While tackling drought and famine may be some of the top concerns for today’s developing nations, the steady growth of the demand for specialty foods in the United States over the past decade may have the potential to assist in the growth of their economies.
Now making up almost 16% of U.S. food sales, the specialty food business has become a lucrative opportunity for firms in new or developing countries. At this summer’s Fancy Food Show in New York City, vendors from such locations as Kosovo, Georgia and Palestine competed with larger nations and with each other to introduce their products into the American market.
Recently, the U.S. Agency for International Development (USAID) has gotten involved with food shows by assisting producers in areas where they lack experience, such as effective advertising and navigating the American consumer market. USAID also actively seeks out new vendors to participate in the emerging business.
By taking advantage of the expanding tastes of America’s “culinary elite,” foreign producers can create the additional capital needed to expand their operations. The resulting job creation can be a benefit to both the local and national economies of developing states.
Posted by Lex Cardone
Photo Credit: Phoenix New Times
