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 specialty sector Packaged Facts report analyzes sales and growth potential for gourmet, specialty and premium ready to eat meals, including frozen, refrigerated, and shelf-stable pizza, meals and appetizers/snacks. It also includes an overview of the general market for gourmet foods and beverages.
Looking at the gourmet ready-to-eat meals market, the report examines key market drivers affecting the marketplace as a whole and in the RTE sector, 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 gourmet ready-to-eat meals in general and specific brands.