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According to report published by Grand View Research,Chilled & deli foods are witnessing increasing demand in the food & beverages industry, mainly owing to growing acceptance among consumers.
According to a report, “Chilled & Deli Foods Market Size, Share & Trends Analysis Report By Products (Meat, Savory Appetizers, Prepared Salads, Pre-Packaged Products, Sauces, Condiments & Dressings), And Segment Forecasts, 2019 - 2025”, published by Grand View Research, Inc.,The global chilled & deli foods market size is likely to reach USD 267.70 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 5.2% during the forecast period. Chilled & deli foods are witnessing increasing demand in the food & beverages industry, mainly owing to growing acceptance among consumers. The popularity of these products is largely associated with their ease of preparation, storage, and availability in retail outlets, which is expected to influence the global consumption patterns over the forecast years.
Pre-packaged products are likely to be the largest product segment for the chilled & deli foods market throughout the forecast horizon. Chilled & deli foods are among promising segments in the food & beverage sector with its increasing acceptance among consumers since the available product range caters to a wide range of requirements such as Kosher and organic. Moreover, staple food is also readily available as a frozen meal wherein, advancements in packaging have increased the convenience of such type of meals.
The demand for savory appetizers in the market is primarily driven by tastes and variety. While North America and Europe are the largest regions in terms of consumption, growth in these regions is lower than in the largely developing regions. Asia Pacific is poised to offer tremendous growth opportunities owing to increment in consumption per capita and increasing population catering to global supplies. Widening base of middle class population is also playing a pivotal role in the development of the regional market. The same is true in Africa, although the growth trajectory for savory is still lower than Asia Pacific currently.
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Concerns among buyers regarding adverse health effects caused due to degradation of ready foodstuffs have been rising, thereby leading to increased requirement for maintaining freshness of products such as bread rolls, frozen desserts, and chocolates for a longer duration. Increasing requirement for baked goods and confectioneries in light of new product launches in frozen desserts and liquor chocolates is expected to fuel the demand for chilled & deli foods over the forecast period.
With increasing number of working-class population and changing lifestyles, retail stores are emphasizing on altering present state of display and focusing on products that have greater shelf life and capable of retaining quality while kept frozen. In emerging markets in Latin America, Southeast Asia, and Eastern Europe, relatively buoyant income growth is translating into greater affordability and inclination towards new goods and services.
The distribution channel for chilled & deli foods is largely pivoted to supermarkets & hypermarkets, convenient stores, specialty stores, and e-commerce portals capable of catering to a large consumer base. Some of the distribution channels involved in the marketing of chilled & deli foods are Waitrose Limited, Kroger, Walmart, Godrej Natural Baskets, and Wesfarmers Limited. E-commerce portals such as Big Basket, Graze, Raw to Door, and Planet Organic have been gradually gaining acceptance among new-age consumers over the past few years.
Further key findings from the report suggest:
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In terms of product, the pre-packaged products segment was valued at USD 40.54 billion in 2017. It is expected to expand at a CAGR of 5.8% over the forecast period
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Central & South America is projected to witness a growth rate of 4.3% over the forecast period, owing to increasing number of food retail chains in countries including Brazil, Venezuela, and Argentina
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Asia Pacific offers growing investment opportunities for chilled and deli food manufacturers, driven by high-potential customer base in the region
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Countries in APAC, especially India and China, are expected to observe remarkable growth during the forecast period. The overall region is expected to progress at a CAGR of 5.8%, primarily as a result of rising demand for exquisite chilled and deli foods
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Some of the key companies present in the market are Tyson Foods, Inc, Cargill Meat Solutions, Arthur’s Food Company, Gainsborough Chilled Foods Ltd, Ready Pac, and Winterbotham Derby.
Regional Insights
North America was the leading revenue contributor in the global arena and was valued at USD 52.65 billion in 2017. Rising consumption for convenient sources of food products that can be consumed on-the-go has been supporting the dominance of the region. Several individuals supplement their regular meals with chilled and deli products, such as prepackaged sandwiches and prepared salads, while some time-pressed consumers substitute their regular meals with the same. Thus, changing consumer lifestyles, especially in terms of eating habits, and rising need for convenience food are estimated to augment the sales of chilled and deli food products in the region.
Asia Pacific is expected to register a CAGR of nearly 5.8% during the forecast period. Sales of chilled & deli foods are growing with expansion of modern food retailers in emerging economies, wherein companies are increasingly investing in cold chain infrastructure for fresh, chilled, and deli products. The market is mainly driven by the need for convenience food products that need less preparation or consumption time. Food retail chains are significantly boosting the demand for savory appetizers.
Surging demand for ethnic foods in the region is fueling the demand for exquisite chilled and deli products. Consumers are gradually becoming interested in new flavors, which is likely to proliferate new product offerings in the savory appetizers segment. Widening bases of health-conscious individuals preferring healthy products, such as prepared salads, is poised to escalate the growth of the region. Most of the newly launched products have no preservatives, are organic, or offer specific health benefits. Marginal prices, ease of use, and availability of convenience packs are boosting the demand for chilled and deli food products.
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Europe is projected to reach USD 72.60 billion by 2025. Rising preference for a vegan diet among flexitarian individuals in countries such as Germany, U.K., and Spain is anticipated to bolster the demand for chilled and deli foods such as prepared salads and prepackaged sandwiches. Burgeoning popularity of these products is prompting players to reformulate their products to gain more revenue share. The U.K. and Germany are the top markets for chilled and deli food products in Europe. Market players in the region are increasingly investing in brand awareness campaigns.
Grand View Research has segmented the global chilled & deli foods market on the basis of product and region:
Chilled & Deli Foods Product Outlook (Revenue, USD Billion, 2014 - 2025)
Chilled & Deli Foods Regional Outlook (Revenue, USD Billion, 2014 - 2025)
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North America
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Europe
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Asia Pacific
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Central & South America
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Middle east & Africa
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