DUBLIN--(BUSINESS WIRE)--The "Specialty Foods Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
This provides the strategists, marketers and senior management with the critical information they need to assess the global specialty foods market.
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%.
This report focuses on the specialty foods market which is experiencing strong growth. The report gives a guide to the specialty foods market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
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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.
North America was the largest region in the specialty foods market in 2019.
In August 2018, Indiana Packers Corporation (IPC), producer of Indiana Kitchen premium pork products announced the acquisition of Specialty Foods Group, LLC (SFG) based in Owensboro, Kentucky for a purchase-price between $ 25-27 million. The acquisition is expected to strengthen the Indiana Packers Corporation's (IPC) growth in manufacturing, marketing, sales, and raw material utilization capabilities. Specialty Foods Group LLC is a manufacturer and distributor of private-labelled and premium branded meat products in the USA.
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 such as gluten-free, non-GMO, and ingredients rich in vitamins and minerals, thus include a higher cost of raw materials. According to specialty foods association, the high cost of ingredients, certifications, and production is increasing the prices of specialty foods making it unaffordable for the large group of the populace.
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. According to Specialty Foods Association (SFA), millennials are twice as likely to plan at-home meals and highly prefer specialty products to create interesting and healthy eating experiences. Moreover, according to the research from the NDP Group in 2019, millennials, gen X, and baby boomers are expected to eat more meals at home. Thus, growth in at-home cooking activities of millennials combined with preferences for healthy foods is anticipated to boost the revenue for specialty foods market over the forthcoming years.
Key Topics Covered:
1. Executive Summary
2. Specialty Foods Market Characteristics
3. Specialty Foods Market Size And Growth
3.1. Global Specialty Foods Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Specialty Foods Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Specialty Foods Market Segmentation
4.1. Global Specialty Foods Market, Segmentation By Product Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
4.2. Global Specialty Foods Market, Segmentation By Distribution Channel, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Specialty Foods Market Regional And Country Analysis
5.1. Global Specialty Foods Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Specialty Foods Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
Companies Mentioned
- Compass Group
- Chobani
- World Central Kitchen
- Eden Creamery
- AeroFarms
- Safe Catch Foods
- Union Wine Co.
- Daily Harvest
- a2 Milk
- Amy's Kitchen
- Archer Daniels Midland Company
- E.I. du Pont de Nemours and Company
- Cargill, Incorporated
- Kerry Group
- Ingredion Incorporated
- Tate & Lyle PLC
-
Pacmoore Products Inc.
For more information about this report visit https://www.researchandmarkets.com/r/qd0jqf
