Specialty Foods Global Market Report 2023


Major players in the specialty foods market are Compass Group, Chobani, World Central Kitchen, Eden Creamery, AeroFarms, Safe Catch Foods, Union Wine Co. The global specialty foods market will grow from $159.01 billion in 2021 to $167.46 billion in 2022 at a compound annual growth rate (CAGR) of 5.3%.

New York, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Specialty Foods Global Market Report 2023" - https://www.reportlinker.com/p06284457/?utm_source=GNW
Major players in the specialty foods market are Compass Group, Chobani, World Central Kitchen, Eden Creamery, AeroFarms, Safe Catch Foods, Union Wine Co., Daily Harvest, a2 Milk, Amy’s Kitchen

The global specialty foods market will grow from $159.01 billion in 2021 to $167.46 billion in 2022 at a compound annual growth rate (CAGR) of 5.3%. 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, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The specialty foods market is expected to grow to $204.06 billion in 2026 at a CAGR of 5.1%.

The specialty foods market consists of sales of cheese and plant-based cheese, non-RTD cocoa and coffee, refrigerated and frozen poultry/seafood/meat, yogurt, candy, pretzels/snacks/chips, bread & baked goods, and other specialty foods.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Specialty foods are unique foods that are made from high-quality ingredients and in small quantities.

Asia Pacific was the largest region in the speciality foods market in 2022. Western Europe was the second-largest region in the speciality foods market.The regions covered in the specialty foods market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main product types are cheese and plant-based cheese, frozen or refrigerated meat, poultry, and seafood, chips, pretzels, and snacks, bread and baked goods, chocolate and other confectionery, and others.Cheese is a nutritious food made mostly from the milk of cows and also from other mammals, including sheep, goats, buffalo, reindeer, camels, and yaks.

Plant-based cheeses are made from a variety of nuts, most commonly cashews, almonds, and macadamias. The various types of distribution channels are food service, retail, and online.

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 Segmanta survey “The Ultimate Food Survey 2020”, a US-based DIY survey platform, conducted a study of more than 2,000 U.S. customers to learn about their thoughts on topics including eating habits, lifestyles, the consumption of fast food, preferred fast food joints, and others, comparison to other age groups studied, older Millennials (30-39 years old) are the most likely (4.4/5.0) to eat meals prepared 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 high cost of specialty foods is likely to hinder the growth of the specialty foods market during the period.Specialty foods are made from high-quality ingredients such as gluten-free, non-GMO, and ingredients rich in vitamins and minerals, which means they include a higher cost of raw materials.

According to the specialty foods association, the high cost of ingredients, certifications, and production is increasing the prices of specialty foods, making them unaffordable for a large segment of the populace. Therefore, the high cost of specialty foods is predicted to hinder the growth of the specialty foods market during the forecast period.

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.

In April 2021, Brazilian-based JBS SA, a meat processing company, announced that it would acquire Vivera, a European plant-based food company, for €341 million ($410 million).The deal includes three manufacturing facilities and a research and development centre located in the Netherlands.

This acquisition is an important step to strengthen JBS SA’s global plant-based protein platform.For the same reason, Vivera will give JBS a stronghold in the plant-based sector, with technological knowledge and capacity for innovation.

Vivera produces a range of plant-based meat replacement products, and these products are distributed to retailers in more than 25 countries across Europe.

The countries covered in the specialty foods market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The specialty foods research report is one of a series of new reports that provides specialty foods statistics, including specialty foods industry global market size, regional shares, competitors with specialty foods share, detailed specialty foods segments, market trends and opportunities, and any further data you may need to thrive in the specialty foods industry. This specialty foods research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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