With 2020 on the horizon and only days left in this decade, food industry and consumer experts have weighed in with their annual predictions about what the new year will bring to the food industry.
Innova Market Insights have been leading global food trend specialists for more than two decades. Innova tracks and analyzes thousands of new product launches annually. Our industry looks to them when identifying the top food and beverage trends impacting the marketplace in the US and abroad.
This year, their top three may surprise you! According to Innova, the number one trend that will drive the food and beverage industry is “Storytelling: Winning with Words.” According to Innova, 56% of consumers’ purchasing decisions are influenced by stories around a brand. The top reason for this is because consumers want to know the origin of the ingredients. Additionally, brands can also talk about cultural celebrations, processing used to make a product, or how a chosen product fits into a lifestyle in order to resonate with today’s savvy consumers.
The number two trend expected to impact the food industry is “The Plant-Based Revolution.” Consumers are increasingly attracted to products with plant-based claims, more so than vegetarian or vegan labels. Read further in this month’s edition to see how DuPont is meeting the increasing demand.
And rounding out the top three trends, Innova identified “The Sustain Domain,” citing:
“Global consumers who expect companies to invest in sustainability increased from 65% in 2018 to 87% in 2019. About half of consumers are willing to pay extra for products devoted to solving sustainability issues.
Two big concerns are plastic waste and food waste, although differences in consumer focus exist regionally and across different age groups. Companies need to know their target market and figure out how they will measure their sustainability efforts.
The demand for healthy and sustainable foods poses many challenges for food and beverage manufacturers. As you look to prepare for and meet these trends, let us help! Skidmore’s team of experts is available from field testing to scale up, to help you source the ideal ingredient for your next innovation.
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