Global Specialty Foods Market Size, Drivers, Trends, Opportunities And Strategies – Includes Specialty Foods Market Research
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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 are expected to drive innovation in specialty foods manufacturing, thus driving the market during the forecast period.
The global specialty foods market 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 specialty foods market is expected to grow from $361.3 billion in 2027 at a CAGR of 13.4%.
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- By Type: 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
- By Distribution Channel: Food Service, Retail, Online
- By Consumer Generation: Gen-Z, Millennials, Gen-X, Baby Boomers
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global specialty foods market in 2021.
Major Market Players in the specialty foods market include Compass Group, Chobani, World Central Kitchen, Eden Creamery, AeroFarms, Safe Catch Foods, Union Wine Co., Daily Harvest.
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 Global Market Report 2023 provides a specialty foods market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The specialty foods market forecast analyzes specialty foods market size, specialty foods market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Specialty foods are unique foods that are made from high-quality ingredients and in small quantities.
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