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Specialty Foods Global Market Report 2024 Market Report 2024-2033 | Size, Share, Trends, Overview"
Specialty Foods Global Market Report
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Specialty Foods Market 2024 Key Insights:
• 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 Growing Demand For Specialty Foods Driven By Millennials' Health-Conscious At-Home Cooking
• Innovative Products Shaping The Specialty Foods Industry
• Asia-Pacific was the largest region in the specialty foods market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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