Global Luxury Food Market Size Likely to Grow at a CAGR of 17.45% By 2033

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 observed trend is that consumers have been moving towards service-type/quality food products. These innovative and superior premium food products have great taste, quality, and an innovative food experience, which is why various clients are choosing them.

• Rise in Culinary Tourism and Experiences: Culinary tourism and experiential gastronomy point to clients seeking Luxury Foods. People buy luxurious brand specialty products in meals and related products to complement their supper and class.

• Technological Advancements: Recent changes in food processing technology, such as preservation technology, packaging technology, and flavour enhancers, make Luxury Food products better in quality and more attractive. They help attract interested food lovers and, of course, the highest-ranking retail stores.

• Expansion of E-Commerce and Online Gourmet Stores: The increase in gourmet food purchasing through e-commerce and the emergence of online gourmet stores contribute to the growing global food luxury market. People want quality products, and affordable and easily accessible Luxury Foods increase the market for luxury brands.

• Growth in Health and Wellness Trends: The market characteristics of Luxury Food products are mainly driven by the rising population of health-conscious consumers and a demand for organic/natural and sustainably sourced products. Healthy and gourmet products are of significant interest to current brand-conscious customers, especially health-conscious customers.

• Increase in Home Dining and Entertaining: The increase in people eating food, dining, and entertaining at home generates new prospects for luxurious foods. People invest capital into quality ingredients, fine foods, and drinks to enhance their home dining and entertain 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 promote global market expansion and stimulate 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 access 3000+ exclusive members-only clubs across 150+ countries and front row seating at prestigious international sporting events like the Olympics, Wimbledon, Champions League, and World Cups.

• In October 2023, ADMO, the joint venture between Alpha Dhabi and Dubai’s Monterock International, signed an agreement to acquire luxury lifestyle group Ce La Vi. This move will boost ADMO’s portfolio in the lifestyle, food and beverage, and entertainment industries and ” significantly expand ” its lifestyle presence in eastern markets.

• In May 2023, 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 reflects the plant-based industry’s need for consolidation.

Report Scope

Luxury Food Market: COVID-19 Analysis

The COVID-19 pandemic significantly impacted the global Luxury Food market. Supply chain constraints due to lockdowns impacted food and beverage demand. Production shutdowns and restrictions on cross-border movement of products also affected market expansion.

However, the market experienced a revival due to the essential industries, including food and beverages and healthcare facilities, supporting Luxury Food for various food and beverage facilities. When industries started to revive after the pandemic phase, the market slowly recovered as more funds flowed into 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