The market for specialty foods consists of sales of specialty foods and their related services. Specialty foods are made from high quality ingredients and have limited distribution with unique or beautiful packaging. The specialty foods consist of cheese & plant-based cheese, non-RTD cocoa and coffee, refrigerated and frozen poultry/seafood/meat, yogurt, candy, pretzels/snacks/chips, bread & baked goods, and others.
The global specialty foods market is expected to decline from $165.06 billion in 2019 to $145.25 billion in 2020 at a compound annual growth rate (CAGR) of -12%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The market is then expected to recover and reach $209.47 billion in 2023 at CAGR of 12.98%.