'Redefining Value' heads Innova Market Insights’ Top Ten Trends for 2023, as consumers adapt to a global cost-of-living crisis in the face of economic and political volatility. With budgets stretched and supplies under strain, brands need to be flexible in action and open in spirit to connect with consumers, while also taking full advantage of rapidly emerging technological opportunities.
‘In food choices, cost and value for money have become more important to 1 in 2 consumers globally’
“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. They want brands that provide quality, trust and confidence via their product formulations, communications and wider sustainability actions,” highlights Lu Ann Williams, Global Insights Director at Innova Market Insights.
In addition to a heightened demand for competitive pricing, consumers have told Innova they still seek nutritional value and expect a continued shared responsibility for environmental security. Meanwhile, younger generations who have grown up in an inclusive digital age are gaining greater influence, changing markets and creating new opportunities. Against that complex backdrop, here’s a taste of what Innova’s Top Ten Trends show is in store for the food and beverage industry in 2023.
Everyone is wrestling with rising costs and greater instability. Combating this requires a deep understanding of where consumers draw the line on compromise. Strategies such as simple price increases, or flexible ingredient lists to cope with supply chain fluctuations, can work in the short term. However, brands need to be open in their communication and clearly show the benefits they are bringing. The health of the planet remains the top global issue and financial pressures are leading to an increase in eco-friendly behaviors. Consumers have reduced food waste and upcycled or recycled more as part of their belt-tightening. Brands can achieve success through actions that combine economic benefits with clear health and sustainability goals.
Consumers are turning their attention to simple but nutritious goods that are affordable. They are actively looking for affordable ways to maintain a healthy diet, offering brands many opportunities to test their capabilities to new limits. To meet the nutritional, environmental and economic demands of consumers, manufacturers must innovate to extract maximum value from raw materials and the production process.
Younger consumers, raised in an interactive digital world, are creating trends and defining what markets should be providing. For Gen Z and Millennials, food and brand choices are important signifiers of lifestyle, beliefs and values. These demographics have a strong voice and are used to sharing their views openly and widely. While health is an increasingly important purchase driver novel and international flavors are winning the hearts of a young and experimental audience. These consumers embrace the new and different, while being extremely responsive to positive engagement from brands.
The rapid rise of the plant-based sector has, almost inevitably, hit some roadblocks, necessitating a refocusing on consumer demands for high quality, flavorsome products. There is a huge appetite for culinary creativity and worldwide flavor profiles. Two-thirds of respondents expressed a desire to try plant-based versions of traditional, local cuisines. The industry is responding with a large increase in ready-meal offerings, while there is great scope for expansion into meal kits and inventive recipe combinations. Interest in underused ingredients is also growing, creating opportunities to introduce variation in flavor and nutrition while simultaneously addressing supply concerns.
Public curiosity for innovative technologies such as vertical and regenerative farming is increasing. As well as helping to maximize flavor, nutrition and yield, these advances can win consumer support where they are shown to improve the quality and sustainability of global food production. Today’s consumer is increasingly invested in the source of food as it ties in with major global concerns of health, sustainability and waste. The welfare of agricultural workers is equally important, with 65% of respondents agreeing they would rather buy fruit and vegetables from farmer’s markets than large stores. Brands need to demonstrate how novel production techniques are benefiting farmers, people and the planet.
On Wednesday 9th November 2022, Lu Ann Williams will present a webinar detailing the insights behind the full list of Top Ten Trends for 2023, including opportunities in the following areas:
The eagerly awaited annual trends from food innovation and insight specialist Innova are based on wide-ranging global consumer surveys. Coupled with comprehensive market and new product data, they reveal not only what is driving consumer decisions now, but also ways in which brands and innovators can successfully adapt to future realities.
Source: Innova Market Insights
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