Specialty Foods Market (2024-2033) | Insights, Industry Outlook, Growing Trends And Top Key Players  

Posted by Amruta Pritam on March 18th, 2024

The Specialty Foods Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/specialty-foods-global-market-report

According to The Business Research Company’s Specialty Foods Global Market Report 2024, The specialty foods market size has grown rapidly in recent years. It will grow from 2.04 billion in 2023 to 4.68 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 0.79 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.

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.

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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

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 specialty foods market report table of contents includes:

1. Executive Summary

2. Specialty Foods Market Characteristics

3. Specialty Foods Market Trends And Strategies

4. Specialty Foods Market - Macro Economic Scenario

5. Global Specialty Foods Market Size and Growth

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32. Global Specialty Foods Market Competitive Benchmarking

33. Global Specialty Foods Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Specialty Foods Market

35. Specialty Foods Market Future Outlook and Potential Analysis

36. Appendix

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