Chilled and Deli Foods Market: Snapshot
Sedentary lifestyle, urbanization, and rising disposable income have made significant impact on the food habits of people. People are inclined toward consuming food items which are easy to cook, ready to consume, and can be stored for long duration.
In recent years, demand for savory appetizers, instant soup ingredient, pre-packed sandwiches, preserved meats, and pies has increased substantially. As a result, chilled and deli food market is expanding across the globe.
Registering the changes and ongoing demand, market analysts at Transparency Market Research estimate that the market will graph at a moderate CAGR of 3.0% in the forecast period (2015-2021). In 2016, the market value stood at US $ 853.49 bn, which is projected to reach US $ 988.70 bn by the end of forecast period.
Convenient Packaging Influence Demand for Pre-Packed Food
Among all the chilled and deli products, pre-packaged products are likely to be one the largest product segments throughout the forecast period. Lately, these food products are catering to wide range of requirements of organic such as Kosher and organic.
The pre-packaged food product lines consists of variety of items such as prepared salads, soups, chilled pizzas, savory appetizers, chilled pastas, and pre-packed sandwiches. These food items are easily available in the form of frozen meal. Further, convenient packaging of such meals is making them preferable among consumers. The factor is influencing the expansion of chilled and deli food market.
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Pre-packed sandwich is one of the most preferable food items in chilled and deli food market. It is gaining substantial customer traction, and is likely to emerge as a promising product segment in coming years. Owing to the health benefits it offers over fried snacks and fast foods, it has become popular among health-conscious people.
Meanwhile, distribution channels are playing significant role in the expansion of chilled and deli food market. Frozen meal and pre-packed meals are easily available in supermarket, convenience stores, e-commerce portals, and hypermarket. Waitrose limited, Godrej Natural Baskets, Walmart, Wesfarmers Limited, and Kroger are some of the prominent distribution channels involved in marketing of chilled and deli foods.
Inclination of Working Population Toward Ready-to-Eat Food Items Providing Market Space to Chilled and Deli Food Items
At present, North America and Europe are leading revenue contributors to the global chilled and deli food market. It is due to presence of population with high disposable incomes in the region. Also, due to busy lifestyles people are opting for ready-to-eat food items. Presence of supermarkets are increasing the availability of the food products, and at the same time serving the demand of the consumers. Thereby, is enhancing the consumption of chilled and deli foods.
In addition, small and key regional chilled and deli food companies present in these regions are contributing to expansion of the global market.
On the other hand, Asia Pacific is anticipated to present lucrative growth opportunities to regional chilled and deli food market. Rising working population, busy lifestyles, high disposable income, and growing retail industry are, altogether, presenting promising growth avenues for chilled and deli food market in the region. Rising number of small and regional providers of chilled and deli food items is adding momentum to the expansion of chilled and deli food market in the region.
Surge in the demand for chilled and deli products across the world has attracted new players in the market space. This, in turn, has intensified the competition in global chilled and deli food items market. Some of the prominent companies present in the market are Brasil Foods S.A. Kraft Foods Group Inc., and Tyson Foods.