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.