The CMI Team’s most recent market research predicts that from 2024 to 2033, the global market for luxury foods will grow at a CAGR of 17.45%. In 2024, the market size is projected to reach a valuation of USD 194.1 Billion. By 2033, the valuation is anticipated to reach USD 702.69 Billion.
Luxury Food Market: Growth Factors and Dynamics
The Luxury Food Market Presents Significant Growth Opportunities Due to Several Factors
- Increasing Demand for High-Quality Gourmet Foods: One of the observed trends is that consumers have been moving towards service type/quality food products. These innovative and superior premium food products have great taste, quality and innovative food experience; the reason why various clients are going for these products.
- Rise in Culinary Tourism and Experiences: The aspects as further as culinary tourism and experiential gastronomy point to the fact that clients seek luxury foods. People are buying luxurious brand specialty products both in meals and related products to complement their supper and class.
- Technological Advancements: Recent changes in the food processing technology such as preservation technology, packaging technology and flavour enhancers thus make luxury food products better in quality and more attractive. They help to attract interested food lovers and, of course, the height-ranking retailing stores.
- Expansion of E-Commerce and Online Gourmet Stores: The increase of gourmet food purchasing through e-commerce, and the emergence of online gourmet stores contributes the growing global food luxury market. People want quality products, and affordable and easily accessible luxury foods increase the market of luxury brands.
- Growth in Health and Wellness Trends: Market characteristics of luxury food products are mainly driven by the rising population of health wise consumer and a demand for organic/natural and sustainably sourced products. Healthy and gourmet products are of significant interest to current brand-conscious customers, especially those who are health conscious.
- Increase in Home Dining and Entertaining: The increase of people eating food at home, and dining and entertaining at home generates the new prospects for luxurious foods. People are putting capital into quality ingredients and fine foods and drinks to enhance their home dining and entertain their guests.
- Increasing Investments in Food and Beverage Industry: With increasing investment by global governments and enterprises in the food and beverage sector, the market for luxury food products also grows. These economic determinants, promotes global market expansion as well as stimulating the emergence of exotic food products.
Luxury Food Market: New Partnerships
- In April 2024, DreamFolks, announced a strategic partnership with RedBeryl, a pioneer in luxury lifestyle and personalised services, to provide luxury experiences to its customers. This collaboration marks a significant milestone in redefining the luxury experience for customers across the globe. This strategic alliance aims to enable DreamFolks’ clients. The opportunity to enhance their customer value proposition. Through this partnership, customers can enjoy access to 3000+ exclusive members-only clubs across 150+ countries and front row seating at prestigious international sporting events like Olympics, Wimbledon, Champions League, and World Cups.
- In October 2024, ADMO, the joint venture between Alpha Dhabi and Dubai’s Monterock International, has signed an agreement to acquire luxury lifestyle group Ce La Vi, boosting its portfolio in the lifestyle, food and beverage, and entertainment industry. The move is also aimed at “significantly expanding” ADMO’s lifestyle presence in eastern markets
- In May 2024, Wicked Kitchen, flavor-forward global food brand, announced the acquisition of Current Foods, an alt-protein startup that provides plant-based seafood to food service and fine dining locations in the U.S. and Europe. Current Foods is the second acquisition by Wicked Kitchen within a year in a move that CEO Pete Speranza says is accretive to Wicked Kitchen’s portfolio, focuses on an exciting growth segment, and is reflective of the plant-based industry’s need for consolidation.
Report Scope
Feature of the Report | Details |
Market Size in 2024 | USD 194.1 Billion |
Projected Market Size in 2033 | USD 702.69 Billion |
Market Size in 2024 | USD 165.25 Billion |
CAGR Growth Rate | 17.45% CAGR |
Base Year | 2024 |
Forecast Period | 2025-2034 |
Key Segment | By Type, Distribution Channel, End-User and Region |
Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
Buying Options | Request tailored purchasing options to fulfil your research requirements. |
Luxury Food Market: COVID-19 Analysis
The COVID-19 pandemic significantly impacted the global Luxury Food market. Supply chain constraints owing to lockdowns impacted their demand from food and beverage industry. Production shutdown and restriction on cross-border movement of products also considered on market expansion.
However, market experienced a revival which was due to the essential industries including food and beverages, and healthcare facilities that continued to support the luxury food for the support of various food and beverage facilities. When industries started to revive post pandemic phase, the market slowly recovered, as more funds flowed into the food development and there was a need to cut down on food consumption in terms of luxury food products.
List of the prominent players in the Luxury Food Market:
- Caviar House & Prunier
- Petrossian
- Fauchon
- Fortnum & Mason
- Harrods Food Halls
- Dean & DeLuca
- La Maison du Chocolat
- Valrhona
- Godiva
- Maison Ladurée
- Hediard
- Pierre Hermé
- Williams Sonoma
- Eataly
- D’Artagnan
- Vosges Haut-Chocolat
- Murray’s Cheese
- Zabar’s
- Others
The Luxury Food Market is segmented as follows:
By Type
- Vegetarian Food
- Poultry
- Pork
- Meat
- Seafood
- Others
By Distribution Channel
- Online Retailers
- Specialty Stores
- Supermarkets and Hypermarkets
- Gourmet Food Stores
- Hotel and Restaurant Supply
- Duty-Free Shops
- Direct Sales
By End-User
- Small Food Chains
- High-End Restaurants
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America