Chilled and Deli Foods Market is Expected to Reach a Revenue of US$988.7 bn by 2021 Expanding At CAGR of 3.0%
Convenience is the key reason why people are preferring chilled and deli foods at an accelerated rate. These foods provide a user the option of eating quickly in a hectic lifestyle while maintaining a relatively healthier and wholesome diet. At the moment, players are being given major opportunities due to the growing popularity of chilled and deli foods in emerging economies.
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Economic and industrial growth of most regions is imparting a greater scope for consumers to indulge in fast foods and convenience foods, and chilled and deli foods provide one of the more preferred options. Consumers are also showing greater attention to health benefits of consuming various foods, an area where chilled and deli foods can prove more beneficial than fast foods and other convenience foods. This applies especially to prepackaged sandwiches and prepared salads.
As a result of these factors that cumulatively increase the demand for chilled and deli foods, its globally generated revenue is expected to expand at a CAGR of 3.0% from 2015 to 2021. This revenue is expected to reach US$853.49 bn by the end of 2016 and US$988.70 bn by 2021.
Asia Pacific Demand for Chilled and Deli Foods Draws More Players to Region
Chilled and deli foods have been present in North American and European culture for long enough to become an integral part of their cooking and eating habits. As a result, the market is saturated with prominent names as well as regional players that may or may not succeed in achieving a solid and consistent share in the market.
On the other hand, Asia Pacific holds a large number of opportunities for players looking to gain revenue in chilled and deli foods sales and distribution. The region is rapidly evolving in terms of industrial and urban growth, thereby creating major regional markets where consumers with high disposable incomes prevail. This is why a lot of players are emerging in Asia Pacific while globally prominent ones are aggressively entering this market for greater revenue shares.
Prepackaged Sandwiches Hold a Globally Increasing Demand
An important thing for all chilled and deli foods players to consider is that the demand for specific types of foods changes drastically from country to country. There are still generally popular items pertaining to an entire market region as well, such as the high preference of pies and savory appetizers in Asia Pacific, and the key trend of purchasing prepackaged sandwiches in the urban areas of North America and Europe.
There is a commonly high demand for two types of products that chilled and deli foods players can provide; prepackaged sandwiches and prepared salads. The former has consistently been at high demand in North America and Europe, owing to bread being an integral part of the cuisines of these regions, the higher fulfillment of dietary requirements through sandwiches than other convenience foods, and the ease of consuming prepackaged sandwiches within a time-pressed lifestyle.
The key chilled and deli foods players from a global perspective are Kraft Foods Group, Inc., Tyson Foods, Inc., and Brasil Foods S.A.