US retail and foodservice sales of specialty foods and beverages rose 6.9% in 2011, topping $75bn, according to new research from the National Association for the Specialty Food Trade.
“Consumers are making better food a part of their lifestyle,” says Ron Tanner, vice president, communications and education, for the NASFT.
“They are embracing new foods and flavours and are willing to choose top-quality even while they economise elsewhere.”
Cheese claims the top spot in spending for specialty foods, with $3.44bn in retail sales in 2011. The next largest retail sales categories are meats, poultry and seafood, chips, pretzels and snacks, coffee, coffee substitutes and cocoa and bread and baked goods. Functional beverages are the fastest growing segment, followed by yogurt and kefir.
Behind the robust numbers, manufacturers, importers, brokers, distributors and retailers interviewed for the study are talking about growth opportunities for specialty food and the challenges they face. Cash flow, rising expenses for raw materials and energy, and increasing competition are top concerns.
In 2011, product introductions took a back seat, with a 6.2% drop as manufacturers focused on existing lines. Nevertheless, there is clearly positive momentum for the industry as the average transaction size for specialty food stores jumped 11.4% to $41.49.
These findings are presented in The State of the Specialty Food Industry 2012, an annual report from the NASFT prepared in conjunction with market researchers Mintel International and SPINS. The report tracks sales of specialty food through supermarkets, natural food stores and specialty food retailers.
Here are some highlights from the report:
Source: NASFT
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