The global chilled and deli foods market is likely to reach $267.70 billion by 2025, exhibiting a CAGR of 5.2% during the forecast period, according to a report by Grand View Research, Inc., San Francisco.
The popularity of these products is largely associated with their ease of preparation, storage and availability in retail outlets, which is expected to influence the global consumption patterns over the forecast years.
Highlights from the report entail:
- In terms of product, the pre-packaged products segment was valued at $40.54 billion in 2017, and is expected to expand at a CAGR of 5.8% over the forecast period.
- Central and South America is projected to witness a growth rate of 4.3% over the forecast period, owing to increasing number of food retail chains in countries such as Brazil, Venezuela and Argentina.
- Asia Pacific offers growing investment opportunities for chilled and deli food manufacturers, driven by high-potential customer base in the region.
- Countries in APAC, especially India and China, are expected to progress at a CAGR of 5.8%, primarily as a result of rising demand for exquisite chilled and deli foods.
Pre-packaged products are likely to be the largest product segment for the chilled and deli foods market throughout the forecast horizon. The demand for savory appetizers is primarily driven by tastes and variety.
While North America and Europe are the largest regions in terms of consumption, growth in these regions is lower than in the largely developing regions. Asia Pacific is poised to offer tremendous growth opportunities owing to increment in consumption per capita and increasing population catering to global supplies. Widening base of middle class population is also playing a pivotal role in the development of the regional market. The same is true in Africa, although the growth trajectory for savory is still lower than Asia Pacific.
Concerns among buyers regarding adverse health effects due to degradation of ready foodstuffs is on the rise, thereby leading to increased requirement for maintaining freshness of products such as frozen desserts.
With increasing number of working-class population and changing lifestyles, retail stores are focusing on products that boast greater shelf life and are capable of retaining quality while kept frozen. In emerging markets in Latin America, Southeast Asia and Eastern Europe, relatively buoyant income growth is translating into greater affordability and inclination towards new goods and services.
The distribution channel for chilled and deli foods is largely pivoted to supermarkets and hypermarkets, convenient stores, specialty stores and e-commerce portals capable of catering to a large consumer base.
