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Future Innovations in Food and Drinks to 2015: NPD, Trend Convergence and Emerging Growth Opportunities
Business Insights, Jan 2010, Pages: 152
This report outlines the main market drivers influencing innovation in the global food and drink sectors and also analyses the latest trends in product innovation and looks at what has been changing in the product life-cycle. Meanwhile, using results from a survey conducted by Business Insights, this report analyses global new product development and asks the crucial question, ‘What is new in innovation?’ Finally, the effect of the economic downturn on product innovation is discussed as well as the most important drivers influencing consumer demand and what this means for future product launches. Finally, the thorny issue of regulation and repositioning products on a healthy basis is analysed followed by a look at the problems surrounding global food supply.
Key features of this report
- Analysis of how the product lifecycle model is changing
- The report looks at the three major trends impacting on new product development in the global food and drinks sector - health, indulgence and convenience
- The analyzes the evolution of product launches in the global food and drinks market
- Case studies are included illustrating how the innovation environment within the global food and drinks industry is changing fast
Scope of this report
- Understand the key innovations in the food & drink industry and what the major trends will be over the next five years
- Understand crucial areas such as the growing trend for functional foods which is encouraging food companies and pharmaceutical firms to co-operate.
- Evaluate whether you should be looking to refresh your product portfolio in order to take advantage of emerging trends
Key Market Issues
- Over the last decade there has been a massive shift by many of the largest food and foodservice operators to reformulate and re-position products as the health debate has gained ground
- A disconnection exists between the acknowledgement of the need for “breakthrough innovation” and the recognition of the importance of external sources (be it suppliers, retailers or competitors) to be able to achieve that goal
- In many emerging markets multinational operators are facing increasing competition from local players that have started to develop their own premium and even super-premium brands with high quality products, packaging and promotions.
Key findings from this report
- A high level of innovative activity in the soft drinks sector can be attributed to an explosion in new combinations, flavour and tastes driven by indulgence and premiumization trends as well as a shift to new functional, nutraceutical and natural soft drinks lines
- The economic downturn has thrown up some new opportunities for traditional food categories. The shelf stable (canned and packaged) sector, long seen as the dowdy neighbour to more exciting categories such as frozen, chilled and fresh, has witnessed somewhat of a revitalization as consumers downgraded their spending patterns
- Consumers increasingly believe that own label brands are on a par with their branded counterparts.
Key questions answered
1. What are the major trends in innovation in the food & drinks market?
2. Which regions are seeing the most product innovation?
3. What are the best strategies to maximize the efficiency of the product development process?
4. What are the most innovative companies in the food & drink sector?
5. What does the industry consider to be the most important driver for new product development?
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