EMERGING TRENDS IN THE FOOD INDUSTRY 2020 AND BEYOND
Food is something that all human beings need to consume on a daily basis to survive. In the recent years, we have seen significant changes in customer desires.
The food businesses around the world are continuously engaged in efforts to satisfy these desires with new and improved business models. In this highly competitive industry, thorough awareness of innovative techniques, rising costs and consumers’ preferences is critical. The existence of any food related business comes into question without awareness. Emerging trends in this sector are likely to wither too.
In today’s discussion, we take a look at the emerging food industry trends extremely likely to change the industry.
Higher Focus on Transparency and Food Safety: With changing times, consumers have become extremely conscious about what they consume. Accordingly, many of them carry out extensive research about different food products. Therefore, it has become extremely important for the food manufacturers to remain transparent and pinpoint issues, if any.
This is one of the best ways to earn the trust of today’s consumers. In addition to safety, taste, and price of food, more and more consumers now value the reputation of the company. Consumers will evaluate the corporate social responsibility measures taken by a company before spending their hard earned money on them. Transparency is undoubtedly one of the best ways to build reputation in this evolving market.
Product Differentiation and Innovation: In today’s market, we have a wide range of food products available via many different channels. These include local farmer’s market, ordinary retail stores, online sites, and many others.
The bombardment of so many products and saturation of the market make it important for manufacturers to become more innovative. The pressure’s on to create new and improvedfood items. This will also help them stand apart from the rest and deliver a range of products that are easier to differentiate. This can be accomplished by the brands by utilizing vibrant packaging styles or releasing trending flavours of an existing product.
Popularity of Functional Foods: Food is no longer looked upon as something that helps us ease hunger. With growing consumer awareness, more and more people are now looking for functional food items.
These healthy food items were long considered to comprise a part of a niche segment of the FMCG industry. However, a high percentage of consumers are now ready to spend more for foods that are healthier. Therefore, the manufacturers will have to take the functional ingredients into consideration for gaining a stronghold in the industry.
Leveraging Technology: <any reputed brands are now relying on innovation and different types of emerging technology to deliver improved products, . In the near future, blockchain technology may become extremely popular in the food industry.
Some other highly promising technologies for the food industry are robotics, virtual reality, and artificial intelligence. The benefits of these technologies are now known to all. The day is not very far away. More and more food distributors, manufacturers and growers will propel their businesses forward with the help of technology.
Sustainable Products: Sustainability is one of the most important necessities of the mankind at the present age. It is certainly great to see so many people looking to lead a sustainable lifestyle. These individuals are continuously in search of food products that follow sustainable supply chain practices.
From production line to food packaging, many shoppers are now happy to pay more for embracing a greener way of life. In the next few years, we can certainly expect food processing and packaging to become more earth friendly. Packaging with a strong desire to help the environment is an ideal outcome of innovation.
Exotic Flavours: In the food industry, taste and flavour have always been the name of the game. Regardless of how healthy a food product is, people may not like it if its taste is not good. This is why one of the foremost priorities of this industry is to satisfy different taste buds. These taste buds are choosy, picky, and, at times, discriminating.
As today’s educated population is receptive of other cultures, the demand for exotic flavours have reached an all time high. This trend is expected to get even stronger in the future. The companies have the task of coming up with more depth and variety in their offerings.
Clean Labels: These days, everything we want to find out is just a Google search away. Therefore, there is a need for the food industry players to redefine the way they look at labels.
In today’s context a clean label should contain detailed information about the contents of the food. Also, how it is manufactured, and details about the manufacturer. If these details are not available, it is extremely likely that many prospective buyers will silently avoid the product. It’s possible in 20 years we’ll have completely clean labels everywhere.