Specialty Foods Continue Their Soar To Mainstream Status

In the $75 billion-dollar specialty foods market, forecast to grow by 50% over the next decade while other food sectors remain relatively flat, an insightful new report has just been released. And for food and beverage companies, there’s A LOT to like about it.

Today’s Specialty Food Consumer 2008, developed by the National Association for the Specialty Food Trade (NASFT) and Mintel International,  cites that 56% of American consumers are currently purchasing specialty foods and beverages—offerings the report defines as “distinctive” in taste, such as premium and ethnic products.

With the average specialty foods consumer now spending $115.50 weekly (an 8% increase from 2006 figures) and allocating nearly 23% of their food dollars for specialty products, the findings illuminate a set of lucrative new trends, including: