Check out the March 2020 issue of Prepared Foods, featuring our Retail New Products Annual, which looks at food and beverage trends and innovations taking place in the retail market.
Today's consumers are weighing taste adventure and convenience with new considerations related to what's better for me (diet and personal health) and better for the planet (ethics, sustainability).
This snack attack activity drove new product launches in meat snacks, snack mixes, and fruit-based snacks. Each enjoyed double-digit growth rates with meat snacks at the top of the heap, expanding at a 20.6% CAGR from 2014 to 2018.
Sustainability, transparency trends help drive consumer product appeal
March 13, 2020
As a new year and new decade offer opportunities to take stock of where we've come and to anticipate the changes ahead, the International Food Information Council (IFIC) Foundation is forecasting five broad trends for food and nutrition in 2020.
Launches grew at a compound annual growth rate (CAGR) of less than 1% from 2014 to 2018, per the Innova Market Insights database. Unfortunately, last year's tally will not advance the cause.
Yet plenty was happening if you knew where to look.
More than half of US adults claim they really enjoy cooking (53%) and more than one-third consider the kitchen to be the most important room in the home (35%), according to Packaged Facts’ report, “Eating Trends: Cooking & Food Shopping” Officials note these percentages have risen compared to a decade ago.
According to a 2019 Innova Consumer Survey, 63% of global consumers are increasingly trying to incorporate plant ingredients in the diet. Not surprisingly, sauce, dressing and spread manufacturers have been finding creative ways to address the trend as well.
Dairy foods and beverages are facing challenges that include competition from plant-based dairy wannabes, global trade obstacles and more. But the odds are in dairy’s favor as processors home in on consumers’ evolving wants and needs.
Health and wellness continues to be a catalyst for innovation, but what that term means for consumers is a moving target and is impacted by a multitude of factors such as individual need states, age, and socioeconomic status.