Albany, NY, Aug. 04, 2016 (GLOBE NEWSWIRE) -- Kraft Foods Group, Inc., Brasil Foods S.A., and Tyson Foods, Inc. collectively held 28% of the global chilled and deli foods market in 2014, leaving 72% of the revenue to be taken up by a very large number of regional players.
According to Transparency Market Research, these key players aim to acquire greater portions of the market revenue through various market consolidating ventures such as mergers and acquisitions and advanced research and development. For them, consistency in releasing new types of chilled and deli foods and other meats is key to gaining in market share.
Players Aim for Greater Sales in Rapidly Growing Prepackaged Sandwiches Segment
“Prepackaged sandwiches have been the most popular type of chilled and deli food in recent times. This segment not only has the ability to provide consumers with a more balanced diet, but also provides a high level of convenience. Prepackaged sandwiches fit perfectly into the hectic modern lifestyle of most middle-class workers” states a TMR analyst. While prepackaged sandwiches have always been popular in North America and Europe, they are rapidly gaining popularity in other parts of the world as well.
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Meanwhile, thanks to advancements in packaging materials and manufacturing, prepared salads are showing the highest level of promise for players in the chilled and deli foods market. Salads are a highly preferred food preparation today due to the growing health-consciousness of consumers. Improvements in packaging allow salads to be kept fresh for longer, allowing better transportation and sales.
Economic Improvement in APAC Allows More Consumers Access to Chilled and Deli Foods
The demand for chilled and deli foods in Asia Pacific is currently very high and the key reason for this is the rapid growth in economy. China and India are especially responsible for the recent demand and developments in the Asia Pacific market for chilled and deli foods. The increasing disposable income among individuals in the growing urban areas of the two countries now hold key opportunities for not only the globally prominent players, but also the regionally popular ones.
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Asia Pacific also holds a unique advantage for players in the form of a growing workforce in the chilled and deli foods business, especially in women. The increasing acceptance of modern social concepts and the need for greater earnings are increasingly allowing women to take up work, which holds promise for the chilled and deli foods business.
Demand for Chilled and Deli Foods Continues to Grow in Asia Pacific
The revenue generated globally by the chilled and deli foods players is expected to increase at a CAGR of 3.0% within a forecast period from 2015 to 2021. The revenue is expected to reach US$853.5 bn by the end of 2016 and US$988.7 bn by 2021.
Asia Pacific, through its high population density and rapid ongoing industrial growth, will consistently present the highest demand for chilled and deli foods. It is expected to reach a revenue of US$366.92 bn by the end of 2021.
The information presented in this review is based on a Transparency Market Research report, titled “Chilled and Deli Foods Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
- Asia Pacific expected to generate chilled and deli foods revenue of US$399.92 bn by 2021.
- US$397.46 bn of annual revenue in global chilled and deli foods market expected to be derived from pre-packaged sandwiches by 2021.
- Pies and savory appetizers segment expected to be valued at US$297.7 bn by 2021
Key Segments of the Global Chilled and Deli Foods Market
Global Chilled and Deli Foods Market, by Type:
- Pies and Savory Appetizers
- Prepackaged sandwiches
- Prepared salads
Global Chilled and Deli Foods Market, by Geography:
- North America
- Asia Pacific
- Rest of the World
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research