Specialty Food Sales Near $150 Billion
The Specialty Food Association’s (SFA) annual “State of the Specialty Food Industry Report” reveals that specialty food remains one of the fastest-growing segments of the food business. Fueled by increasing interest from both consumers and retailers, total sales jumped 9.8 percent between 2016 and 2018, reaching $148.7 billion last year.
Specialty food sales outpaced the growth of all food at retail – up 10.3 percent vs. 3.1 percent. Product innovation and the wider availability of specialty foods through mass-market outlets is playing a part in the industry’s success. Sales through foodservice represented 22 percent of sales, with retail taking the top spot with 76 percent of sales. While online represents less than three percent of sales, it has grown 41 percent since 2016.
“Diverse consumer lifestyles are taking specialty foods mainstream,” said Phil Kafarakis, President of the SFA. “To reach these consumers and increase their own sales, food merchants have embraced the vast assortment of specialty products. Our research outlines the momentum in the industry and provides a comprehensive picture of where we are today and how businesses can prepare for the future. Conducting important research like this is a part of our mission to champion specialty foods and help our members continue to innovate and succeed.”
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According to the report, the top five categories with highest dollar growth were refrigerated plant-based meat alternatives, rice cakes, frozen plant-based meat alternatives, water and refrigerated ready-to-drink tea and coffee. The top five categories based on retail sales were cheese and plant-based cheese alternative; frozen or refrigerated meat, poultry and seafood; chips, pretzels and other snacks; coffee and hot cocoa that’s not sold ready to drink; and bread and other baked goods.
Other points made in the report are that plant-based foods are selling well and specialty foods are increasingly a force in the food market. Younger consumers aren’t looking to supermarkets for quick meals, and reduced packaging and food waste are matters of concern for consumers. The survey found that the convenience store channel presents a growth opportunity that producers should explore, that there’s opportunity in breakfast, and that the foodservice industry should be concerned about meeting consumers’ desires for customization.
