TBRC’s Specialty Foods Market Outlook With A Focus On South America

LONDON, July 06, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company’s specialty food market research report, the market is at a developing stage in South American countries. The market is supported by increased health awareness in countries such as Brazil, Chile, Colombia, and Peru. The market is also aided by the presence of a large number of households, urbanization, and high disposable incomes. A large number of supermarkets, convenience stores, food services, sports nutrition chains, online retail stores contribute to the market size in the region.

The market is also supported by increasing investments in countries in South America. In May 2021, Brazilian company BRF invested into alternative proteins to reinforce their positions in Brazil, the US, and Europe. BRF´s plan includes cultivated meat through a partnership with the Israel based Agtech company, Aleph Farm. his technology produces meat in laboratories from animal cells.

The Business Research Company’s report titled Specialty Foods Global Market Report 2021: COVID 19 Growth And Change to 2030 covers major specialty foods companies, specialty foods market share by company, specialty foods manufacturers, specialty foods market size, and specialty foods market forecasts. The report also covers the global specialty foods market and its segments.

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The global specialty food market size is expected grow from $138.79 billion in 2020 to $161.52 billion in 2021 at a compound annual growth rate (CAGR) of 16.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $247.2 billion in 2025 at a CAGR of 11%.

The South America specialty foods market specifically is to grow at a similar rate, from $28.4 billion in 2020 to $48.4 billion in 2025 at a compound annual growth rate (CAGR) of 11.3%. Growth of the market in the forecast period can be attributed to the increasing preferences for specialty foods, growing health awareness, increasing disposable income, rapidly growing urban population, growing retail stores and product innovations.

The launch of high quality and innovative products such as plant-based, convenience, better-for-you, non-GMO products with authenticity, and products with unique attributes such as low fat, low calorie, low sodium, high protein, no dairy and organic is among major specialty food industry trends shaping the growth of the specialty food stores industry. For instance, in February 2020, PANOS Brands, engaged in production and sales of a unique portfolio of specialty and natural brands announced the launch of its new products which includes Amore Organic Ready-To-Eat Legumes, KA•ME Asian Rice Crackers, Amore Organic Ready-To-Eat Legumes, Chatfield’s Premium Allergen-Safe Organic Baking Bars, Andrew & Everett rBGH-BST Hormone Free Melting Cheese, and MI-DEL Organic Apple Cinnamon Cookies. Therefore, the launch of new innovative and healthy products is likely to be a major trend driving the sales of the specialty foods industry globally.

Major players covered in the global specialty foods market are Compass Group, Chobani, World Central Kitchen, Eden Creamery, AeroFarms, Safe Catch Foods, Union Wine Co., Daily Harvest, a2 Milk, Amy’s Kitchen, Archer Daniels Midland Company, E.I. du Pont de Nemours and Company, Cargill, Incorporated, Kerry Group, Ingredion Incorporated, Tate & Lyle PLC, Pacmoore Products Inc.

Specialty Foods Global Market Report 2021: COVID 19 Growth And Change to 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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