They may come at a higher price point, but specialty foods are making their way into many consumers’ shopping carts. According to a recent L.E.K. Consulting study, specialty foods have gone mainstream, with more than 80 percent of survey respondents indicating they are committed buyers of at least one specialty food category. With this shift in consumer preferences, L.E.K. says big food and beverage manufacturers will need to adapt in to compete in this segment or risk their window into the category.
“The movement in consumer food buying preferences has significant long-term ramifications,” says Manny Picciola, managing director and leader of L.E.K.’s food & beverage practice. “More than half of those surveyed said they would be willing to pay a premium for specialty foods. Companies that quickly figure out how to meet consumer demand for more specialty food options will outperform those that are slow to react.”