Get Adobe Flash player

Global Specialty Foods Market Expected to Reach $224.88B by 2026

Whitney from Cellars at Jasper Hill

Whitney from Cellars at Jasper Hill took Best in Show at the 2022 American Cheese Society Show.

The global specialty foods market is expected to grow from $158.87 billion in 2021 to $170.21 billion in 2022 at a compound annual growth rate of 7.1 percent. The market is expected to grow to $224.88 billion in 2026 at a compound annual growth rate of 7.2 percent, according to Research and Markets.

The market 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. They 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 main product type are cheese and plant-based cheese, frozen or refrigerated meat, poultry, and seafood, chips, pretzels and snacks, bread and baked goods, chocolate and other confectionery and others. Cheese is nutritious food made mostly from the milk of cows and also from other mammals, including sheep, goats, buffalo, reindeer, camels and yaks. Plant-based cheeses are made from a variety of nuts, most commonly cashews, almonds and macadamias. The various type of distribution channels are food service, retail and online.

Asia Pacific was the largest region in the market in 2021. Western Europe was the second-largest region in the market. The regions covered in the specialty food market are Asia-PacificWestern EuropeEastern EuropeNorth AmericaSouth AmericaMiddle East and Africa.

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, 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 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.

In April 2021, Brazilian based JBS SA, a meat processing company, announced that it will acquire Vivera, a European plant-based food company, for €341 million ($410 million). The deal includes three manufacturing facilities and a research and development center located in the Netherlands.

This acquisition is an important step to strengthen JBS SA global plant-based protein platform, for the same Vivera will give JBS a stronghold in the plant-based sector, with technological knowledge and capacity for innovation. Vivera produces a range of plant-based meat replacement products and these products are distributed to retailers in more than 25 countries across Europe.

For news of interest to the specialty food industry, subscribe to Gourmet News.

National Beverage Corp. Pleads for St. Jude Donations

Commemorating its 29th year as a continuing partner of St. Jude Children’s Research Hospital, National Beverage Corp. asks all to help St. Jude in its lifesaving mission: Finding Cures. Saving Children.

“St. Jude’s dedication to research and patient care has saved countless lives and deserves our unconditional support,” stated Nick A. Caporella, chairman and chief executive officer. “It is an honor and a blessing to advocate for the incredible work of St. Jude as they work tirelessly to end childhood disease.”

Founder and entertainer Danny Thomas opened the doors to St. Jude in 1962 with the dream that no child should die in the dawn of life. St. Jude affirms it is a ‘place of discovery, innovation and healing.’ Regardless of the duration or the cost of care, families never receive a bill from St. Jude for treatment, travel, housing, or food, so they can focus on helping their child live.

“Together . . . we can make a significant impact on the success of St. Jude’s mission. We ask all this holiday season to join us in doing everything we can to support St. Jude. What greater joy is there . . . than inspiring dreams of a disease-free future for deserving children!” Caporella said.

Donations may be made online at www.stnicks4stjude.com or by calling 1-800-4STJUDE.

National Beverage has been honored by several charitable organizations, including: St. Jude Children’s Research Hospital, The City of Hope, Cleveland Clinic and MD Anderson, in recognition of our commitment to research that has revolutionized the treatment of cancer and other catastrophic diseases. In addition the company supports organizations that provide assistance to active U.S. military along with veterans and their families.

St. Jude is leading the way the world understands, treats and defeats childhood cancer and other life-threatening diseases. Regardless of the duration or the cost of care, families never receive a bill from St. Jude for treatment, travel, housing, or food, so they can focus on helping their child live. Treatments invented at St. Jude have helped push the overall childhood cancer survival rate in the United States from 20 percent to more than 80 percent since 1962.

For news of interest to the food and beverage industry, Subscribe to Gourmet News.

John B. Sanfilippo & Son Acquires Just the Cheese Snacking Brand

Just the Cheese  Joins Fisher NutsJohn B. Sanfilippo & Son, Inc. has purchased substantially all of the assets of the Just the Cheese snacking brand business from Specialty Cheese Company, Inc. The acquisition was funded through the company’s existing bank credit facility.

Just the Cheese is one of the nation’s leading baked cheese snacking brands and offers 100 percent real cheese snack bars and cheese crisps. It primarily competes in the baked cheese snack category, which is currently estimated to be a $100 million category. Products can be found online and in a variety of retail outlets in flavors including Aged Cheddar and Grilled Cheese.

“The acquisition of Just the Cheese, which currently will not have a significant impact on our financial results, will provide us a product that expands our portfolio into new snacking categories. Additionally, the assets and capabilities acquired will be complimentary to our existing product portfolio and are expected to lead to exciting innovation opportunities” said Jeffery T. Sanfilippo, chief executive officer.

Based in Elgin, Ill, John B. Sanfilippo & Son, Inc. is a processor, packager, marketer and distributor of nut and dried fruit-based products that are sold under the company’s Fisher , Orchard Valley Harvest, Squirrel Brand  and Southern Style Nuts brand names and under a variety of private brands.

For news of interest to the specialty food and snack industries subscribe to Gourmet News.