Global Specialty Foods Market Segments
The global specialty foods market is expected to decline from $165 billion in 2019 to $145 billion in 2020 at a rate 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 a rate of 12.98%. The growth in the number of millennials preferring at-home and healthy meals coupled with growing interest in having nutritious food for a healthy lifestyle is increasing the demand for specialty foods. However, the high cost of specialty food is likely to hinder the growth of the specialty foods market during the period.
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.
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The global specialty foods market is further segmented based on type and geography. 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; Others By Distribution Channel: Food Service; Retail; Online By Geography: The global specialty foods market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American specialty foods market accounts for the largest share in the global specialty foods market.
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Trends In The Specialty Foods Market
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.
Specialty Foods Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides specialty foods market overviews, analyzes and forecasts specialty foods market size and growth for the global specialty foods market, specialty foods market share, specialty foods market players, specialty foods market size, specialty foods market segments and geographies, specialty foods market trends, specialty foods market drivers and specialty foods market restraints, specialty foods market’s leading competitors’ revenues, profiles and market shares. The specialty foods market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.