Euromonitor International, a market intelligence company, highlights how three leading themes: consumer segmentation, mindful consumption, and plant-based eating are set to influence new product developments in food and nutrition.
The global food and nutrition industry grew by 1.6% in 2013-2018 and its popularity continues to rise, Euromonitor International states. Latin America is expected to see a hike in packaged food sales growth of 2.7%, reaching 244.8 billion by 2023, the whitepaper reveals.
What’s spurring change?
With projections showing growth across all global markets, manufacturers and retailers are having to formulate innovative and adaptable strategies to satisfy consumer appetite and better reflect attitudes to food.
“In view of the evolving trends, manufacturers need to span their product offerings from indulgent to nutritious to reach consumers with wide-ranging needs and in expectation of a sensory experience,” states Katharina Bagul, Industry Manager at Euromonitor International.
Ingredients offer producers a novel way to create buzz by exploring new and niche items that enable foodstuffs to enter the healthy sphere. Looking at how manufacturers can modify and develop their product portfolios and grab market share, Bagul explained: “The meat-free space saw the most interesting developments with meat analogs being the game-changer in 2019.”
Today’s consumers are asking questions around eating out opportunities, the nature of a balanced diet, and what alternative proteins are on the market, to support reduced meat consumption and better protection of the planet.
What does the future hold?
Expanding product offerings that range from nutritious, convenient and indulgent food providing sensory experiences are thought to lead food and nutrition in the near future. Healthy product positioning will also drive manufacturers and marketers.
In terms of the game-changer in food and nutrition in 2019, Euromonitor International gives that to the meat-free space, with developments in meat analogs taking over the scene.
“In terms of alternative proteins, the future will tell if edible insects and lab-cultured meat will be able to achieve a breakthrough and acceptance by a wider consumer base,” Bagul reveals. So watch this space.