Market for gourmet and specialty foods to $96 billion
November 29, 2007
by FoodBusinessNews.net Staff
NEW YORK — Consumption of gourmet, specialty and premium foods and beverages in 2007 is valued at $59 billion, an 11% increase compared with 2006, according to "Gourmet Specialty and Premium Foods and Beverages in the U.S.," a new report from market research publisher Packaged Facts.
In addition, the market for gourmet and premium foods and beverages is expected to increase to $96 billion by 2012 with the cheese and dairy sector posting the highest growth rate of 13%.
"Mainstream supermarkets and grocery stores lead the market for gourmet/specialty food and beverages, accounting for 52% of the total retail dollar sales in 2007," said Tatjana Meerman, publisher of Packaged Facts. "We anticipate this broadening of the gourmet/premium market well into the next decade as growing numbers of marketers and retail channels offer an ever-increasing number of products to attract more customers."
An increased demand for high quality and natural ingredients along with an increased availability within supermarkets and convenience stores has contributed to the growth of this category. Specifically, 15% of all new food and beverages introduced to the market by October were part of the gourmet category. In addition, an increased interest in natural foods has helped boost the number of gourmet foods and beverages considered natural to 259 in 2007 from 174 in 2006.