Page 24 - Food&Drink magazine Feb-Mar 2023

TRENDS 2023
Generational
Push: Future Farm collaborated with Soul Burger and activist DJ TVNALILY to launch its plant-based fish burger.
Top 10 trends for 2023
noticeable rise in the cost of food and beverages. In response, they are looking for simple, nutritious, and affordable goods.
The market responded with an 86 per cent increase year-on-year in food and beverage launches with a budget claim.
For Williams, what used to be a focus for lower middle-income countries now offers potential in the richer parts of the world, with consumers saying innovation should focus on making essential nutrition affordable. This gives brands many opportunities to test their capabilities.
To meet the nutritional, environmental, and economic demands of consumers, manufacturers must innovate to extract maximum value from raw materials and the production process.
3GENERATIONAL PUSH While health benefits and affordability are key drivers across all demographics, novel flavours are the siren call for young and experimental audiences. They embrace the new and different, while being extremely responsive to positive engagement from brands. For Gen Z and millennials, food and brand choices are important signifiers of lifestyle, beliefs, and values.
“Gen Z consumers care about flavour over affordability. That makes sense, because for millennials, affordability, having kids, and the price of housing are really important. And with Gen X and boomer consumers, who might be getting their first high blood pressure reading, naturalness is
Cost and value for money are driving forces for consumers this year, while they’re still determined to sample new experiences, ensure personal wellbeing and increase expectations of brands’ performance. Kim Berry takes a look at Innova Market Insight’s Top 10 Trends.
1REDEFINING VALUE Political instability has risen from #9 to #2 in global issues of concern for consumers. Interest rates and inflation are on the rise and environmental concerns continue. It’s little surprise that cost and value for money are now the dominant factor influencing consumers’ purchasing habits.
Innova Market Insights (IMI) global insights director Lu Ann Williams, says, “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.”
In practice, that means brands and manufacturers need a deep understanding on where consumers draw the line on compromise, because everyone is having to make hard choices.
“They want brands that provide quality, trust and confidence via their product formulations, communications and wider sustainability actions.”
The top responses on product features worth paying more for were fresh products, locally produced products, and functional ingredients that boost physical health.
Meaningful success can come through actions that combine economic benefits with clear health and sustainability goals.
2
Williams says this trend is a “virtually untapped opportunity”
that will “persist
for years”.
In 2022, 62 per
cent of consumers reported a
AFFORDABLE
NUTRITION
24 | Food&Drink business | February/March 2023 | www.foodanddrinkbusiness.com.au
LEFT: Devouring Digital: SPC’s Helping
Humans canned sparkling waters allow consumers to choose which charity their purchase will support.
ABOVE: Affordable Nutrition: San Remo Active Plus is enriched with fibre, vitamins B1, B6 and folic acid.