Home / Food & Beverage / Luxury Foods market by Type (Veg Food, Seafood, Meat, Pork and Poultry, Others) by Venue (Hotels, Restaurants & Cafe (HoReCa), Catering, Others): Global Industry Size, Share, Statistics and Forecast 2015 - 2027

Luxury Foods market by Type (Veg Food, Seafood, Meat, Pork and Poultry, Others) by Venue (Hotels, Restaurants & Cafe (HoReCa), Catering, Others): Global Industry Size, Share, Statistics and Forecast 2015 - 2027

Published Date: Dec 2021
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Report ID: 60464
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Report Format: PDF
Food & Beverage
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Pages: 134
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Rating: 4.6 (24)

Luxury Foods Market Analysis

Who wouldn't enjoy luxury delicacies bursting with flavor and taste? People nowadays have become more aware of different cultures and cuisines, followed by a curiosity to try something new to expand their palettes. This has been helping the food industry boom a lot. It's only growing bigger and bigger, considering how people have become more open to giving new, more luxurious cuisines a chance.

luxury-foods-market

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. However, most restaurants are well-researched on what their customers want and hire renowned chefs to give their audience what they're coming for – food! 

Global Luxury Foods market was valued at around USD 267.85 billion in 2020 with decline of over 29.42% owing to COVID 19 pandemic and its subsequence’s. However, the demand has been recovering at a rapid pace and in the light of rapid vaccination around the world, it’s expected to restore to per COVID 19 level soon. Global Luxury Foods market is projected to become a half trillion-dollar industry in 2027. Global Luxury Foods market is likely to post CAGR of over 7.5% during the forecast period.     

Interesting Facts about Luxury Foods Industry

  • Seafood is considered to be the most luxury food
  • Oysters, Bluefin Tuna, Caviar, etc. are most elegant and expensive seafoods
  • Europe held over 35% share in Luxury Foods
  • HoReCa is largest segment in Luxury Foods
  • 18% of the income is spend on food and beverage by households

Key Foods in the Luxury Food Market

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.

Food items such as these dominate the food market, with more people wanting to try these things out. Also, the main reason they're called luxury foods is because of how expensive they are. Caviar won't be served to you any less than $300. More restaurants are becoming aware of making their menus more luxurious and adding such food items to their list. They aren't just serving them as main courses but are also infusing them within other dishes. We'd say a pretty smart move; for example, serving a simple seafood salad called Ceviche as an appetizer increases the sophistication level of the restaurant along with the price.

Increasing Expenditure on F&B

One of the major reasons the luxury food industry is booming so much is the increase in people's disposable incomes. The more people earn, the more they spend on food. It's all psychology; people work so hard to make their money – treating themselves to luxury dining is a way of rewarding themselves. Also, since they earn well, traveling to foreign countries becomes easy for them as well. They explore different countries and their foods and come back raving about how good a certain dish in Paris was. Traveling frequently also increases their awareness of all kinds of different luxurious food that exist.

More so, food blogging culture has also taken over. People are now pursuing food blogging as a proper career where they explore a different restaurant each day and post on their social media platforms about how good, or bad the food was. Food bloggers are highly looked up to for knowing which restaurant to try, which is helping the food industry quite a bit.

COVID 19 Pandemic had Negative Impact on Luxury Food Market

One major restraint that affected the luxury foods market was definitely Corona Virus. The Pandemic had shut every business down, including hotels, cafes, bakeries, and restaurants. Luxury eateries had surely taken a hit, especially because it was all so sudden. However, with the Pandemic slowing down, gourmet restaurants are slowly opening up again worldwide, and the food industry is expected to see growth in the upcoming months.

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 players in global Luxury Food Industry.

Frequently asked questions about global Luxury Foods industry

Likewise other industries, COVID 19 also taken a toll on Luxury Foods market with around 29.42% decline in 2020 in its revenue as compare to 2019

Europe is the largest regional market with highest share in the total volume of Luxury Foods consumed in 2020

Increasing disposable income and growing luxury tourism to drive the demand for luxury food

Seafood segment dominated the Luxury Foods market in 2020

HoReCa was the largest distribution channel of Luxury Foods in 2020

Luxury Food Market Report Scope

Report Attribute Details
Market Value in 2020 USD 267.85 billion
Market Value in 2027 USD 559.08 billion
CAGR 7.53% between 2021 and 2027
Benchmarking Year 2020
Past data 2016 – 2019
Forecast period 2021 – 2027
Report coverage Market Size Valuation, Share Analysis and Growth Rate by Segments such as Type and Venue, Company Share, Competitive Landscape and Trends Analysis
Segments covered

Type

Veg Food

Seafood

Meat, Pork and Poultry

Others

 

Venue

Hotels, Restaurants & Cafe (HoReCa)

Catering

Others

Regional scope North America (U.S., Canada and Mexico), Europe (Russia, Spain, Italy, Germany, France, UK, Poland, Belgium, Netherland, Sweden, Denmark, Austria, etc.), Asia Pacific (India, South Korea, China, Japan, Taiwan, Singapore, Vietnam, Thailand, Indonesia, Malaysia, Australia, etc.), Latin America (Peru, Chile, Colombia, Brazil, Argentina, etc.), Middle East (KSA, UAE, Israel, etc.) & Africa (Egypt, Nigeria, South Africa, East African Community, etc.)
Major Players Analysed 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
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