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.
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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
- Meats
- Pies and Savory Appetizers
- Prepacked Sandwiches
- Prepared Salads
- Others
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