Chilled and Deli Foods Market to Exhibit CAGR of 3.0% from 2015 to 2021
Factors such as increasing demand for convenient food products is expected to bolster the growth of the chilled and deli foods market. The concept of chilled and deli foods is still new in most of the developing countries. Increasing number of working women is also impacting the demand of chilled and deli foods positively. Moreover, as a result of the improvement in the people’s lifestyle in the developing countries of Asia Pacific, the market is further expected to grow. Chilled and deli foods offer convenient food options for people who lead a busy and hectic lifestyle. The convenience offered by chilled and deli foods is one of the most important reasons responsible for their growth globally Furthermore, the demand for chilled and deli food in the region is expected to remain high throughout the forecast period as a result of the expansion of supermarkets and hypermarkets. The chilled and deli foods are a part of the culinary culture of the European people due to which its demand in the region is expected to remain high.
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Meats, pies and savory appetizers, prepacked sandwiches, prepared salads and others are the five product type based on which the market has been segmented. The prepacked sandwiches segment generated the largest revenue in 2014 and was the largest category mainly due to the health benefits and complete food option associated with it.
Recent trends have shown that food and beverage companies are constantly entering in the chilled and deli foods segment as a result of the presence of huge opportunity in the market. Moreover, the existing companies are engaging in research and development to develop new flavors and add new varieties. Furthermore, the companies in the chilled and deli foods category are expanding their business by entering new countries such as China and India. Moreover, leading players in the chilled and deli foods market have adopted different competitive strategies to better serve the rising needs from their related industries. These companies aim to become stronger players in a fragmented market, wherein a number of players offer chilled and deli foods. The major players of the chilled and deli foods market are continuously engaging in research and development activities to introduce new varieties and improve the existing products. For example, in August 2014, Kraft Foods Group Inc. introduced four new flavors of deli meats under the name Old World Style. The four flavors are Cracked Black Pepper Salami, Classic Salami, Turkey Pepperoni, and Classic Pepperoni. However, the penetration rate of private label brands is still high wherein the market is fragmented and a large number of private label brands operate. A wide variety of products is being offered by major retailers with competitive pricing, thus providing immense opportunity for the chilled and deli foods market to flourish.
In terms of revenue, Asia Pacific was the largest in 2014 and the region is expected to continue its dominance throughout the forecast period. The demand for chilled and deli foods is expected to remain high in the region due to the improving economic conditions coupled with changing lifestyles. Moreover, the Asia Pacific region has a very large youth population which is further driving the chilled and deli foods market.
The Pies and Savory Appetizers was the second largest segment in the chilled and deli foods market in terms of revenue. The demand for pies and savory appetizers was mainly fuelled due to its popularity among the youth population.