Factors
such as increasing demand for convenient food products is expected to
bolster the growth of the chilled and deli foods market. The concept
of chilled and deli foods is still new in most of the developing
countries. Increasing number of working women is also impacting the
demand of chilled and deli foods positively. Moreover, as a result of
the improvement in the people’s lifestyle in the developing
countries of Asia Pacific, the market is further expected to grow.
Chilled and deli foods offer convenient food options for people who
lead a busy and hectic lifestyle. The convenience offered by chilled
and deli foods is one of the most important reasons responsible for
their growth globally Furthermore, the demand for chilled and deli
food in the region is expected to remain high throughout the forecast
period as a result of the expansion of supermarkets and hypermarkets.
The chilled and deli foods are a part of the culinary culture of the
European people due to which its demand in the region is expected to
remain high.
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Meats,
pies and savory appetizers, prepacked sandwiches, prepared salads and
others are the five product type based on which the market has been
segmented. The prepacked sandwiches segment generated the largest
revenue in 2014 and was the largest category mainly due to the health
benefits and complete food option associated with it.
Recent
trends have shown that food and beverage companies are constantly
entering in the chilled and deli foods segment as a result of the
presence of huge opportunity in the market. Moreover, the existing
companies are engaging in research and development to develop new
flavors and add new varieties. Furthermore, the companies in the
chilled and deli foods category are expanding their business by
entering new countries such as China and India. Moreover, leading
players in the chilled and deli foods market have adopted different
competitive strategies to better serve the rising needs from their
related industries. These companies aim to become stronger players in
a fragmented market, wherein a number of players offer chilled and
deli foods. The major players of the chilled
and deli foods market are continuously engaging in research and
development activities to introduce new varieties and improve the
existing products. For example, in August 2014, Kraft Foods Group
Inc. introduced four new flavors of deli meats under the name Old
World Style. The four flavors are Cracked Black Pepper Salami,
Classic Salami, Turkey Pepperoni, and Classic Pepperoni. However, the
penetration rate of private label brands is still high wherein the
market is fragmented and a large number of private label brands
operate. A wide variety of products is being offered by major
retailers with competitive pricing, thus providing immense
opportunity for the chilled and deli foods market to flourish.
In
terms of revenue, Asia Pacific was the largest in 2014 and the region
is expected to continue its dominance throughout the forecast period.
The demand for chilled and deli foods is expected to remain high in
the region due to the improving economic conditions coupled with
changing lifestyles. Moreover, the Asia Pacific region has a very
large youth population which is further driving the chilled and deli
foods market.
The
Pies and Savory Appetizers was the second largest segment in the
chilled and deli foods market in terms of revenue. The demand for
pies and savory appetizers was mainly fuelled due to its popularity
among the youth population.
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