The 75th annual report surveyed food retailers’ and suppliers’ 2023 developments and expectations for the year ahead, finding that while the industry made key strides in addressing longstanding labor and transportation capacity issues, inflation and other financial hurdles caused industry profit margins to fall to pre-COVID-19 pandemic levels.

Buyer attendees voted on top-scoring products from this year's sofi Awards in an anonymous-tasting round at the Summer Fancy Food Show, selecting winners for Product of the Year/Food, Product of the Year/Beverage, Outstanding New Product, and Outstanding Classic. 

Consumers tell us that they care a lot about the health of the planet and say that it’s today’s most important global issue. They also describe themselves as being at least moderately engaged in various environmental actions.

The 2024 IFIC Food & Health Survey covers a wide range of topics from farm to fork, including food production, food safety, eating patterns and diets, specific food or beverage ingredients as well as consumers’ relationship with food, purchase drivers, and trust in information sources.

Describing the current moment as "an era of specialty food prominence," the report notes that sales of specialty products have grown from $88 billion in 2013 to an estimated $207 billion in 2023, an increase of 149%. 

The report details the continued impact of innovation within CPG, revealing that consumers seek exploration and new experiences as they adjust to active post-pandemic lifestyles. Leading products reflect shifts in Americans’ daily routines, offering increased versatility and venturing into new categories. 

The trend toward global culinary exploration is driven by younger generations. Among those participating in our annual surveys, Millennials and Generation Z globally are somewhat more likely to express interest in more unusual, adventurous and exotic flavors.

While consumer concerns about food inflation persist, FMI’s newly launched US Grocery Shopper Sentiment Index found that grocery shopper sentiment reached a post-COVID-19 pandemic high in 2023 and continues to remain elevated.

he company recently raised more than $100 million in a C-1 round led by Grosvenor Food & AgTech, with returning investors including Prelude Ventures, BOND, Revolution Growth and Congruent, to help meet the growing demand for its products.

Bottled water products compete with other packaged drinks, but not tap water. Most bottled water drinkers consume both tap water and bottled water, packaged conveniently in 3 and 5-gallon for the home and office, or at retail 1 and 2.5 gallon or individual size commonly sold by the case.