The Specialty Foods Market Is Driven By The Preference Of At-Home Meals By Millenials

Specialty Foods Market Report 2021: COVID 19 Growth And Change To 2030

Specialty Foods Global Market Report 2021: COVID 19 Growth And Change To 2030

The Business Research Company’s Specialty Foods Global Market Report 2021: COVID-19 Growth And Change to 2030

LONDON, GREATER LONDON, UK, May 18, 2021 / — 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 as likely to plan at-home meals and are 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 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.

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The global specialty foods market size 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%. Specialty foods industry 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 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, by distribution channel into food service, retail, online, and by consumer generation into Gen-Z, Millennials, Gen-X, Baby Boomers.

The major players covered in the global specialty foods market are Compass Group, Chobani, World Central Kitchen, Eden Creamery, AeroFarms, Safe Catch Foods, Union Wine Co., Daily Harvest, a2 Milk, Amy’s Kitchen, Archer Daniels Midland Company, E.I. du Pont de Nemours and Company, Cargill, Incorporated, Kerry Group, Ingredion Incorporated, Tate & Lyle PLC, Pacmoore Products Inc.

Specialty Foods Global Market Report 2021: COVID-19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provides specialty foods market overview, forecast specialty foods market size and growth for the whole market, specialty foods market segments, and geographies, specialty foods market trends, specialty foods market drivers, restraints, leading competitors’ revenues, profiles, and market shares.

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