Specialty Food Magazine

Summer 2020

Specialty Food Magazine is the leading publication for retailers, manufacturers and foodservice professionals in the specialty food trade. It provides news, trends and business-building insights that help readers keep their businesses competitive.

Issue link: https://www.e-digitaleditions.com/i/1256204

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Page 74 of 91

Source: Mintel/SPINS Source: Mintel/SPINS Same Increase Decrease THE STATE OF THE SPECIALTY FOOD INDUSTRY | S5 with Highest Market Share 8.9 % 4.9 % Retail Dollar Sales Retail Unit Sales Top 10 Categories Category % Share Growth 2017-2019 Refrigerated Plant-based Milk Refrigerated Plant-based Meat Alternatives Plant-based Milk (Shelf-stable) Tofu Tea (non-RTD) Refrigerated Salsas and Dips Refrigerated Pasta Refrigerated Sauces (Pasta, Pizza) Refrigerated Condiments Dry Beans, Grains, Rice (Shelf-stable) Retail unit sales didn't keep pace with dollar sales increases, meaning that food inflation is at least partly responsible for the sales growth. Another factor was purchase shifts among consumers to higher-priced items in certain categories. Specialty Food — What Is Selling Now For example, during 2017-2019 Refrigerated Plant-based Meat Alternatives grew 112 percent in dollar growth and 70 percent in unit growth. This gap is driven by consumers who are buying more premium-priced items that have come to market, namely Beyond Meat. Average retail prices illustrate the point: In 2016, the ARP of a plant-based meat alternative product was $3.67. In 2019, it reached $4.93, a 34 percent increase. In 2019, specialty retail sales reached 20.5 percent of all food and beverage sales. Several specialty categories not only grew sales but gained market share in the food and beverage categories in which they compete. Other than Tea (non-RTD), many of these were refrigerated categories, indicative of that segment's overall strength in the market. Plant-based categories are virtually entirely composed of specialty items, and so several lead this list in terms of specialty market share. But increasingly, mainstream companies are entering the space, diminishing market share for these specialty categories. 20.5 % Specialty retail sales have reached 20.5 percent of all food and beverages sales.

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