Published Date : Jul 15, 2016
The chilled and deli food business, which has been flourishing in Europe since long, is still at its nascent stage in the developing countries. But, with a change in lifestyles, it is only expected to grow in the developing countries, especially, those in Asia Pacific. Meats, prepared salads, pies and savory appetizers, prepacked sandwiches, and others are the five key product type, with prepacked sandwiches being the largest category mainly due to the health and ingredient wholeness associated with them. As a result, in 2014, this segment generated the highest revenue.
Changing lifestyle patterns will Fuel Demands for Chilled and Deli Food
The increase in the number of working women has become a major factor for the exponential increase in the demands of chilled and deli food. Moreover, these convenient food products are helping to ease hectic and busy lifestyles. Factors such as the growing population of youth and improving economic conditions coupled with changing lifestyles have made Asia Pacific the largest in the terms of revenues.
Vendors in Chilled and Deli Food Market Capitalize on Opportunities in Asia Pacific
Due to the presence of considerable growth opportunities and a great scope to experiment with flavors, the chilled and deli food segment has become a major attraction for many food & beverage companies. While many startups are thinking of entering the market, the existing players are trying to experiment with the flavors and add new varieties to their product offerings. For example, in August 2014, Kraft Foods Group Inc. introduced four new flavors of deli meat including, classic salami, cracked black pepper salami, classic pepperoni, and turkey pepperoni of deli meats in the market under the name Old World Style.
Furthermore, companies are on the way to expanding their business by entering into countries such as China and India. Moreover, the major players are adopting different competitive strategies with the aim of becoming a stronger player in the fragmented market and serve neck-to-neck the rising needs.
Despite, the high penetration rate of private label brands in a fragmented market, there are mammoth opportunities in the chilled and deli foods market.