Major players in the specialty foods market are Compass Group,
Chobani, World Central Kitchen, Eden Creamery, AeroFarms, Safe Catch Foods,
Union Wine Co., Daily Harvest, a2 Milk, and Amy's Kitchen.
The global
specialty foods market is expected to decline from USD 165.06
billion in 2019 to USD 145.25 billion in 2020 at a compound annual growth rate
(CAGR) of -12%. The decline is mainly due to the COVID-19 outbreak that has led
to restrictive containment measures involving social distancing, remote working,
and the closure of industries and other commercial activities. The entire
supply chain has been disrupted, impacting the market negatively. The market is
then expected to recover and reach USD 209.47 billion in 2023 at CAGR of
12.98%.
The market for specialty foods
consists of sales of specialty foods and their related services. Specialty
foods are made from high quality ingredients and have limited distribution with
unique or beautiful packaging. The specialty foods consist of cheese &
plant-based cheese, non-RTD cocoa and coffee, refrigerated and frozen
poultry/seafood/meat, yogurt, candy, pretzels/snacks/chips, bread & baked
goods, and others.
North America was the largest region in the specialty foods market in
2019. In August 2018, Indiana Packers Corporation (IPC), producer of Indiana
Kitchen premium pork products announced the acquisition of Specialty Foods
Group, LLC (SFG) based in Owensboro, Kentucky for a purchase-price between USD
25-27 million. The acquisition is expected to strengthen the Indiana Packers
Corporation (IPC) growth for manufacturing, marketing, sales, and raw material
utilization capabilities. Specialty Foods Group LLC is a manufacturer and
distributor of private-labeled and premium branded meat products in the USA.
The specialty foods market covered in this report is segmented by product
type into cheese and plant-based cheese; frozen or refrigerated meat, poultry,
and seafood; chips, pretzels, and snacks; bread and baked goods; chocolate and
other confectionery; others and by distribution channel into food service;
retail; online.
The high cost of specialty food
is likely to hinder the growth of the specialty foods market during the period.
Specialty foods are made from high-quality ingredients such as gluten-free,
non-GMO, and ingredients rich in vitamins and minerals, thus include a higher
cost of raw materials. According to specialty foods association, the high cost
of ingredients, certifications, and production is increases the prices of
specialty foods making it unaffordable for the large group of the populace.
Therefore, the high cost of specialty foods is predicted to hinder the growth
of the specialty foods market during the forecast period.
The launch of high quality and innovative products such as plant-based, convenience,
better-for-you, non-GMO products with authenticity, and products with unique
attributes such as low fat, low calorie, low sodium, high protein, no dairy and
organic is a major trend shaping the growth of the specialty foods industry.
For instance, in February 2020, PANOS Brands, engaged in production and sales
of a unique portfolio of specialty and natural brands announced the launch of
its new products which includes Amore Organic Ready-To-Eat Legumes, KAME Asian
Rice Crackers, Amore Organic Ready-To-Eat Legumes, Chatfield's premium
allergen-safe Organic Baking Bars, Andrew & Everett rBGH-BST Hormone Free
Melting Cheese, and MI-DEL Organic Apple Cinnamon Cookies. Therefore, the
launch of new innovative and healthy products is likely to be a major trend
driving the sales of the specialty foods industry.
The growth in the number of millennials preferring at-home and healthy
meals coupled with growing interest in having nutritious food for a healthy
lifestyle is increasing the demand for specialty foods. According to Specialty
Foods Association (SFA), millennials are twice likely to plan at-home meals and
high preferences for specialty products to create interesting and healthy
eating experiences. Moreover, according to the research from the NDP Group in
2019, millennials, gen X, and baby boomers are expected to eat more meals at
home. Thus, growth in at-home cooking activities of millennials and preferences
for healthy foods is anticipated to boost the revenue for specialty foods
market over the forthcoming years.
For More Information, refer to
below link:-
Global
Specialty Foods Market
Related Report:-
Global
Specialty Fats & Oils Market Size Study, by Type (Specialty Fats, Specialty
Oil) by Application (Chocolates & Confectioneries, Bakery Products, Processed
Foods, Dairy Products, Other Application) by Form (Dry, Liquid) by
Functionality (Molding, Filling, Coating, Stabilizing, Texturing, Health,
Others) by Regional Forecasts 2017-2025
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Ankur@kenresearch.com
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