The research study by Technavio of the global cold cuts market for 2017-2021 provides a detailed industry analysis based on product type (deli cold cuts and packaged cold cuts), consumption type (sliced, non-sliced, and lunch), distribution channel (supermarket and hypermarkets, convenience stores, and specialty retailers), and geography (the Americas, Europe, APAC, and MEA).
|Luncheon meat or cold cuts market size is expected to reach USD 186.5 billion by 2021. The Americas is predicted to be the leading region, contributing the highest revenue and maximum incremental growth through the forecast period.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global cold cuts market:
- Increasing demand for convenient and packaged food
- Rise in consumer preference for nutrient rich food
- Growing demand for gluten-free cold cuts
Increasing demand for convenient and packaged food
“Increasing urbanization is creating high demand for ready-to-eat packaged foods that are convenient to consume, resulting in increased sales of chilled and packaged food products such as meat cuts across various distribution channels,” says Manjunath Reddy, one of the lead analysts at Technavio for food research.
Countries such as the US, the UK, Germany, and Italy, are the key consumers of cold cuts, as it comes across as a convenient, on-the-go lunch option. These thin slices of cold meat appeal to consumers looking for a simple, yet filling lunch; and easy-to-serve choices for parties and family gatherings.
Rise in consumer preference for nutrient rich food
The rising consumerism has led to a considerable shift in lifestyles and diet habits of various demographics. There has been a rapid rise in the consumption of processed meat products, which satisfy the daily nutritional requirements. Luncheon meats are an excellent choice for these consumers, as they provide a healthy balance between nutrition and taste. The combination of meat and cheese in cold cuts provides protein, calcium, and other nutrients like iron, zinc, and vitamin B-12. The presence of these nutrients makes cold cuts a very healthy option for consumers, leading to increased adoption.
Growing demand for gluten-free cold cuts
“The global gluten-free food market is growing at a steady pace, due to an increase in the number of health-conscious consumers. Gluten-free cold meats aid in weight management, provide many essential nutrients, thereby leading to its increased utilization,” says Manjunath.
Additionally, there is a rise in awareness about celiac diseases, for which the only cure available is to switch to a gluten-free diet. Since a large percentage of the population suffers from celiac diseases, there is a high demand for gluten-free cold cuts.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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