Current economic conditions are leading consumers to look for ways to save money. At the same time, values like nutrition and sustainability remain top-of-mind. As Innova Market Insights’ Top Ten Trends for 2023 reveal, to appeal to these consumers, food and beverage brands need to find a way to balance these competing priorities.
Here’s a sneak peek at the trends that Innova believes will shape the food and beverage industry over the next year. To learn more, join Innova’s webinar on Wednesday, November 9.
1. Redefining value
When consumers assess value, they’re looking at more than just price. Innova notes that the health of the planet remains the top global issue, and consumers are responding by taking actions to reduce waste. “As the cost-of-living crisis continues, brands can achieve success through actions that combine economic benefits with clear health and sustainability goals,” Innova notes.
“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,” Lu Ann Williams, Global Insights Director at Innova Market Insights said in a press release.
2. Affordable nutrition
Consumers are feeling the pinch, but they still want nutritious products. Innova notes that shoppers are buying in bulk, purchasing private labels, cooking from scratch, reducing their spending on luxury items, and also purchasing fewer items. “To meet the nutritional, environmental and economic demands of consumers, manufacturers must innovate to extract maximum value from raw materials and the production process.”
3. Generational push
Different generations have different expectations from brands. Younger consumers — Gen Zers and Millennials — want food and beverage products that are in line with their lifestyle, beliefs, and values. They also want healthy foods (as do older consumers) and novel flavors.
4. Plant-based: Unlocking a new narrative
The plant-based market has slowed recently (in part because of consumer cost-cutting), but Innova believes that “green gastronomy will blossom as a standalone sector in 2023, giving brands significant opportunities to diversify and expand.” In their global survey, two-thirds of respondents said they were interested in trying plant-based versions of traditional, local cuisines.
5. Farming the future
Consumers are highly interested in where their food comes from, and they’re concerned not just about quality and sustainability, but also issues like the welfare of agricultural workers. “Brands need to demonstrate how novel production techniques are benefiting farmers, people, and the planet.”
Tune into the webinar for more about these and the remaining five trends:
- Quick quality
- Devouring digital
- Revenge spending
- Unpuzzle health
- Positively imperfect
