$120.5 Billion Industry Boosted by Millennials, Men and Online Purchases
NEW YORK, Oct. 26, 2016 /PRNewswire/ -- Americans, especially millennials and men, continue to discover specialty foods and beverages as they become a larger, more integral part of the American diet, according to "Today's Specialty Food Consumer," an annual report from the Specialty Food Association. This robust survey, produced in conjunction with market researcher Mintel, is now available at www.specialtyfood.com/consumer2016.
The $120.5 billion industry saw specialty food consumption jump significantly in 2016—60 percent of consumers, across all age groups, say they have bought a specialty food or beverage in the past six months, up from 47 percent in 2015. Other findings include:
"Discovering specialty food has become a core part of the younger consumers daily shopping routine. They are moving away from the staples that they grew up with and embracing the new tastes and flavors of specialty food," says Phil Kafarakis, president of the Specialty Food Association. "We've been conducting this research with Mintel since 2005 in order to help producers, suppliers, and buyers better understand specialty food consumers. It seems clear that as the consumer base changes and those consumers' needs evolve, their shopping choices become increasingly more driven by convenience. Retailers and manufacturers need to stay nimble to cater to them."
The results of this research support The State of the Specialty Food Industry Report 2016, issued by the Specialty Food Association, earlier this year. The specialty food industry grew to a record high $120.5 billion industry in 2015, largely fueled by the growth of small businesses and the fact that the American consumers continue to move toward specialty foods and away from the mass. E-Commerce has become an integral part of the industry. Eighty-five percent of manufacturers sell via their own website and 49 percent use a third-party platform like Amazon. Additional information can be found at www.specialtyfood.com/stateindustry2016.
For more highlights and insights, or to purchase/download the "Today's Specialty Food Consumer" report, please visit www.specialtyfood.com/consumer2016. Specialty Food Association members may download the report free of charge. A recent webinar highlighting the findings of the report is also available for purchase at www.specialtyfood.com/webinars.
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 3,500 members in the U.S. and abroad the tools, 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 and innovation in specialty food. Learn more at specialtyfood.com.
SOURCE Specialty Food Association