As we venture into the culinary landscape of 2024, the food and beverage industry will reflect trends bubbling up from 2023. Even so, Imbibe still expects some transformative changes coming with a new year. Cost-saving innovations, sustainability initiatives, effective products, and women's health will dominate in 2024.
Here are five top trend lines.
1. Cost Savings, Little Luxuries:
As consumers navigate economic uncertainty, they seek budget-friendly dining options without compromising quality or their mental health. Forty-seven percent of US consumers have switched to shopping at establishments with a lower price point, and 57% have stated that they have cut down on nonessential grocery spending (PYMNTS, 2023). Imbibe sees some brands responding with budget-friendly gourmet experiences or subscription-based meal kits. At the end of the day however, consumers decide where to trade down, swap out, or stay the same depending on their lifestyle today and economic predictions.
2. Results Please:
Consumers demand tangible benefits from their consumption—whether for energy, health, sleep, beauty, or mood enhancement. A September 2023 survey commissioned by Imbibe reported that 36% of consumers have chosen not to purchase a functional beverage in the 90 days prior because they believe it will not be effective. With many consumers are making sacrifices for financial reasons, they want results from functional foods, ingredients and personalized nutrition offerings.
3. Women's Health:
With a growing focus on female-specific nutrition and wellness, the industry is adapting to the unique dietary and health needs of women. Investment in women's healthcare reached an all-time high of $3.3 billion in 2022 (Boston Consulting Group). Most importantly, new offerings go well beyond marketing tactics of pastel colors or feminine language. Recent releases such as Make Time for Prenatal (Make Time Wellness! / Coco Baba, Inc.) and Milk Moon Postpartum Restorative Tonic (Botanic Affair) address hormonal changes, prenatal and postnatal nutrition, menopause, and overall women's wellness. Also worth watching is the The Functional Chocolate Company, whose chocolate bars include varieties such as “Launch Your Libido” and “pause Your PMS.”
4. Sleep & Anti-Stress:
The spotlight on mental health and the importance of quality sleep have prompted consumers to seek edible remedies that promote relaxation and overall well-being. Sleep is the second highest wellness topic discussed on social media, with viral drinks like the "Sleepy Girl Mocktail" receiving a lot of buzz in 2023 (Brightfield Group, May 2023). This trend gives rise to products such as Beam (Beam Organics Inc.) and Blue Bear (Blue Bear Wellness LLC). They’re infused with adaptogens, calming herbs, and ingredients such as magnesium and melatonin, known to alleviate stress and improve sleep quality.
5. More Benefits, Less Water:
Global concerns over water scarcity and environmental impact have shifted towards more eco-conscious production methods. Food and beverage companies must make conscious choices to reduce water usage in their processes, from agricultural practices to beverage production and beyond. Meanwhile there’s more focus on products—including powdered drinks, concentrates and coffees—that deliver functional hydration, energy, immunity, etc.
Erin Costello is a senior marketing associate at Imbibe. No matter if your focus is on renovation or innovation, one or more of these evolving trends may have you evaluating your innovation pipeline. Get the great-tasting products you need faster by off-loading projects from your R&D team or leveraging Imbibe’s high-quality ingredients to drive differentiation and capture market share. Reach out to marketing@imbibeinc.com.
