Faced with economic pressures, political volatility, and a strained supply chain, consumers are still looking for something more than just affordable products. They also want products that address environmental and social values. This is according to Innova Market Insights’ latest Top Ten Trends study for 2023. Compared to recent decades, where food experiences ranked higher, brands should prepare to shift focus to affordable, sustainable, and nutritious meal options for their customers.
Lu Ann Williams, Global Insights Director at Innova Market Insights, notes that, “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.”
Trends in the food service industry
In the report, Innova found that these top five trends will lead the food service industry in 2023:
1. Redefining Value – As consumers face economic pressures including a rapidly increasing cost-of-living and social instability, they will be seeking out value-oriented brands that offer nutritious and sustainable meal options for less.
2. Affordable Nutrition – In the Innova report, over 62% of respondents reported a noticeable rise in their food-related costs both in and outside the home. Their interest in simple but nutritious meals, including bulk items and easy-to-cook at-home meals is rising exponentially.
Related: Americans Prepare for Holiday Shopping Season in Light of Inflation
3. Generational Push – As Gen Z gains more purchasing power in the market, brands should look to digital trends to fit food and beverage options to consumers’ lifestyles, beliefs, and values.
4. Plant-Based: Unlocking a New Narrative – Over two-thirds of Innova respondents expressed an interest in plant-based meals, especially those that emulate local flavors. Brands should focus on plant-based option, while continuing to boost flavor and nutritional content for these items.
5. Farming the Future – 65% of survey respondents report they would rather buy fruit and vegetables from farmer’s markets than large stores. Brands that focus on local supply chains can not only reduce costs for consumers, but gain attention for their sustainable efforts.
Innova Market Insights
The annual Innova Market Insights report offers trend reports and insights not only from consumer surveys, but comprehensive market and new product data. This survey also includes recommendations for innovations and best marketing practices foodservice industry brands can use to come in strong for the new year.
Innova is hosting a live webinar to discuss the insights from the study, which can be beneficial to both local and national brands. The webinar is on Wednesday 9th November 2022, at 4pm CET, 10am EST and 10am SGT. To learn more about these trends and insights, register here.
Interested in our Modern Globe weekly newsletter?
By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
