Growing number of millennials preferring home-based, healthy meals is fueling the sector [Beuzz]

Global specialty food market

Dublin, April 13, 2023 (GLOBE NEWSWIRE) — The “Global Specialty Foods Market Report 2023” report has been added to from ResearchAndMarkets.com offer.

This report provides strategists, marketers, and senior management with the essential information they need to assess the market.

The global specialty food 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 specialty food market is expected to reach $204.06 billion in 2026 at a CAGR of 5.1%.

Major players in the specialty food market are Compass Group, Chobani, World Central Kitchen, Eden Creamery, AeroFarms, Safe Catch Foods, Union Wine Co., Daily Harvest, a2 Milk, Amy’s Kitchen

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The specialty food market includes sales of plant-based cheese and cheese, non-RTD cocoa and coffee, chilled and frozen poultry/seafood/meat, yogurt, candy, pretzels/snacks/ crisps, bread and baked goods and other specialty foods. Values ​​in this market are “ex-factory” values, i.e. the value of the 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 made from high quality ingredients and in small quantities.

Asia Pacific was the largest specialty food market region in 2022. Western Europe was the second largest specialty food market region. 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 types of products are cheese and plant-based cheese, frozen or chilled meat, poultry and seafood, French fries, pretzels and snacks, bread and baked goods, chocolate and other confectionery, etc. Cheese is a nutritious food made primarily from the milk of cows and other mammals including sheep, goats, buffaloes, reindeer, camels and yaks. Plant-based cheeses are made from a variety of nuts, most commonly cashews, almonds, and macadamia nuts. The different types of distribution channels are restaurant, retail and online.

The growth in the number of millennials preferring healthy meals at home, coupled with a growing interest in nutritious foods for a healthy lifestyle, is increasing the demand for specialty foods. According to the Specialty Foods Association (SFA), millennials are twice as likely to plan meals at home and prioritize specialty foods to create engaging and healthy food experiences.

The story continues

Additionally, according to Segmanta “The Ultimate Food Survey 2020”, a US-based survey platform, conducted a survey of over 2,000 US customers to find out their thoughts on topics such as eating habits. diets, lifestyles, fast food consumption, favorite fast food establishments and others, compared to other age groups studied, older Millennials (30-39 years) are the most likely (4.4/ 5.0) to eat meals prepared at home. Thus, the growth of millennials’ home cooking activities and their preferences for healthy foods are expected to drive the specialty food market revenue in the coming years.

The high cost of specialty foods is likely to restrain 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 rich in vitamins and minerals, which means they include a higher raw material cost.

According to the Specialty Foods Association, the high cost of ingredients, certifications and production is driving up the prices of specialty foods, making them unaffordable for much of the population. Hence, the high cost of specialty foods is expected to hamper the growth of the specialty foods market over the forecast period.

The launch of high quality and innovative products such as plant-based, convenient, better for you, non-GMO products with authenticity, and products with unique attributes such as low fat, low calorie, low sodium, high protein, dairy free, and organic is a major trend shaping the growth of the specialty food industry.

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

This acquisition is an important step to strengthen the global vegetable protein platform of JBS SA. For the same reason, Vivera will give JBS a strong position in the plant sector, with technological knowledge and a capacity for innovation. Vivera produces a range of plant-based meat substitutes, and these products are distributed to retailers in over 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, the United Kingdom and the United States.

Key Attributes:

Main topics covered:

1. Summary

2. Characteristics of the specialty food market

3. Specialty Foods Market Trends and Strategies

4. Specialty Foods Market – Macroeconomic Scenario
4.1 Impact of COVID-19 on the Specialty Foods Market
4.2 Ukraine-Russia War Impact on Specialty Foods Market
4.3 Impact of High Inflation on the Specialty Foods Market

5. Specialty Foods Market Size and Growth
5.1. Global Specialty Food Historic Market, 2017-2022, USD Billion
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Specialty Foods Market Forecast, 2022-2027F, 2032F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints

6. Specialty Foods Market Segmentation
6.1. Global specialty foods market, segmentation by product type, history and forecast, 2017-2022, 2022-2027F, 2032F, billions of dollars

• Cheeses and vegetable cheeses

• Frozen or chilled meat, poultry and seafood

• Chips, pretzels and snacks

• Bread and Bakery

• Chocolate and other confectionery

• Other types of products

6.2. Global specialty foods market, segmentation by distribution channel, history and forecast, 2017-2022, 2022-2027F, 2032F, billions of dollars

6.3. Global specialty food market, segmentation by consumer generation, historical and forecast, 2017-2022, 2022-2027F, 2032F, billions of dollars

• Generation Z

• Millennials

• Generation X

• baby boomers

7. Regional and Country Analysis of the Specialty Foods Market
7.1. Global specialty foods market, split by region, historical and forecast, 2017-2022, 2022-2027F, 2032F, billion dollars
7.2. Global specialty foods market, split by country, historical and forecast, 2017-2022, 2022-2027F, 2032F, in USD billion

For more information on this report, visit https://www.researchandmarkets.com/r/52fzd9

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