Global Chilled and Deli Foods Market: Overview
Chilled and deli food are easily consumable and ready to eat food products. These products can be stored at low temperature. The increasing demand for convenient food items is expected to propel the global market of chilled and deli food. These food items have an important become part of daily consumption due to changing lifestyles of consumers around the world. These foods are gaining popularity as they help people to maintain healthy diet in the hectic lifestyle. Industrial and economic growth of developing countries are allowing this market to grow with significant pace. Furthermore, as chilled and deli foods are healthier than fast foods, they are being preferred by the customers, rising the momentum of the market.
It is projected that the global chilled and deli foods market will reach US$988.70 bn by the end of 2021 from its initial value of US$853.49 bn in 2016, projecting a growth trajectory of steady CAGR of 3.0% during the forecast period 2015-2021.
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North America and Europe showcase High Opportunities for Market Growth
Geographically, the global chilled and deli foods market can be segmented into Asia Pacific, Europe, North America, and Rest of the World. North America and Europe are presenting high opportunities for growth of this market due to hectic lifestyle and eating and cooking habits. This has resulted in the emergence of various prominent players and numerous small vendors across these regions. Working class people of this region are shifting their focus towards ready to eat items such as chilled and deli products, as they are easily prepared and consumed. Furthermore well-established retail sector that has resulted into development of supermarkets and hypermarkets are providing more convenience for the customers to consume chilled and deli foods.
However, the Asia Pacific market is expected to grow exponentially over the forecast period due to the increasing population within the region. Asia Pacific is constantly evolving in terms of urban and industrial growth, giving rise to disposable income of people. Prominent players in the global market are focusing on this region as it provides various opportunities for growth over the forecast period. Furthermore, Africa and South America are expected to showcase a steady growth for the chilled and deli foods market, however, the retail sector needs to be developed for infrastructure used for storage and refrigeration.
Prepacked Sandwiches Segment Gains Popularity due to Health Benefits Provided
The global chilled and deli food market is gaining its impulse due to various products available such as prepared salads, prepacked sandwiches, pies and savory appetizers, meats, soups, chilled pastas, and chilled pizzas. However, prepacked sandwiches are gaining traction of audience due to its low fat and low calorie composure. This segment is anticipated to further grow over the forecast period, as players in this market are continuously innovating their products by adding new flavors. Furthermore expansion of supermarkets and hypermarkets and increasing disposable income are benefiting the growth of this segment.
Although the prepacked sandwiches segment is anticipated to expand throughout the forecast period, the pies and savory appetizers segment is most likely to undergo with the highest growth rate. Furthermore, the increasing demand for salads is projected to poise to growth of vegan diet products. Pizzas and pastas are also expected to grow their market values due to increasing number of types and flavors.
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Prominent players operating in the global market for chilled and deli foods are focusing on product innovation and are involving in various mergers and acquisitions to expand their global presence. Some of the players dominating the market are Brasil Foods S.A., Tyson Foods, Inc., and Kraft Foods Group, Inc.