The Specialty Foods Global Market Report 2023 by The Business Research Company, provides specialty foods market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Specialty Foods Global Market Report 2023, the market size is expected to grow from $190.42 billion in 2022 to $218.75 billion in 2023 at a compound annual growth rate (CAGR) of 14.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global specialty foods is expected to grow from $361.3 billion in 2027 at a CAGR of 13.4%.
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.
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The specialty foods market 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 Distribution Channel: Food Service, Retail, Online
3) By Consumer Generation: Gen-Z, Millennials, Gen-X, Baby Boomers
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 include Amore Organic Ready-To-Eat Legumes, KA•ME 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 specialty foods market report table of contents includes:
- Executive Summary
- Specialty Foods Market Characteristics
- Specialty Foods Market Trends And Strategies
- Specialty Foods Market – Macro Economic Scenario
- Specialty Foods Market Size And Growth
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- Middle East Specialty Foods Market
- Africa Specialty Foods Market
- Specialty Foods Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Specialty Foods Market
- Specialty Foods Market Future Outlook and Potential Analysis
Top Major Players
- Compass Group
- Chobani
- World Central Kitchen
- Eden Creamery
- AeroFarms
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