Specialty-Food Sales Top $100 Billion for First Time
The 10 best-selling categories have shifted since just 2013, and today, cheese is still tops, but refrigerated pasta, functional beverages and nut and seed butters show big gains. Why should we care? Because foodservice is an increasingly important sector to that industry, with growth of nearly 31% since 2012.
The specialty-food industry is a bright spot in the U.S. economy. In 2014, sales of specialty food topped $100 billion for the first time, with retail and foodservice sales reaching a record $109 billion.
Retail sales of specialty-food sales grew 19% from 2012 to 2014 versus a tepid 2% increase for all food. The industry, fueled by small businesses, now boasts 15 segments that exceed $1 billion in sales, including cheese; coffee; meat, poultry and seafood; chips, pretzels and snacks; candy; and yogurt.
These findings are from a new report from the Specialty Food Association produced in conjunction with research firms Mintel International and SPINS/IRI. The report, “The State of the Specialty Food Industry 2015,” tracks U.S. sales of specialty food through supermarkets, natural-food stores, specialty-food retailers and foodservice venues. Specialty foods are broadly defined for the report as products that have limited distribution and a reputation for high quality.