According to a new market report published by Transparency Market Research, Albany, N.Y., the global chilled and deli foods market is expected to rise to $988.7 billion by 2021.
Busy and hectic lifestyles are the primary reasons for the growth of the chilled and deli foods market in North America, according to the report, "Chilled and Deli Foods Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021." Chilled and deli foods are ready-to-eat foods and are convenient to consume. Factor such as changing lifestyle due to the impact of westernization coupled with the expansion of supermarkets and hyper markets are fueling the growth of chilled and deli foods market in the Asia Pacific. The European chilled and deli foods market is expected to be driven as a result of the increasing health awareness among consumers, leading to a rise in pre-packed sandwiches.
The global chilled and deli foods market was segmented into meats, pies and savory appetizers, pre-packed sandwiches, prepared salads and others. In terms of revenue, the market for pre-packed sandwiches was the largest, generating $322.7 billion revenue in 2014.
The pies and savory appetizers market is expected to grow at a CAGR of 2.50% in terms of revenue during the forecast period, the report says. The demand for pies and savory category is high in Asia Pacific as a result of the huge youth population.
In terms of geography, Asia Pacific was the largest market for chilled and deli foods in terms of revenue in 2014. Asia Pacific is expected to continue its dominance throughout the forecast period. The chilled and deli foods market in Asia Pacific is primarily driven by factors such as improving economic condition in the region and the growing number of working women.