- The local foods segment was valued at $11.7 billion in sales in 2014 and is expected to increase to $20.2 billion by 2019, according to a new report from Packaged Facts.
- "Nearly half of people surveyed said they are willing to pay up to 10% more for locally grown or produced foods, and almost one in three said they are willing to pay up to 25% more," Fortune reported.
- However, the definition of "local" has come into question, as the definitions of "natural" and "organic" have in terms of companies' and retailers' product labeling and promotion.
The distance of the farm or facility from the store, the size of the farm or company, and whether the product is organic are all part of consumers' assumptions for local foods. Depending on the state the company is located in, availability of ingredients, or other factors, a company can decide whether it is appropriate or appealing to label their products as local.
Companies may choose to use locally-sourced ingredients to attract self-described locavores, those who are dedicated to shopping for local foods, or the two-thirds of local food-buying consumers who purchase locally grown or locally produced foods in supermarkets and grocery stores.