Press release
Specialty Foods Market Size, Growth Share, Trends, Analysis Report 2024
Specialty Foods Market
The Business Research Company offers in-depth market insights through Specialty Foods Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The specialty foods market size has grown rapidly in recent years. It will grow from $232.04 billion in 2023 to $264.68 billion in 2024 at a compound annual growth rate (CAGR) of 14.1%. The growth in the historic period can be attributed to food regulations and standards, marketing and branding strategies, retail and distribution channels, evolving consumer preferences, rise of food tourism.
The specialty foods market size is expected to see rapid growth in the next few years. It will grow to $420.79 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to shift in retail landscape, innovative packaging and presentation, diversity and ethnic cuisine influence, clean label and transparency, culinary tourism growth. Major trends in the forecast period include online and direct-to-consumer sales, storytelling and brand narrative, localized and seasonal focus, innovative ingredients and flavors, gourmet convenience foods.
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Market Segmentation:
The specialty foods market covered in this report is segmented -
1) By Product Type: Cheese and Plant-based cheese, Frozen or refrigerated meat, poultry, and seafood, Chips, Pretzels, and Snacks, Bread and Baked goods, Chocolate and Other Confectionery, Other Product Types
2) By Consumer Generation: Gen-Z, Millennials, Gen-X, Baby Boomers
3) By Distribution Channel: Food Service, Retail, Online
Major Driver - The Growing Demand For Specialty Foods Driven By Millennials' Health-Conscious At-Home Cooking
The growth in the number of millennials preferring at-home and healthy meals, coupled with a 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 giving high preferences for specialty products to create interesting and healthy eating experiences. Moreover, according to the Culinary Visions study, which surveyed over 2,000 U.S. consumers in March2022, also found that 91% of the participants expressed their enjoyment of cooking at home. Thus, growth in millennials' at-home cooking activities and preferences for healthy foods are expected to boost revenue for the specialty foods market in the coming years.
Competitive Landscape:
Major companies operating in the specialty foods market report are Cargill Incorporated, Archer Daniels Midland Company, United Natural Foods Inc., Compass Group plc, DuPont de Nemours Inc., International Flavors & Fragrances Inc., Hormel Foods Corporation, Koninklijke DSM NV, Kerry Group plc, Ingredion Incorporated, Novozymes A/S, Tate & Lyle plc, AMCON Distributing Company, Lancaster Colony Corporation, Krispy Kreme Inc., Sensient Technologies, Calavo Growers Inc., The a2 Milk Company Limited, Chobani LLC, Amy's Kitchen Inc., Farmer Bros. Co., Beyond Meat Inc., Daily Harvest Inc., Bear Creek Corporation, American Spoon Foods Inc., Pacmoore Products Inc., AeroFarms LLC, Eden Creamery LLC, World Central Kitchen Inc., Axiom Foods Inc., Safe Catch Inc., Union Wine Company LLC
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Top Trend - Innovative Products Shaping The Specialty Foods Industry
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 July 2022, Century Pacific Food Inc., a Philippines-based food and beverage company, launched an innovative plant-based alternative 'unMEAT Fish-free Tuna'. It is 100% fish-free and plant-based ingredients that use non-GMO ingredients. The product features a unique design, boasting low fat content and zero traces of mercury and trans-fat. The company has meticulously crafted this product to maintain the same taste, texture, and appearance as tuna, while being entirely fish-free.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Specialty Foods Market Characteristics
3. Specialty Foods Market Trends And Strategies
4. Specialty Foods Market - Macro Economic Scenario
5. Specialty Foods Market Size And Growth
…..
27. Specialty Foods Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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