Global Chilled and Deli Foods Market: Prepacked Sandwiches Leads Growth by Dint of Being a Complete Diet, finds TMR
In a highly fragmented global chilled and deli foods market, the three leading companies account for under 30% of the market. Among the top three, Kraft Foods Group Inc. held the dominant share of 12% in the market in 2014. It was followed by Tyson Foods Inc. and BRF S.A. in the second and third positions respectively. Some of the popular strategies adopted by the top-tier market participants to expand their outreach are strategic mergers and acquisitions and increasing spend on research and development to create a range of products to suit different palates.
Providing a stiff competition to the big names in the industry are the local players, who also enjoy a sufficient stronghold in the market. A trend noticeable in the market is that private labels have a high degree of market penetration and mostly purvey their products via supermarkets and hypermarkets. Buying into the promise of solid growth aspiring players are foraying into the market with an array of products. As a result, competition is intense among the international giants, local players, and new entrants.
A report by Transparency Market Research (TMR) forecasts the revenue in the global chilled and deli foods market to rise at a CAGR of 3.0% from 2015 to 2021 to attain value of US$0.99 bn by 2021.
Bettering Economic Conditions makes Asia Pacific a Market Leader
The different types of chilled and deli foods available in the market can be broadly classified into pies and savory appetizers, meats, prepacked sandwiches, and prepared salads. Among them, prepacked sandwiches grossed the maximum revenue of US$322.72 mn in 2014. Going forward too, it is slated to hold on to its dominant share on the back of robust demand from Europe. It enjoys widespread popularity due to being a complete and balanced diet. In terms of growth rate, however, the pies and savory appetizers segment will overtake others.
Geographically, Asia Pacific leads the global market for chilled and deli foods in terms of revenue, which is slated to increase at a CAGR of 3.8% between 2015 and 2025. The bettering economic conditions in Asia Pacific, especially in the fast-expanding developing economies of China and India, is driving the market significantly. North America trails Asia Pacific in terms of revenue. Prepacked sandwiches are the most popular in North America and in the years ahead, the segment is slated to clock significant growth in the continent.
Fast-paced Lifestyle Results in Demand for Convenience Foods
The most prominent unique perceived benefit of chilled and deli foods is their convenience. This coupled with a fast paced lifestyle has been at the forefront of driving demand in the market. These foods enable those hard pressed for time to eat healthy, wholesome hassle-free meals at any place. “Prepared salads offer a healthy ready to eat food option. The prepacked sandwich category is also expected to grow at a high rate owing to it being a complete and healthy food providing a balanced diet,” explains the lead analyst of the TMR report.
Wide Array of Products Boosts Sales
Other prominent growth drivers in the market are the economic and industrial growth of most regions leading to swift urbanization and rising fortunes of people, which in turn enables them to splurge on such foods. Stiff competition among the various players in the market has also inundated the market with a range of products touting various benefits and flavors. Consumers are spoiled for a choice and this in turn has led to the increasing uptake of chilled and deli foods in the market. In fact, consumers are increasingly preferring such foods over fast foods and other convenience foods.
This review is based on the findings of a TMR report titled “Chilled and Deli Foods Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
Chilled and Deli Foods Market: By Product Type
- Pies and Savory Appetizers
- Prepacked Sandwiches
- Prepared Salads
Chilled and Deli Foods Market: By Geography
- North America
- Asia Pacific
- Rest of the World
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