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.
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.
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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.
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.
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.
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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.