According to TMR, the global caps and closures market, which stood at US$36.23 bn in 2014, is expected to reach US$51.57 bn by the end of 2021. If these figures hold true, the global caps and closures market will exhibit a CAGR of 5.2% between 2015 and 2021.

The increasing demand for effective packaging to ensure the longer shelf life of food and beverages is the key factor driving the global caps and closures market. The market is currently witnessing impressive demand from Asia Pacific. As per Transparency Market Research (TMR), a paradigm shift in consumer preference from unpackaged to more convenient and packaged food products is fuelling the demand for caps and closures from the region’s packaging industry.

The world market chilled and deli foods market is anticipated to flourish substantially within the forecast period that extends from the year 2015 to the year 2021. With various distinct segments of customer in the market propelling the demand for several types of products, it accounts for substantial scope of growth in the said market. In the years to come, the world market for chilled and deli foods is prognosticated to experience rise in competition. This is so owing to the fact that major players are taking up various strategies such as research and development activities, in a bid to sustain their position in the market. 

The report profiles a few of the eminent market players in the world market for Chilled and Deli Foods, such as, Prominent players operating in the global market for chilled and deli foods are focusing on product innovation and are involving in various mergers and acquisitions to expand their global presence. Some of the players dominating the market are Kraft Foods Group, Inc., Tyson Foods, Inc., and Brasil Foods S.A.

In accordance with a recent market research report that has been published by Transparency Market Research, the world market for chilled and deli foods is forecasted to expand at a CAGR of 3.0% over the period between 2015 and 2021. The report also projects the international market for chilled and deli foods to reach a market valuation of around US$ 988.70 bn by the year 2025. The overall market was worth around US$ 853.49 bn in the year 2016. 

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North America to Lead the Market over the Period of Forecast

The world market for chilled and deli foods has been regionally segmented into the geographies of Latin America, North America, Asia Pacific, Middle East and Africa, and Europe. North America and Europe are presenting highly lucrative opportunities for the growth of this market owing to hectic lifestyle and cooking and eating habits. This has led to the emergence of various prominent players and several small vendors across these geographies.

However, the region of Asia Pacific market is anticipated to grow exponentially over the period of forecast due to the soaring population within the region.

Analysis of Potential Impact of COVID-19 on GLOBAL CAPS AND CLOSURES MARKET 

The increasing disposable income amongst the common people in the ever expanding and growing urban areas now hold key opportunities not only for the prominent players across the globe, but also the regionally popular ones. Prepackaged sandwiches have been the most common form of chilled and deli food in the recent times. This segment not only has the capability to offer consumers with a more balanced diet, but also offers a high level of convenience. Prepackaged sandwiches perfectly fit into the modern and hectic lifestyle of most of the middle-class workers.

In addition to that, owing to the advancements in manufacturing and packaging materials, prepared salads are displaying the highest level of promise for the market players in the world market for chilled and deli foods. Salads are a highly preferred food preparation these days owing to the rising health-consciousness amongst consumers. Improvements in packaging enable salads to be kept fresh for a long period of time, allowing better transportation and sales.

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