The global chilled and deli foods market is worth billions and is projected to grow substantially in the coming few years. In 2014, the global chilled and deli foods market was estimated at US$799.4 bn and by 2021, the market is projected to be worth US$988.7 bn, says Transparency Market Research (TMR). Let us look at the trends that will shape the dynamics of the global chilled and deli foods market in the coming few years.
Rising Demand for Easy-to-prepare Foods to Drive Global Market
The global chilled and deli foods market provides various types of products such as prepared salads, prepacked sandwiches, pies and savory appetizers, meats, and others. In 2014, the prepacked sandwiches segment generated a revenue of US$322.7 bn in the global chilled and deli foods market. On the other hand, the pies and savory appetizers segment is projected to expand significantly at a CAGR of 2.50% during the forecasting horizon from 2015 to 2021.
Currently, consumers are seeking ways that allow them to maximize their free time and disposable income and spend time on the pursuits they value. This trend, fuelled by the desire to have more leisure time, is driving the demand for convenience foods. This is driving the demand for chilled and deli foods.
Shifting Lifestyle Patterns to Benefit Global Chilled and Deli Foods Market
Due to changing lifestyles, people are spending less time in planning and preparing meals. According to a survey, almost 60% of consumers in the U.K. spend no more than half an hour to cook dinner every night. In addition to this, the growing number of working women and the rising number of microwavable food products are driving consumers towards microwave cooking. These factors are driving the demand for chilled and deli foods, as they help save time on cooking greatly.
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Growing Distribution Channels to Fuel Global Market
Players in the global chilled and deli foods market will benefit from the growing number of distribution channels such as supermarkets and hypermarkets. In emerging nations such as China and Qatar, the number of supermarkets and hypermarkets has grown substantially in the last few years. In addition to this, the emergence of several new brands in recent years will also provide good growth opportunities to the market.
High Demand from Asia Pacific to Boost Global Market
In 2014, Asia Pacific dominated the global chilled and deli foods market in terms of revenue. The high demand for chilled and deli foods in Asia Pacific is driven by the improving economic conditions of this region and the rising working female population. This will drive the overall chilled and deli foods market by leaps and bounds.
Use of Preservatives to Suppress Global Market
Although the global chilled and deli foods market will enjoy significant growth, it will be suppressed by a few challenges. The use of synthetic preservatives to manufacture chilled and deli foods will hamper the growth of the global chilled and deli foods market. Furthermore, the growing number of private label brands will also limit the growth of the global chilled and deli foods market.
Some of the most prominent companies operating in the global chilled and deli foods market are Astral Foods, JBS, Tyson Foods, BRF, Kraft Foods Group, Waitrose Limited, and Hormel Foods Corporation.