Study: Deli meat market to grow $114.18B by 2023
Increasing awareness regarding the health benefits of organic foods such as organic deli meats has increased consumption.
The deli meat market is projected to grow $114.18 billion, at a CAGR of 11%, by 2023, according to “Global Deli Meat Market 2019-2023,” a report published by Technavio, London.
Rising demand for organic and natural deli meats
Increasing awareness regarding the health benefits of organic foods such as organic deli meats has increased consumption, and has been increasing when compared with regular processed meats.
“The global organic meat market is expected to grow significantly during the forecast period. Several major players in the market have been focusing on strengthening their presence in the organic meat segment to meet the rising demand,” says a senior research analyst.
Growth in organized retail
A key driver for the global deli meat market is the growth in organized retail. Significant revenue is being generated from the sale of deli meats through organized retail channels such as supermarkets and hypermarkets. In fact, these retail outlets are the largest sales channels for deli meat, making deli meat more accessible to a broader consumer base.
The cured deli meat segment held the largest deli meat market share in 2018. The popularity of packaged meats as a ready-to-eat option is one of the major factors driving the growth of this segment. North America accounted for the highest share of the market in 2018. Growing demand for healthy, tasty and convenient foods and snacks, a rising number of product launches featuring new flavors and the availability of more deli meat products at the retail level are some of the factors that will drive market growth in North America.