According to a new report published by Allied Market Research, titled, " Deli meat Market by Source, Product Type, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030” The deli meat market size was valued at $17,186.1 million in 2020 and is projected to reach $27,405.4 million by 2030, registering a CAGR of 4.8% from 2021 to 2030.
Deli meat, also known as lunch meat, is a precooked or cured meat that is sliced and served cold or hot. Deli meat is made of beef, pork, chicken, turkey, veal, and ovine. The deli meats are available in the form of loaves, canned, sliced, or prepackaged vacuum-packed portions and are most often served on sandwiches and in charcuterie trays.
Deli meats are infused with spices, salt, and flavorings to provide unique flavor and taste. The availability of new flavors in the market is attracting the consumers' interest. Moreover, deli meat consumption is rising considerably, as customers' reliance on processed meat and ready-to-eat meals increasing. This rise in consumption boosts the deli meat market opportunities for growth.
The global deli meat market growth is majorly driven by exponential rise in population, rapid westernization, and increase in consumers' disposable income, which, in turn, encourages the consumption of meat products. Moreover, technological advancements in the processed meat industry play a major role to cater the demand for meat, as it helps to reduce the time for the production of meat without compromising the quality.
For instance, Jumo Systems, a product of Jumo Automation Co., Ltd. is specialized equipment built for meat processing. The equipment assists in regulating the temperature, removing extra moisture from the meat, and lowering the time of processing. The quality of the product is increasing as a result of these technologies, which has a significant influence on meat product sales since consumers will have no concerns before the purchase of the products. The use of new technology by market participants is likely to support the expansion of the meat and processed meat industries.
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Meat is a major source of valuable proteins and vitamins such as A, B, B 12, and niacin. Meat further contains iron, zinc, and other micronutrients. However, increased consumption of red meat, especially in its processed forms, causes adverse health effects. Processed meat intake causes cardiovascular diseases, type 2 diabetes, and bowel or colon cancer. The negative notion in consumers related to the consumption of deli meat is encouraging them to reduce the consumption of meat products and seek for healthier and safe alternatives for consumption. This awareness in consumers is projected to reduce meat sales, which might stifle the development of the deli meat market.
Online shopping has emerged as a growing portion of the sales channel in recent years. The world has come to embrace the use of digital media for shopping.
The advantages of online purchasing include convenience, time saving, and the opportunity to access several options under a single click. With the advent of the COVID-19 pandemic, consumers were forced to shift toward online shopping.
According to the United Nations Conference on Trade and Development (UNCTAD), the e-commerce industry will expand further in the upcoming year, as in 2020 the online retail sales increased from 16% to 19% of overall retail sales. The availability of internet access and rise in consumer adoption of online shopping are projected to boost deli meat sales via digital channels.
The global deli meat market is segmented into source, product type, sales channel, and region. On the basis of source, the market is categorized into beef, pork, chicken and others. By product type, it is segregated into cured meat and uncured meat. Depending on sales channel, it is fragmented into hypermarkets/supermarkets, specialty stores, convenience stores, online channels, and others.
Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Russia, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, United Arab Emirates, Argentina, South Africa, and rest of LAMEA).
Key Findings Of The Study:-
According to deli meat market trends, on the basis of source, the pork segment is projected to witness the highest CAGR of 5.2%, in revenue terms, during the forecast period.
By product type, the uncured meat segment is estimated to register the highest CAGR of 5.8%.
Depending on deli meat market analysis on sales channel, the online channels segment is expected to grow at a significant CAGR during the deli meat market forecast period.
In 2020, the U.S. generated the highest revenue, accounting for approximately 30% share of the global deli meat industry.
Region wise, Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 6.1% from 2021 to 2030.
The key players profiled in this report include Boar’s Head Provisions Co, Inc., Cargill Incorporated, Conagra Foods, Inc., Hormel Foods Corporation, JBS S/A, Maple Leaf Foods, Inc., Sigma Alimentos, S.A. de C.V., The Kraft Heinz Company, Tysons Foods, Inc., WH Group Limited. The other market players are Sysco Corporation, OSI Group, LLC, Perdue Farms, Inc., George’s Inc., Butterball LLC., Fresh Mark, Inc., Indiana Packer’s Corporation, West Liberty Foods, Inc., Agri Beef Co., Clemens Food Group., Carl Buddig Co., Rastelli Foods Group., Dietz & Watson, Inc., Abby Land Foods, Inc., and Dakota Provision LLC