LONDON--(BUSINESS WIRE)--The global cold cuts market is expected to post a CAGR of close to 11% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the growing demand for convenient and packaged food. The expanding urban population base, rising demand for on-the-go foods, and increasing awareness about high-protein diets are driving the growth of the global cold cuts market. Furthermore, the demand for ready-to-eat, ready-to-heat, and ready-to-cook products is increasing, primarily due to busy lifestyles. Rising middle-class population and the increase in the number of working women also contribute to the growing demand for such products. Processed meats such as cold cuts provide convenience and more choice to consumers. Moreover, ready-to-eat meals can reduce the preparation, cooking, and clean up times. In countries such as the US, the UK, Germany, and Italy, cold cuts are very popular among consumers as a convenient, on-the-go lunch option. These factors are expected to drive market growth during the forecast period.
This market research report on the global cold cuts market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing demand for healthy and natural cold cuts as one of the key emerging trends in the global cold cuts market:
Global cold cuts market: Increasing demand for healthy and natural cold cuts
The growing health awareness among people globally has resulted in the increasing demand for healthy and natural cold cuts such as clean labeled, vegetarian, and organic cold cuts. People are reducing their consumption of meat and processed meat products such as cold cuts and deli meats due to the growing awareness toward health ailments caused by them and are showing more preference toward meatless alternatives such as vegetarian and vegan cold cuts. According to the People for the Ethical Treatment of Animals (PETA), about 2.5% of the US population follows vegan lifestyle and diet, which is further expected to increase by 0.5%-0.7% during the forecast period. By observing the increasing trend for organic and vegan food, many vendors in the market have started introducing healthy alternatives to meat and cured meats. Therefore, with such an increase in demand, the market is expected to register a positive outlook during the forecast period.
“Apart from factors such as the increasing demand for healthy and natural cold cuts, the expanding retail space is one other factor boosting the growth of the global cold cuts market as the significant expansion of organized retail sector with a rapid increase in supermarkets, hypermarkets, and specialty stores has been driving the sales of the cold cut products,” says a senior analyst at Technavio.
Global cold cuts market: Segmentation analysis
This market research report segments the global cold cuts market by product (deli cold cuts and packaged cold cuts) and geographical regions (APAC, EMEA, and the Americas).
The EMEA region led the market in 2018 with a market share close to 47%, followed by the Americas and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to growing urbanization, changing lifestyle and diet patterns, expansion of retail channels, and increasing product launches in emerging economies such as India and China.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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