Top Five Consumer Trends in Food Industry to Watch for in 2017 and Beyond
Published Date: December 29, 2016 Author: Shikha Sinha
Consumer trends in food industry are causing disruption in the traditional food marketing & branding approach, globally. Consumer trends & behavioral patterns create a lasting impact on every industry worldwide, food industry being the topmost in the race. Smart consumers nowadays have the slightest detail of what they consume, from where they consume, and how is it going to affect their health in the long-run. In this scenario, it has become a must for the manufacturers and the retailers to be in the good books of the consumers by maintaining the quality of their offerings. The traditional approach of customer engagement through brand building is likely to decline over the coming years. The availability of various platforms like social media, online portal information, etc. will make the consumers empowered with even the minute details about their food consuming habits and patterns.
The consumers’ perspective towards judging the health and wellness parameters of the food ingredients has seen a major shift. Earlier, when the focus was generally on one of the nutritional parameters such as protein, carbohydrates, etc., the inclination is now towards judging the product both in terms of the quality and nutritional quantity. Increasing population, which is likely to hit 9 billion mark by 2050, is also a pivotal factor influencing the consumer trends in food industry. The world is facing a resource scarcity and major efforts are being put towards ensuring accessibility to dietary essentials such as proteins, carbohydrates, minerals, etc.
Changing lifestyles and rising awareness of the consumers will bring major transformations in the food industry landscape over the coming years. Below are the top five consumer trends in food industry to watch for 2017 and beyond:
Food retail industry expansion: The growth in food retail market influences the consumer trends in food industry as it adds to the consumers’ convenience. Home delivery has come up as the latest trend of the food retail industry. The coming years will witness a high growth in the ‘at the door’ service patterns, which will create a noticeable impact on the consumer trends in the food industry.
Technological advancements: This is another major factor, creating a radical impact on consumer trends in food industry. With the technological innovations, a lot of transparency has been created in the industry. Social media platforms, data analytics, health & wellness apps, online food tracing features, etc. are all making the consumers highly aware and attentive towards the food they consume. Growing smartphone industry has empowered the consumers with hand on access to all the critical information about the food & safety, available on the internet. Manufacturers and retailers are more alert towards maintaining the quality standards of the products they offer.
Economic Sustainability and Improving Consumer lifestyles: The improving scenario, particularly in the emerging nations is also influencing the consumer trends in food industry. Demand for high quality food enriched with plenty of essential dietary supplements is gradually increasing. High consumer purchasing power is driving the demand for costly and quality products. In this regards, protein rich foods will witness a substantial demand over the coming years, from both the plant and animal sources. Global Protein Ingredient market size worth USD 22 billion in 2015, is likely to witness heavy gains over the coming years, with CAGR estimations of 7% over 2016-2024. Moreover, edible insects are also being highly consumed, being considered as a rich source of protein.
Changing Food Preferences: With the increasing population, focus towards maximum resource utilization, and boosted economic power of the consumers, there has been a major shift in food choices of people and consumer trends in food industry. People are highly focused towards their health & wellness, and hence, the demand for nutritional and high quality food has drastically increased. Organic foods have gained heavy momentum in this regards, owing to the increasing awareness among people about the health hazards by the use of pesticides and genetically modified edibles. Organic food market is estimated to witness a double-digit growth over the next few years. For instance, global organic seeds market is estimated to surpass USD 4.3 billion by 2023.
Strict Food Safety Regulations: Transparency has become a vital element, driven by shifting consumer trends in food industry towards verifying quality of the edibles. Not only this, focus shifting towards environmental sustainability will also affect the food industry trends. Stringent government norms to ensure food safety and health & wellness of the consumers will make the food manufacturers strictly comply with the laws. For instance, EU and FDA compliances have given the consumers authority to check their product value chain. Global food safety testing market size is estimated USD 15 billion by 2024.
Over the coming years, food supply and production chains will witness various innovations and collaborations to enable an integrated approach. Food manufacturers will focus on global expansion to increase their profitability. Technological breakthroughs which already are unstoppable will likely bring new developments in the market, making the food industry witness a significant transformation. The major consumer trends in food industry will revolve around health & wellness and increasing economic power of the consumers, leading to changing lifestyles and improved food choices.
Global Market Insights has following reports on the food industry that offer accurate data for decision makers:
- Organic Seed Market Size, Industry Analysis Report, Regional Outlook, Downstream Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023 - https://www.gminsights.com/industry-analysis/organic-seed-market .
- Food Safety Testing Market Size By Contaminant, By Technology, By Food Type, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024 - https://www.gminsights.com/industry-analysis/food-safety-testing-market .