Shift Towards a More Health Conscious Lifestyle
In the United States, the specialty food market is worth over $8 Billion. In fact, over half of the American population consumes specialty foods. The consumer market for these products ranges greatly with 60% of the consumers being between 18-44 years old. However, there is a visible change in consumers and the millennials are becoming the largest customer segment.
Recent studies show that 31% of Americans snack more than they used to. This is a direct reflection of American’s love of convenience, living a busier lifestyle, packaging innovations, and expended distribution. This new customer segment of millennials are also shifting their concerns more and more towards being health conscious. What better way to address this health concern and increase in snaking than through specialty snack foods?
In the United States, there are high regulations and tax on junk-food. This hurts the competition and opens a window for convenient health foods. One problem that these specialty foods face is that they are expensive and, as a result, are mostly bought by upper-middle class families. However, the benefits outshine this price concern and people are showing a willingness to pay a higher price for a higher quality good.