Running a new kitchen light circuit from a receptacle with a "traveller."
Before you terminate and dead end the red wire in the box there a couple of things to consider. Since there are obviously two hots providing power to a split outlet (i.e. tab removed) it does NOT necessarily mean that half the outlet is switched. It could just be that two separate circuits supply power from two circuit breakers. The red wire may come from one breaker. It is a possibility that all of the kitchen outlets may have been split and two circuits provide good capacity to the kitchen. 

On the other hand the black wire you have may already be daisy chained to other outlets and the red specifically routed to half of this outlet for a single point dedicated load.

Another thing to consider, from your comment that you are discontinuing this outlet completely, is that it is rare that you have too many outlets in a kitchen. Do not put yourself in a situation a few years from now wishing you still had that outlet. 

Lastly if you do succumb to the drive to eliminate the outlet completely do be aware that you cannot cover up and how the now unused junction box. The cover has to be fairly accessible and not like walled over or hidden behind permanently installed fixtures.