NEW YORK, NY (June 4, 2019) – The Specialty Food Association’s (SFA) annual State of the Specialty Food Industry Report, issued today, 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.”
The SFA combines its annual research into a comprehensive State of the Specialty Food Industry report and 5-Year Category Tracking and Forecasts. Working with Mintel, the research explores where the current market stands, the opportunities and challenges it faces, where it is going based on sales forecasts in key categories, and how the specialty food consumer is evolving.
Key Facts and Figures:
Top Five Categories with Highest Dollar Growth
Top Five Categories – Retail Sales
Share of Consumers Buying Specialty Foods by Generation (2018)
Top Seven Take-Aways
Read more at specialtyfood.com/state2019.
More on the State of the Specialty Food Industry Report will be detailed at a special session at the Summer Fancy Food Show – a trade-only event held at the Jacob Javits Center from Sunday, June 23 – Tuesday, June 25. For more information or to register please visit specialtyfood.com.
About the Specialty Food Association
The Specialty Food Association is a thriving community of food artisans, importers, and entrepreneurs. Established in 1952 in New York, the not-for-profit trade association provides its 3,800 members in the U.S. and abroad with resources, knowledge and connections to champion and nurture their companies in an always-evolving marketplace. The Association owns and produces the Winter and Summer Fancy Food Shows, and presents the sofi™ Awards honoring excellence in specialty food.
Specialty Food Association Media Contact:
PR Department, email@example.com
- - -
Click for more eNews + Blog Archives
© All content + images copyright of news/blog providers.
- - -
NOTE: The inclusion of news or advertising in The Tea House Times publication, on our website, or in our online eNews does not constitute endorsement.
- - -
POSTS SPONSORED/PUBLISHED BY TheTeaHouseTimes.com
Weekly eNews is circulated via email. Join list at top of home page.
The Tea House Times is published 6x per year in print & digitally.
INFO - SINGLE ISSUES | SUBSCRIBE | ADVERTISE | CONTACT
SOCIAL MEDIA - Follow us @teahousetimes
TeaCourse.com | TeaEtiquetteCertified.com | TeaCourseFastTrack.com
ONLINE TRADE SHOW - TeaTradeShow.com
SHARE THIS ↓