Pepperoni can be consumed during pregnancy but requires caution. Safe when cooked (e.g., on pizza); avoid cold from package. The key guidance from CDC: Must be heated until steaming; avoid eating cold from package. Potential concerns include: Listeria if eaten cold, High sodium, Nitrates. These risks are manageable when you follow the recommended limits.
A "Use Caution" rating means this food is generally fine during pregnancy but comes with a specific factor worth managing — a daily limit, a preparation requirement, or a moderation guideline — rather than a reason to avoid it outright. These ratings reflect general guidance from the FDA, ACOG, CDC, and USDA. The goal of the "caution" label is to flag what to pay attention to, not to suggest the food is unsafe when that factor is properly managed.