|Last Quarterly Update:||1/23/2017|
|SIC Codes:||5421, 5431, 5441, 5461, 5499|
|Industry Overview||Trends & Challenges||Industry Forecast|
|Quarterly Industry Update||Call Prep Questions||Website & Media Links|
|Business Challenges||Financial Information||Glossary & Acronyms|
Companies in this industry sell products such as meat, fish, fruits and vegetables, baked goods, candy, and gourmet foods from physical retail locations, often specializing in a single product category. No major companies dominate the industry.
Sales of specialty foods have been increasing worldwide as demand for ethnic foods has continued to grow. In part, the increase comes from immigrant consumers seeking out foods from their own cultures. In the US, Hispanic consumers command about $1.3 trillion in buying power, a figure that's expected to reach $1.7 trillion by 2020. Moreover, Hispanics spend more than other groups on groceries, according to the Selig Center for Economic Growth. Asian-American buying power in the US is about $770 billion and is expected to increase to $1 trillion by 2018. As consumers worldwide see higher wages and travel increases, interest in other ethnic cuisines such as Filipino, Pakistani, and Peruvian is expected to rise.
The US specialty food store industry includes about 22,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $23 billion. Retail specialty food sales grew nearly 20% from 2013 to 2015, driven by product innovations and wider availability of specialty foods through mass-market outlets, according to the State of the Specialty Food Industry 2016 report from the Specialty Food Association, Mintel and SPINS/IRI, which tracks US sales of specialty foods through supermarkets, natural food stores, and specialty food retailers. By channel, specialty food stores ...
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