Based on sales data from the past three calendar years, the new Specialty Food Association’s annual “State of the Specialty Food Industry Report” reveals a robust specialty food industry hitting $158.4 billion in sales, a 10.7 percent increase since 2017. The full report includes commentary throughout that reflects the impact and ramifications of COVID-19.
Though since impacted by COVID-19, foodservice and online sales continued to grow through 2019, with food inflation playing a role in the three-year industry growth as unit sales did not keep pace with dollar sales. In brick-and-mortar retail, the specialty food and beverage market continued to outpace sales of all food, growing three times faster than the entire food and beverage market during 2017-2019. In 2019, a dozen categories, more than ever before, achieved at least $2 billion in annual sales.
The annual report is an examination of market size and sales; dollar and unit sales growth; specialty food category penetration; growth forecasts in key categories; and consumer demographics, habits, and preferences. Working with Mintel, the SFA explores the evolution of the specialty food consumer, where the market stands, and where it is going based on sales forecasts in key categories.
The five top categories with the highest dollar growth over the year included refrigerated plant-based meat alternatives, shelf-stable creams and creamers, refrigerated creams and creamers, refrigerated ready-to-drink tea and coffee and frozen breakfast foods.
Top-selling categories included cheese and plant-based cheese; frozen and refrigerated meat, poultry and seafood; chips, pretzels and other snack foods; coffee and hot cocoa; and bread and baked goods.
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With respect to COVID-19, the study found that retailers are re-strengthening their value to consumers. Despite massive growth in online grocery ordering, brick-and-mortar retailers are more important in their communities than ever.
More consumers were cooking and baking at home as a result of the pandemic. Many market researchers, including those who participated in a recent market study by FMI, have found that consumers may be getting tired of eating their own cooking and are eager for restaurants to re-open, but they’ve also learned new cooking and baking skills that are likely to stick with them, especially in the slow economic recovery that’s expected to outlast the pandemic itself. Though specialty food consumers are typically more affluent than non-specialty food consumers, Mintel expects that a sizable percentage of specialty food consumers will prioritize value more than they have previously because of the pandemic.
Snacking has become a much more common behavior among all consumers as they stay at home more frequently and grow tired of from-scratch meal preparation.
For the most part, the plant-based food movement hasn’t been adversely impacted by COVID-19. Many brands saw sales increase as dairy products like milk and animal proteins were out-of-stock at times during the panic buying surge in March. Health is of growing importance to consumers, Mintel predicts that they’ll increasingly seek better-for-you options, especially functional products that offer immunity-boosting ingredients.
The Produce Marketing Association has canceled its 2020 Fresh Summit tradeshow, originally scheduled to be held October 13-15 in Dallas, Texas.
“After analyzing trends from state, federal and global health authorities as well as thoroughly reviewing responses from buyers and all of you regarding your comfort, willingness and ability to travel, it became abundantly clear that we could not hold the convention in Dallas this year as planned,” PMA Chief Executive Officer Cathy Burns said in the association’s statement on the cancellation.
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PMA is planning an August 13 virtual event to discuss how the organization is moving forward with Fresh Summit. Registration for that event is now open.
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“We are thrilled to announce the launch of Crunchy Fudge as Barebells continues to expand and grow quickly across the U.S.,” said Ben Jones, Chief Executive Officer of Barebells Functional Foods™. “Since our launch last year, Barebells has been incredibly well received by the masses. We look forward to sharing our best flavor yet as we forge forward with national and international growth plans.”
Barebells’ Crunchy Fudge Protein Bar contains 20 grams of protein with a gooey, soft fudge center and a smooth, milky chocolate outer layer, topped with sprinkles for an extra crunch. Free from palm oil and with no added sugar, this bar delivers in taste and nutrition, the ideal snack to consume before or after a workout or simply when the taste buds want something sensational.
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Barebells’ new flavor was launched to meet unprecedented growth for the brand’s products, with plans to continue growing flavor profiles and product offerings, in addition to retailer and distributor expansion plans nationwide. Crunchy Fudge can be purchased via online retailers such as Bodybuilding.com and Amazon.com, as well as at select retailers and gyms nationwide.