MarketLooks, from MarketResearch.com, are concise 15-30 page summaries of popular full-length market research reports published by Packaged Facts. This MarketLooks report has been compiled from the following full-length study:
Title: Gourmet, Specialty and Premium Foods and Beverages in the U.S.
Published: November 2007
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The following is the abstract from the full report:
U.S. retail sales of gourmet, specialty and premium foods and beverages are growing at much faster rates than those of the overall food and beverage industry, surging 10.9% to $59.0 billion in 2007 and posting a compound annual growth rate of 11.1% for the 2003-2007 period. Key market drivers include greater availability of gourmet/premium products, Americans’ growing interest in world cuisines and flavors, the association of high-quality ingredients with health and wellness, overlap by gourmet into natural/organic, the supermarket industry’s focus on upscale “fresh formats,” higher disposable incomes among U.S. consumers, and gourmet/premium products’ positioning as affordable luxuries. These factors are combining to produce a growing population of consumers seeking foods that are both more adventuresome and more nutritious, with the financial means to follow through on their culinary quest.
This fully updated Packaged Facts report analyzes sales and growth potential for gourmet, specialty and premium foods and beverages across seven classifications: non-alcoholic beverages (from bottled water and ready-to-drink “adult sodas” to specialty coffees and teas); baked goods, pasta and grains (including breads, crackers, cookies, pasta, rice, and other grain products); fresh foods (including fresh produce, meat, seafood and sushi); condiments and sauces; ready-to-eat meals (including frozen, refrigerated, and shelf-stable pizza, meals and appetizers/snacks); cheese and dairy products (including yogurt); and ice cream and frozen desserts.
Across all of these classifications, the report examines key market drivers affecting the marketplace as a whole and in specific product categories, market-altering retail developments, leading marketers and brands, and new product trends. >
Using Information Resources, Inc.’s InfoScan Review data, the report homes in on the trend whereby many gourmet/premium products are crossing over into mass-market outlets, hand-selecting products from dozens of IRI categories to create customized estimates of gourmet/premium sales performance in myriad product categories. Also featured are uniquely cross-tabulated Simmons Market Research Bureau consumer survey data, providing detailed product usage statistics and demographic/lifestyle profiles for gourmet food consumers overall, as well as for consumers of particular product types and brands.