“Redefining value throughout the food and beverage industry will lead in 2023 as consumers seek brands that listen, understand and respond to their core values,” said Lu Ann Williams, Global Insights Director at Innova Market Insights. “They want brands that provide quality, trust and confidence via their product formulations, communications and wider sustainability actions. At Innova, we have seen a considerable consumer demand for value redefined throughout the supply chain, with creative and flexible approaches to the use of technology and reducing waste proving pivotal. With financial concerns a dominating factor, 2023 is a significant year for new developments that answer these growing demands. Based on our consumer and market research, our Top Trends deliver insights to support brands as they innovate and grow.”
5 Trends and Actions Companies Can Take:
Redefining Value: Create clear health and sustainability goals.Innova said consumers reported interest in economic benefits and brands with clear health and sustainability goals. The health of the planet remains the top global issue and there was an increase in eco-friendly concern.
Affordable Nutrition: Manufacturers must innovate to extract maximum value from raw materials and the production process.Over the past year, Innovation shared, 62% of consumers reported a rise in the cost of their groceries. Consumers are actively looking for affordable ways to maintain a healthy diet, offering brands many opportunities to test their capabilities to new limits.
Generational Push: Engage with consumers.For Gen Z and Millennials, food and brand choices are important signifiers of lifestyle, beliefs and values, Innovation said. Health as well as novel and international flavors ranked top. These consumers desire the new and different and are extremely responsive to brand engagement.
Plant-Based: Innovate with plant-based offerings.There is now demand for high quality, flavorsome products, according to Innova's findings. Green gastronomy will become a focus on its own next year, giving brands opportunities to diversify and expand. Two-thirds of respondents to Innova’s global survey expressed a desire to try plant-based versions of traditional, local cuisines. Consumers want improvements in taste and texture and culinary creativity and worldwide flavor profiles.
Farming the Future: Demonstrate how novel production techniques benefit farmers, people, and the planet.The wellbeing of farmers is equally important, with 65% of respondents to Innova’s surveys agreeing they would rather buy fruit and vegetables from farmer’s markets than large stores.
On November 9, 2022, at 4pm CET, 10am EST and 10am SGT, Williams will present a webinar detailing the insights behind the full list of Top Ten Trends for 2023, including opportunities in the following areas: