The global chilled processed food market net worth is estimated to be around US$ 803 Bn in 2023. The overall market is anticipated to register a CAGR of 3.5% from 2023 to 2033, as per the market analysis report for this period. This report on the chilled processed food market predicts the overall valuation of the market up to US$ 1,133 Bn by the year 2033.
Chilled processed food simplifies preparation and allows for high-speed cooking, which is a key cause for promoting the expansion of this product in the present market. Furthermore, rising disposable incomes of consumers have resulted in increased demand for all types of chilled processed ham and fresh, chilled chicken, contributing considerably to the market’s rapid rise.
Also, chilled processed meals satisfy customers by preserving the required food quality and standards. These are some noteworthy element that is projected to provide new market potential for the global chilled processed food industry.
Increased government support and initiatives for food processing industries in agricultural countries are likely to augment the growth. Moreover, increased foreign direct investment in India is expected to encourage its chilled processed food industry in the coming days.
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Key Takeaways from the Chilled Processed Food Market Study
- Until the year 2022, the United States held the highest share of up to one-third of the overall global sales. Soaring need for handy sources of food items that can be consumed while traveling has aided the country’s prominence over these years.
- China is the leading market for the production and sales of chilled food products in the Asia Pacific region
- Chilled processed meat and its derivatives constitute the largest segment of the market based on food type.
- Contrarily, chilled-prepared meals are the fastest-growing segment in current years.
- Supermarkets or hypermarkets are the most preferred distribution channel for the sales of chilled processed food items.
- In the last few years, the online distribution channel segment is emerging as the fastest-growing mode. The growth rate pegged for this market segment by the report is at about 5.5% for the forecast years.
Competitive Landscape for the Chilled Processed Food Market
ALDI Einkauf GmbH & Co. OHG, Grupo Bimbo, S.A.B. de C.V., Hormel Food Corporation, Mondelez International, New Covent Garden Soup Company Limited, General Mills, Inc., PepsiCo, The Kraft Heinz Company, Nestlé SA, The Kellogg Company, Unilever, Calbee, Intersnack Group GmbH & Co. KG, Conagra Brands, Inc., and ITC Limited are some of the major players in the global chilled processed food market.
The global, as well as regional chilled processed food markets, are extremely diversified and competitive. Presently, most participants are competing in terms of quality, cost, delivery, and new flavours.
For example, Land O’Frost announced a brand re-design and three new flavours for its Bistro Favourites meat brand in April 2021. It is one of the best-selling brands of pre-sliced non-processed deli meats in the United States and a manufacturer of specialty processed meats. The company decided to take this step following a 40% increase in consumer sales over the year 2020
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Other Recent Developments in the Chilled Processed Food Industry
- Sweet Earth Foods, which is a plant-based and organic developer, officially confirmed the debut of its two brand-new food items in July 2021. One is boil-and-eat breakfast or brunch bowls and the other is fully prepared deli slices.
- After a year of research and development, a new plant-based meat company started its introduction in the United States market in April 2021. Plant-based cold cuts, sausages, and pâtés made with banana, and golden linseed are among the items available from the brand.
Key Segments
By Food Type:
- Ready Meal
- Processed Meat
- Processed Fish or Sea food
- Processed Vegetables & Potatoes
- Bakery Products
- Pizza, Soup, & Noodles
- Others
By Distribution Channel:
- Supermarkets or Hypermarkets
- Convenience Stores
- Online Retailing
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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