Key global trends in the Food and Beverages industry
by Adwright, 4 December 2020
Branding is the way businesses share their stories with consumers, and your brand story must be one that consumers want to hear. Trends give us an insight into what appeals to consumers, and tailoring your brand story accordingly will ensure that it will get heard.
According to the latest report by Mintel, there are three key trends in the global food and beverages (F&B) industries that companies should take note of for the next decade. These three trends are:
- Focus on companies’ corporate social responsibility,
- Increasing reliance on personal data, and
- Greater acceptance of science and technology in food supply chains.
An understanding of the above trends will allow businesses in the F&B industries to better position themselves in the market.
I. Change, Incorporated
In recent years, consumers have demonstrated a keenness for change in the way corporations operate. The change advocated for is a shift from a focus on profit to prioritising socially conscious issues, such as climate change, inclusivity and ethical business practices. Making purchases have become a chance for consumers to feel judicious and exercise social responsibility. Companies need to be cognisant of this trend and seek to prioritise corporate social responsibility in their business practices.
To do so, companies can choose to align themselves with one or more social causes such as partnering with philanthropic organisations or governments. After taking on social causes, companies need to share with consumers about these social issues, which is beneficial in two ways. First, there will be an increased awareness of these important issues. Second, consumers will feel more positive while purchasing from the company.
Additionally, companies should ensure that their practices are ethical and innovative. Prevalent problems, such as food waste, cannot be ignored and should be tackled through innovative solutions. An example of this is The Kellogg Company, which has worked with Seven Bro7hers Brewery in the UK to create beer from non-standard cereal pieces.
II. Smart Diets
As science and technology develop, consumers will have access to an increasing amount of data on their own selves. Additionally, there will be a greater number of ways to analyse and interpret these data, and this gives consumers more thorough insights into their mind and bodily functions. Thus, consumers will likely display a preference for individualised approaches to their dietary intake. Companies that are capable of making sense of these data will be more appealing to consumers. For instance, Vita Mojo, a UK foodservice chain, has begun to provide customers nutritional guidance according to their genetic profile. Other kinds of tailored product offerings include recommended shopping lists, recipes and meals customised to consumers’ preferences.
Furthermore, consumers will be more aware of how food and drinks that they consume affect their physical and mental health. At present, consumers are already aware of the benefits of health data collection. As science and technology progress, there is a predicted rise in the demand for functional food and drinks. It will be helpful for companies to explore how their product offerings can assist consumers in achieving optimal nutrition.
III. High-Tech Harvests
Another trend that is closely linked to the development of science and technology is the rise of high-tech harvests. Due to necessity, more parts of the food supply chains will become radically modified. These changes include synthetic and lab-created food and drinks, vertical farms and indoor farms. It is predicted that consumers will become increasingly accepting of these innovations that uphold environmental sustainability and combat climate change.
In order to prepare for these changes, companies should be aware of available science and technology that ensure food and drink sustainability. Research and development efforts should be directed to developing high-tech solutions that will aid in the sustainability mission. As highlighted in The United Nations New Climate Economy report, there is a new era of economic growth arising from investing in agriculture and forests. For example, the producer of plant-based meat substitute, Beyond Meat, has been increasingly growing in popularity.
Additionally, F&B companies can also take the lead now to educate consumers on the benefits of incorporating science and technology in food production. While innovative methods such as vertical farms and indoor hydroponic systems have good receptivity, there is still wariness over “processed” foods. However, processed foods manufactured in a sustainable manner will become essential in the future as a way to combat limited resources. For instance, Beyond Meat has shared with consumers about how their plant-based meat products have a positive impact on major global issues. Such messaging from brands highlights the advantages of lab-produced food products and increase receptivity among consumers.
In light of an ever-changing world, companies have to tailor their brand message in accordance to the current topics of the time. In this article, we have discussed the importance of corporate social responsibility, how personal data will affect consumer choices, and how science and technology will play a more prominent role in ensuring food sustainability. While planning your company’s brand strategy for the next decade, remember to share with your consumers how you participate in a social cause, and how science and technology play a role in your operational processes. Invest in tailoring individualised product offerings, and remember to uphold sustainability as one of your company’s goals.
Adwright has accumulated a wealth of experience in helping brands stand out from their competitors with unique and attractive brand stories. For over 20 years, Adwright has collaborated with clients that range from local SMEs to global corporations, spanning across a myriad of industries. We provide integrated solutions in branding, design, communications and beyond. Partner with us and embark on your unique brand journey today. To find out more about the services that Adwright provides, call us today at +65 6227 7227 or email firstname.lastname@example.org.