SOURCE: Packaged Facts

Packaged Facts

April 16, 2009 15:50 ET

Familiar Faces, Innovation to Keep Chef- and Restaurant-Branded Foods Buoyant Post-Recession

NEW YORK, NY--(Marketwire - April 16, 2009) - With the celebrity status granted through cable television, the host of high-powered chefs familiar to millions is influencing consumer culinary behavior on unprecedented levels. Cookbooks, magazines, and brand foods with restaurant and chef names have all savored the boon of celebrity association in recent years. The burning question now is to what extent will consumers' purposeful frugality towards staple goods and discretionary items alike impact the market for premium chef- and foodservice-branded food.

During the 2004-2008 period, the total U.S. retail market for chef- and foodservice-branded food grew at a compound annual growth rate (CAGR) of 8%, according to "MarketTrend: The U.S. Market for Chef- and Foodservice-branded Food Sold at Retail," a new report from market research publisher Packaged Facts. However, the impact of the recession last year was irrefutable. An overall 5% increase in the average selling price per unit boosted the market from $3.5 billion in 2007 to $3.7 billion in 2008, but veiled flat total unit sales.

Packaged Facts forecasts the market will contract slightly in 2009 before recovering in 2010 for solid sustained growth thereafter. The market is expected to reach $4.4 billion by 2013, with a compound annual growth rate of 3%.

Key to the projected growth post-recession is chef- and foodservice-branded product innovators not restricting themselves to the traditional. Modern consumers have higher expectations for food deliverables than ever before -- especially as they have become educated about health and wellness issues and eco-friendly living. Packaged Facts identifies both trends as emerging benefit areas.

Providing foods that appeal to America's shifting and maturing palate is also expected to fortify the market and endear brands to cash-strapped consumers eager for the exotic cuisines they relished while dining out during heartier financial times.

"During the economic boom between 2004 and 2007, consumers spent more on dining out than ever before, many exploring new tastes and cuisines. However, many consumers have curtailed spending on restaurants during the recession and will look for ways to replace their new favorite restaurant foods," says Tatjana Meerman, publisher of Packaged Facts. "Food processors that partner with restaurants and celebrity chefs to create spicier, more flavorful dishes reminiscent of those dining experiences might gain more loyal and affluent shoppers."

"MarketTrend: The U.S. Market for Chef- and Foodservice-branded Food Sold at Retail" includes an overview and analysis of the market in dollar terms and its prospects for future growth, an analysis of major brands and product categories sold through mass-market venues, and a look at consumer trends and new product innovation driving the market and ideas for spurring future growth. For further information visit: http://www.packagedfacts.com/MarketTrend-Chef-Foodservice-2091870/

About Packaged Facts - Packaged Facts, a division of Market Research Group, publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, foods and beverages, demographics, pet, and financial products. Packaged Facts also offers a full range of custom research services. For more information contact Don Montuori at (240) 747-3028 or dmontuori@marketresearch.com.

Contact Information