Central & South America Deli Meat Market Expected to Reach $1,659.1 Million by 2031-Allied Market Research

According to a new report published by Allied Market Research, titled, “Central & South America Deli Meat Market by Source, Product Type, & Sales Channel: Opportunity Analysis and Industry Forecast, 2022–2031,”

The Central America and South America deli meat market was valued at $921.2 million in 2021 and is projected to reach $1,659.1 million by 2031, registering a CAGR of 6.0% from 2022 to 2031. 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 bovine. 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. These are infused with spices, salt, and flavorings to provide unique flavor and taste. The innovations and technological advancements adopted by manufacturers in Brazil, Panama, Argentina, and Peru have shaped the deli meat industry in a positive manner. The availability of new flavors in these American markets is attracting the consumers' interest over traditional meat. Moreover, there is a considerable rise in the consumption of deli meat, owing to rise in reliance of customers on processed meat and ready-to-eat meals. The growth of the Central America & South America deli meat market is majorly driven by exponential rise in population, rapid westernization, and increase in disposable income of the consumers, which, in turn, encourage 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. Thus, the demand for deli meat is catered by the manufacturers as the adequate meat availability is becoming a major growth factor in the market.For instance, JBS SA unveiled its newest beef processing facility on January 2020 in the Brazilian state of Mato Grosso as efforts to grow output within the country. The corporation made a $17.1 million investment in the facility, which has a daily capacity of processing 500 animals.

The meat industry is one of the most competitive industries and the market players introduced innovations to gain consumers' attention and increase their sales. The availability of alternative meat affects the growth of the deli meat market. To maintain the sales of the brand and keep the customer interested in the brand, deli meat market players are introducing innovative deli meat products. One of the key factors discouraging consumers from purchasing deli meat and instead opting for fresh meat products is high sodium concentration. The presence of gluten in deli meat, on the other hand, is a source of concern that influences customer purchasing behavior. Gluten causes inflammation and damages the intestinal tract and may lead to celiac disease. As a result, industry participants are responding to customer demand by offering reduced sodium and gluten-free deli meat products. For instance, in 2020, Boar's Head Provisions, Inc. introduced roasted turkey deli meat with low sodium content and completely gluten-free. The introduction of new variants of products is anticipated to propel the growth of the deli meat market.

The Central America & South America 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, turkey, and others. Depending on product type, it is segregated into dry cured meat and uncured deli meat. By sales channel, it is segregated into hypermarkets/supermarkets, specialty stores, convenience stores, online channels, and others. Region wise, it is analyzed across Central America (Costa Rica, Panama, Guatemala, & Rest of Central America), and South America (Brazil, Argentina, Chile, Peru, Colombia, Ecuador, & Rest of South America). The players operating in Central America and South America deli meat market have adopted various developmental strategies to expand their deli meat market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Boar's Head Provisions Co., Inc., Cargill, Incorporated, Conagra Brands, Inc., Hormel Food Corporation, JBS S/A, Kraft food group, Maple Leaf Food, Inc., Rey Chavez Distributors Corporation, Saval Foodservice, and Tyson Food, Inc.

Key Findings of the Study

• On the basis of source, the pork segment is projected to witness the highest CAGR of 8.1%, in revenue terms, during the forecast period.
• On the basis of product type, the uncured deli meat segment is estimated to register the highest CAGR of 6.6%.
• On the basis of sales channel, the online channels segment is expected to grow at a significant CAGR during the forecast period.
• Region wise, Central America is anticipated to witness highest growth rate, registering a CAGR of 6.9% from 2022 to 2031.