Luxury Foods Market is anticipated to reach around USD 559,080 million in 2027 – Credence Research

December 20 14:38 2021
Luxury Foods Market is anticipated to reach around USD 559,080 million in 2027 - Credence Research
The food industry is developing even further as it doesn’t run out of business that easily. That only happens when a certain restaurant doesn’t deliver top-notch quality and eventually fails to impress its crowd.

The Global Luxury Foods Market generated revenue of around USD 267,850 million in 2020 and is anticipated to grow at a CAGR of over 7.53% during the forecast period from 2021 to 2027 to reach around USD 559,080 million in 2027. While, cumulative growth opportunity presented by the global Luxury Foods is around USD 3.33 trillion during 2021 to 2027.

Global Luxury Foods Market, 2020 – 2027 (USD Million)

When we talk about luxury food, we don’t mean mac n cheese and your everyday pizza. They’re scrumptious, too, for sure. But when we add the term “luxury” in front of the word food, we literally mean delicacies that aren’t everyone’s everyday TV dinner. These delicacies include Sushi, Caviar, Foie Grass, Buttered Lobsters, Gourmet Lasagna, etc.

Seafood to Rule the Luxury Food Industry

By far and large, seafood is most expensive food among all types. Seafood has enormous amount of variety ranging from Oysters, Crabs, Fishes and other types of edible sea creatures. Oysters and Crabs are highly expensive and available in wide ranging variety across the world. Different types of fish and other seafood is considered to be premium delicacy in different region. Fine dining culture is growing in popularity around the world and huge demand is for seafood. Few decades ago, Oysters were not considered as luxury food and were commonly available for the people. However, overfishing has pushed oysters on edge of extinction and hence increasingly becoming rare. Seafood held over 35% share of three total revenue generated by Luxury Food Industry. However, increasing trend of vegan food is also expected to trigger the demand for Luxury Vegetarian Food.

Hotels, Restaurants & Cafe (HoReCa) to Rule

Hotels, Restaurants & Cafe (HoReCa), Catering and Others are major places where Luxury Food is catered to end-users. HoReCa is largest segment among all and accounted for over 40% share in 2020. However, increasing trend of hoteling and luxury outing is fueling growth of HoReCa segment around the world.

Focus on Offering Exotic and Exclusive Food and Service

Restaurant Guy Savoy, Ithaa Undersea Restaurant, Bob Bob Ricard, Le Louis XV-Alain Ducasse à l’Hôtel de Paris, The French Laundry, Maison Pic, Per Se, Restaurant de l’Hôtel de Ville de Crissier, Masa, Eleven Madison Park and Jules Verne are some of the most prominent names in global Luxury Food Industry.

Europe to Fuel Global Luxury Food Industry

The global Luxury Food industry is driven by huge demand from Europe. High per capita income, growing purchasing power parity, increasing desire for Luxury and Exotic Food, the demand for Luxury Food is growing in demand in Europe. Europe held over 35% share in 2020. However, increasing disposable income and growing population of high net worth people, the demand for luxury food is on the rise in Asia Pacific. China, South Korea, Japan, and Australia are major countries for the Luxury Food.

Market Segmentation

Global Luxury Foods Market by Type, 2015 – 2027

  • Veg Food
  • Seafood
  • Meat, Pork and Poultry
  • Others

Global Luxury Foods Market by Venue, 2015 – 2027

  • Hotels, Restaurants & Cafe (HoReCa)
  • Catering
  • Others

Global Luxury Foods Market by Company, 2015 – 2027

  • Restaurant Guy Savoy
  • Ithaa Undersea Restaurant
  • Bob Bob Ricard
  • Le Louis XV-Alain Ducasse à l’Hôtel de Paris
  • The French Laundry
  • Maison Pic
  • Per Se
  • Restaurant de l’Hôtel de Ville de Crissier
  • Masa
  • Eleven Madison Park
  • Jules Verne
  • Others

Browse the full report at https://www.credenceresearch.com/report/luxury-foods-market

Access ToC: https://www.credenceresearch.com/toc/luxury-foods-market/table-of-content

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