(BUSINESS WIRE) The global cold cuts market is expected to post a compounded annual growth rate (CAGR) of close to 11 percent from 2019 to 2023, according to a research report by Technavio. Key factors driving this growth include:
- Growing demand for convenient, packaged food from an expanding urban population base.
- An increasing awareness about high-protein diets.
- Increased demand for ready-to-eat, ready-to-heat and ready-to-cook products, primarily due to busy lifestyles.
- In countries such as the U.S., the UK, Germany and Italy, cold cuts are very popular among consumers as a convenient, on-the-go lunch option.
- An awareness about healthy eating is increasing demand for cold cut products such as clean-labeled, vegetarian and organic.
- Expanding retail space in the form of supermarkets, hypermarkets and specialty stores.
However, the report also stated that consumers are reducing their consumption of meat and processed meat products in favor of healthier vegetarian or vegan diets. By observing the increasing trend for organic and vegan food, many vendors in the market have started introducing these types of healthier alternatives.
The European, Middle East and Africa (EMEA) region led the market in 2018 with a share close to 47 percent, followed by the Americas and Asia-Pacific (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.