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Insight

What to Expect in the Food & Beverage industry in 2018?

Trustworthy Tradition

In the face of fast paced change and overall unpredictability, consumers are attracted to traditional tastes with innovative updates. Consumers are seeking comfort by choosing food and beverages with genuine links to their heritage in these trying times.

The longing for traditional formulations means that manufacturers have an opportunity to utilise the past as a muse for innovation, such as the revival of traditional recipes in modern packaging suitable for the grab-and-go lifestyle.

The element of originality and having a story behind a product have been amplifying the craft and artisan scene within the food and beverage industry over the past few years. Traditional or ‘retro’ products are able to connect with consumers who wish to know more about the products’ authentic links to the past, which makes the claims of the product more trustworthy in these particularly tumultuous times.

From the manufacturer’s perspective, the key is to deliver products that are new, yet familiar. They need to innovate by using recognisable formulations, formats or flavours as their starting point, which reduces investment risk by connecting with consumers from all socio-economic backgrounds.

Plant Potential

The inclination for natural and cleaner diets will accelerate the expansion of plant-based foods.

A growing preference for healthier and simpler lifestyles is prompting consumers to include more fruits, vegetables, nuts, seeds, grains and botanicals in their diets. Thus, more manufacturers are launching or marketing products with plant-based formulations.

The catalyst for this emerging trend is the health and ‘free-from’ trend, with plants gaining prominence in advertising and marketing of food and beverage products. However, it is important to note that most consumers are still buying these products as an occasional snack, drink or meal, rather than changing to a full vegetarian or vegan diet, which is called a flexitarian diet.

Nevertheless, plants have been promoted to essential ingredients which provide more desirable nutrients. This gives manufacturers the opportunity of making health claims with regards to their formulations.

Food and beverage industry experts

Consumer trends in the food & beverage industry are dynamic and ever-shifting, creating both opportunities and risks for businesses in this space. At Farrelly Mitchell, we provide bespoke consulting services to clients looking to seize these opportunities and achieve growth.

We offer a wide range of market services, including market intelligence & insights, market entry & development, risk analysis & management, feasibility & financial modelling, business planning, and much more. To leverage our comprehensive industry insights and achieve commercial success, contact our team today.

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What to Expect in the Food & Beverage industry in 2018?

Author

sean@initiate.ie

Senior Director
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