New York, May 07, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Specialty Foods Global Market Report 2021: COVID 19 Growth And Change to 2030” – https://www.reportlinker.com/p06070252/?utm_source=GNW
The global specialty foods market is expected grow from $138.79 billion in 2020 to $161.52 billion in 2021 at a compound annual growth rate (CAGR) of 16.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $247.2 billion in 2025 at a CAGR of 11%.
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 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 likely to plan at-home meals and giving high preferences for 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 and preferences for healthy foods is anticipated to boost the revenue for specialty foods market over the forthcoming years.
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. Therefore, the high cost of specialty foods is predicted to hinder the growth of the specialty foods market during the forecast period.
The specialty foods market covered in this report is segmented by product type into 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 and by distribution channel into food service; retail; online.
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 includes 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 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 (IPC) growth for 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.
Read the full report: https://www.reportlinker.com/p06070252/?utm_source=GNW
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