The 45th Winter Fancy Food Show in San Francisco was the best ever, having matured to include data analysis, trends and concepts that resonate with today’s consumers giving attendees a richer, more robust experience. To find out more about this event, go here.
I attended the 5 Key Drivers in Specialty Food for 2020 lecture. Here are some key takeaways:
- Specialty food is 16% of all food and beverage retail
- Projected growth from 2019 to 2023 is $40B to $72B
- Online totals $2.9B, 2% and is projected to go to 6%
- Growth is concentrated in mainstream grocery
- Specialty diets are a driver: Paleo, Keto, Gluten Free, Dairy Free, Vegan, etc.
- Consumers want transparency and traceability.
- Specialty food service is 4%; room to grow.
- Claims are a draw: non-GMO, Organic, Fair Trade, etc.
My one recommendation: Become a B Corporation, the certification that helps you check multiple boxes outlined above. Here’s a how to by a CPA firm that will walk you through it.
