A new report published by Allied Market Research, titled, “Chilled and Deli Food Market by Type: Global Opportunity Analysis and Industry Forecast, 2014 – 2022″, projects that the chilled and deli food market is expected to reach $1,051,554 million by 2022 from $846,080 million in 2015, with a CAGR of 3.2% from 2016 to 2022. Pies and savory appetizers coupled with meat segment are expected to grow at a high growth rate, in terms of revenue, with a CAGR of 3.4% and 3.3%, respectively.
Chilled and deli food items are ready to eat products which can be readily consumed and stored at low temperatures. The global chilled and deli food market is expected to witness notable growth in the coming years due to the increasing demand for ready to eat products. Chilled and deli food has become an important part of the lifestyle demographic because of the rising usage of preserved food products in daily life.
According to Eswara Prasad, Team Lead, Chemicals & Materials at Allied Market Research, “though prepacked sandwiches are widely consumed due to their expedient utility and healthy properties, with the decrease in prices and calorie content, and the development of better preservation procedures, consumers are expected to switch to other options such as salads and savory appetizers.”
The global prepacked sandwiches market is witnessing steady growth and is estimated to dominate nearly two-fifths of the global chilled and deli food market in terms of revenue by 2022 at a CAGR of 3.1%. Growing demand in the packaged food industry and rising consumption of healthier food products in the food and beverages industry is attributed for this growth, however, unstable price of raw material is limiting the growth of the market.
Based on type, pies and savory appetizers is the fastest growing segment. It is expected that this segment would dominate the market continuously in terms of growth in the coming years with highest growth rate at a CAGR of 3.4% for the forecast period.
Key findings of the study:
- Though Asia-Pacific is projected to continue to dominate the chilled and deli food market, LAMEA will grow at a higher CAGR of 4.0%, in terms of revenue.
- North America accounted for more than one-fourth share of the chilled and deli food market, in revenue, with a CAGR of 2.6%.
- China dominated in the Asia-Pacific chilled and deli food market, and is expected to grow at a CAGR of 4.0%, in revenue terms.
- The meats segment of the chilled and deli food market is expected to grow with a CAGR of 3.3%, during the forecast period.
- Latin America dominated the chilled and deli food market in LAMEA region with nearly half the market share, and is estimated to grow at a CAGR of 5.6%, during 2016-2022.
Based on geography, the market is segmented into North America, Europe, Asia pacific and LAMEA. Asia-Pacific was the highest revenue-generating region and is expected to grow at a CAGR of 3.8%. LAMEA is anticipated to register significant growth in the forecast period followed by North America and Europe with a CAGR of 4.0%.
The key players in the global chilled and deli food market in are Samworth Brothers Ltd., Tyson Foods Inc., Hormel Foods Corporation, JBS S.A., Kraft Foods Group Inc., BRF S.A., Astral Foods Ltd., 2 Sisters Food Group, Waitrose Ltd., and Wm Morrison Supermarkets Plc, among others.