12th October 2022 Content supplied by: Innova Market Insights
A Taste of Innova’s Top Ten Trends for the Food and Beverage Industry in 2023
Consumers seek out brands that respond to their core values at an economic price, says Innova.
Value looms large in Innova Market Insights’ Top Ten Trends for the food and beverage industry in 2023
“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.
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.
Over the last year, cost and value for money have become more important to more than half of food and beverage consumers worldwide. Today’s shoppers are increasingly exploring money-saving strategies, such as choosing lower-cost items and cooking from scratch. But they remain determined to sample new experiences, ensure personal well-being and support planetary health. There is more pressure on brands and manufacturers to deliver value while still meeting these wider public expectations.
“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 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:
1. Redefining Value
2. Affordable Nutrition
3. Generational Push
4. Plant-Based: Unlocking a New Narrative
5. Farming the Future
6. Quick Quality
7. Devouring Digital
8. Revenge Spending
9. Unpuzzle Health
10. Positively Imperfect
Commenting on the food and beverage industry’s future direction of travel, Lu Ann Williams reveals: “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.”
Lu Ann Williams has presented a webinar detailing the insights behind the full list of Top Ten Trends for 2023. View on demand here and discover the leading trends influencing and shaping our global food and beverage industry over the next 12 months, or contact Innova Market Insights for more details using the green "Request Information" button below.
Date Published: 12th October 2022
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