April 29, 2013
Recently the Specialty Food Association released their findings of how the specialty food industry fared in 2012.You may remember that when I came back from the Fancy Food Show in January, reports were that 2012 had shaped up to be a good year but the final figures weren’t yet in. Well, the recently released numbers, based on the sales of mainstream and natural food stores, finds that the specialty food industry remains one of the fastest growing sectors in the US economy.
- Sales grew 14.3% between 2011 and 2012 and 22.3% between 2010 and 2012. In comparison, the food industry as a whole only grew 7.3% between 2010 and 2012.
- $85.87 Billion was spent on specialty food in 2012 compared to $75B in 2011 and $70B in 2010
- The top 5 product categories that have the largest share of specialty food sales includes cheeses and cheese alternatives (9% market share); yogurt and kefir (5.6% market share); chips, pretzels, and snacks (5.3% market share); coffees, coffee substitutes and cocoa (5.3% market share); and meat, poultry, and seafood (5.1% market share).
Interesting new flavor combinations are also grabbing the eye of buyers and consumers these days. The Specialty Food Association also recently announced their finalists for their coveted SOFI awards, honoring outstanding specialty food products, and on the list are products like cardamom ice cream, beet and red onion marmalade, and blue cheese flavored popcorn.
All information is taken from the Specialty Food Associations State of the Specialty Food Industry 2013 report compiled on conjunction with Mintel International.