CLEVELAND, May 8, 2024 /PRNewswire/ — In a dynamic landscape where food and beverage trends evolve faster than ever, Packaged Facts’ latest report, U.S. Food Market Outlook 2024: Opportunities & Challenges With Pricing, Convenience, Sustainability & More, provides a compass for industry players navigating uncharted waters.
The food industry faces unprecedented tests—from supply challenges and rising labor costs to changing consumer preferences and increasing need to address sustainability issues. Packaged Facts’ new report equips retailers, service providers, wholesalers, food processors, packaging firms, and investors with data-driven actionable insights, predictions, and recommendations to guide business decision making. Here are 3 important trends to watch in 2024.
Inflation and Value-Seeking Consumers
Despite easing growth relative to 2022 and 2023, prices remain high and a persistent challenge for the food sector. Consumers continue to seek value, driving surges in private label options across all categories, from basics to restaurant-inspired convenience options.
According to Jennifer Christ, Food & Beverage Research Manager at Packaged Facts, “Our propriety survey shows that 53% of consumers are still very concerned about rising food prices. High food prices are leading consumers to seek out more affordable options, from buying private label versions to shopping at discount grocers or shopping around at multiple locations. Some are even considering alternatives to products they used to buy whether it was trading to more affordable cuts of meat or types of proteins or sticking to more affordable in-season produce options.”
Sustainability Takes Center Stage:
- Plant-based options, clean labels, and sustainable supply chains are in high demand.
- Packaging innovations, including recyclable and reduced packaging, gain traction.
Ms. Mapes-Christ notes, “On our most recent survey, 50% of respondents noted that they were more willing to take action about sustainability — in purchases and waste – than they were last year. Strategies like innovations in sustainable packaging, upcycling collaborations, and transparency and storytelling with responsible sourcing present opportunities for food companies to catch the eye of these consumers.”
Contradictory Preferences:
- Shoppers crave indulgence and health-conscious choices simultaneously.
- Snack-form meals bridge the gap, offering energy, indulgence, comfort, and more, but consumers increasingly seek the same nutritional and flavor impact in their snacking that they get in a meal.
- Consumers seek restaurant quality meals but want easy assembly and quick cooking.
“There are opportunities for new or limited time offerings to address these interests and attract consumer attention. Ideas traditionally come from restaurant trends, but food bloggers and social media are another key source for inspiration for food companies as younger consumers use these to discover new flavors and combinations,” reported Ms. Mapes-Christ
Scope: U.S. Food Market Outlook 2024 combines Packaged Facts’ decades of market monitoring with the company’s proprietary Packaged Facts National Online Consumer Survey and more. This benchmark report is the definitive resource for understanding the trends, opportunities, challenges, and the competitive environment within U.S. food market, anchoring Packaged Facts’ full collection. Dive into:
- Product innovation outlook
- Retail channel trends
- Consumer attitudes & motivations
- Competitive analysis
- Marketing developments
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