one! It’s also used as a general greeting at lunchtime! Even if nobody’s eating (yet). Especially in a work environment it’s quite commonly used.
Here are some adjectives that can all be translated with “timely” (but the context differs):
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zeitig = at a relatively early stage - “Morgen stehe ich zeitig auf.”
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rechtzeitig = at the right time (so that it is still early enough) - "Ich bin (gerade noch) rechtzeitig gekommen
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zeitgemäß = according to a time (e.g. the 1920’s); also currently / referring to this time - “Diese Mode ist heute nicht mehr zeitgemäß.”
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zeitnah = 1. fast [following]; immediately / 2. contemporary [and time-critical] - 1. “Wir müssen den Bericht zeitnah abgeben.” / 2. “Das Theaterstück ist total modern und zeitnah.”
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zeitgerecht = appropriate to the requirements and expectations of today - “Ein Haus mit einem offenen Kamin heizen ist wirklich nicht mehr zeitgerecht!”