Chilled & Deli Foods Market Is Expected To Witness Increased Growth Rates Of Revenue And CAGR Forecast 2030Posted by Mrudula Anil Karmarkar on June 1st, 2023 The global chilled & deli foods market is expected to reach USD 350.9 billion by 2030, registering at a CAGR of 5.5% from 2022 to 2030, according to a new report by Grand View Research, Inc.Rising preference of consumers for chilled & deli products along with consumer focus in gaining knowledge & desire to understand various nutritional contents is one of the key trends driving the market. A busy lifestyle coupled with shifting consumer preference towards prepared meals, owing to the convenience offered by them, is poised to remain one of the key trends stoking market growth in the forecast period. Manufacturers are launching a wide range of chilled & deli foods in the healthier segment with claims vegan gluten and dairy-free in order to cater to the rising customer demand, which is increasing the scope of chilled & deli foods in the global market. For instance, in July 2021 Veroni, a manufacturer of Italian cured meats and specialties launched its new snack line offering a selection of authentic Italian salami with provolone cheese, dried fruit, and breadsticks. The organic type segment is expected to be a faster-growing segment during the forecast period. Product launches by the key players in the market, within this segment, is likely to supplement the overall segment growth. For instance, in May 2020 Applegate Farms, the U.S.-based natural and organic meat company owned by Hormel Foods launched a blended meat and vegetable range called Well Carved. The product line consists of meat with whole vegetables, legumes, and grains, Grass-Fed Organic Beef Burger, the Organic Turkey Burger, and the Organic Asian Style Pork Meatball. The supermarkets & hypermarkets distribution channel segment held the largest segment in 2021 and is expected to maintain dominance over the forecast period. The rise in demand for chilled & deli foods by the consumers has made supermarkets & hypermarkets including Walmart, and Target holds greater shelf spaces for chilled & deli foods, especially in developed countries such as U.S., U.K., and Germany, France, and others. The popularity of delicatessen, specialty, and fine foods has grown enormously, as the consumer's tastes have become more sophisticated and adventurous. Increasing demand for prepared superfoods, which are organic, locally sourced, additive-free, and fair-trade products have complemented the overall market growth. According to a report published by Kerry Group in 2020 May, 26.0% of the consumers claimed that prepared foods are the most important consideration when they shop for fresh foods and 66.0% of consumers buy prepared snacks, meals, and more from retail, every month. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/chilled-deli-food-market/request/rs1 The spread of the Coronavirus (COVID-19) pandemic has affected the industry. Majorly with global shut down of deli counters and supermarkets. During this panic situation, consumers started buying prepared offerings owing to their higher shelf life and convenient low-temperature storage options, which provided a boost in the retail section. However, there was a shift toward comfort eatables, and plenty of consumers were trying to get back on the healthy track after weeks of comfort eating, which prompted the demand for high-quality products including deli offerings. Thus, recent events are helping to shape the trends globally, as a result, driving the market growth. Consumers are still on the lookout for better-for-health products with clean label attributes such as ‘all-natural, 100% natural’ and ‘made with real’, ‘organic’, and more. In fact, these attributes have seemed to gain even more traction since the onset of the pandemic. Meanwhile, the rising pressure upon brands to expand their portfolio continues to shift the overall concept of frozen deli offerings toward more plant-based/vegan/organic ingredients. For instance, in February 2022 California-based startup Prime Roots launched a new line of vegan deli and charcuterie meats made from koji (a Japanese fungus). The new product line includes both classic deli meats such as cracked black pepper turkey, Smokey ham, and pepperoni, along with delicacies such as meatless foie gras and pâté. Chilled &Deli Foods Market Report Highlights
Prepared meals and superfoods have been a behemoth for supermarket delis in recent years. Ready-to-serve meals, sides, salads, pre-sliced meats and cheeses, and ready-to-heat-and-serve sides offer both familiarity and time-saving for the consumers, which have propelled the market growth. According to the report of the International Dairy Deli Bakery Association (IDDBA) published for the year 2020, prepared meats witnessed significant sales increases during 2020 across the categories, including pre-sliced ham, beef, bologna, salami, and pepperoni. The increase in sales ranged from 23.0% to 95.0% for the year 2020. Furthermore, as frozen food brands penetrate the market with new product launches, many of the established brands in the market are focusing on market strategies such as online advertising campaigns, re-branding, packaging, and more to get a hold of a new set of consumers. For instance, in April 2021 Land O’Frost, one of the U.S. best-selling brands of pre-sliced deli meats and a producer of specialty meats, announced a brand re-design and three new flavors for its Bistro Favorites meat brand after witnessing Bistro Favorites brand reaching 42.0% growth in consumer sales during 2020. The new brand design includes a uniquely crafted, hand-drawn Bistro Favorites logo, while ingredient and sandwich imagery provide inspiration and a reminder of the brand’s unique, handcrafted offerings. Such innovative marketing strategies are likely to provide artisanal and unique engagement with the shoppers. Growth trends such as mergers & acquisitions in the food & retail industry especially by key players in the market likely to propel the market growth. For instance, in December 2021, Mama Mancini’s Holdings, Inc., a marketer of specialty pre-prepared, frozen and refrigerated products announced agreements for the acquisitions of T&L Creative Salads, Inc. and Olive Branch, LLC, which are related premier gourmet food manufacturers based in New York. Both the premium gourmet manufacturers sell their salads and prepared products to over 250 delis, bagel shops, smaller retail accounts, and distributors in the New York metropolitan area. Thus, the acquisition would help the company to generate more net income and expand its distribution network. List of Key Players in the Chilled & Deli Foods Market include
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