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Hot Trends in Food and Drinks Innovation
Scripp Business Insights, April 2011, Pages: 147
The report aims to explore key innovations and marketing strategies that will play an important part in driving the development of new products that will meet new and changing consumer demands over the next five to ten years. The report looks at regional differences in the drivers of change in consumer trends and considers the changes that need to be made to existing innovations strategies.
Features and benefits
- Analyze key socio-economic trends such as the aging population, increasing urbanization, changing employment patterns, and concerned consumerism.
- Understand how changing socio-economic trends will have a profound effect on how consumers choose food and drinks products and brands.
- Gain a deeper insight into new ways of meeting changing consumer demands for premium, healthy, ethical, and convenient food and drinks.
- Identify new ways to attract consumer attention, drive purchase uptake and increase brand loyalty.
- Evaluate how changes in technology will affect innovations and marketing strategies and change the way consumers interact with food and drinks brands.
The growth of innovations in and the uptake of consumer technology, and especially social media, is undoubtedly having a considerable impact on consumer behavior. But it is not enough to know that these developments are changing the innovations and marketing landscape, it is also crucial to understand the pace and scale of the changes.
The population of the world is aging, meaning that consumers over the age of 60 control an increasingly significant proportion of consumer spend. This makes seniors one of the most important consumer groups, but it is important to recognize that not all senior consumers behave in the same way or have the same needs.
Consumers’ lifestyles are changing significantly, leading to demand for products that are convenient, to help accommodate increasingly time-pressed consumers; sustainable and ethical products that cater for the growing trend towards concerned consumerism, and healthy products that respond to growing consumer interest in health and wellbeing.
Your key questions answered
- How are consumer trends in favor of premium, ethical, healthy and convenient products affected by worldwide changes in consumer demographics?
- How can food and drinks manufacturers ensure that their products meet changing consumer expectations of “premium” and “sustainable”?
- What lifestyle pressures do today’s consumers face and how can food and drinks manufacturers and brand owners offer saleable solutions?
- What are the long-term implications of the growth of the Internet and social media for food and drinks innovations and marketing strategies?
- How is the “senior” consumer segment changing and what are the implications for the food and drinks industry?"
Drivers of innovation
About the author
What is this report about?
Drivers of innovation
More single person households
Migration, immigration and international travel
Consumers in developed markets
Changing consumer preferences
Legislation and regulation
Recent history of product innovation
Incremental vs. breakthrough R&D
Increase in private label
The six S’s of innovation and marketing
Competitors for consumer attention
Lifestyle pressures such as money and aspirations for good value
Lifestyle pressures leading to lack of time
Aspirations for status, luxury, and fun vs. aspirations for healthy and functional
Abundant packaging claims information
Sales channels - online
Sales channels – in store
Simple strategies for attracting consumer attention
Simple brand messages
Simple packaging design
Pure and natural, and back to basics
Clear value messages
Helping consumers achieve more things in less time
Changing relationships between brands and consumers
Smart timing is crucial to helping brands grab more consumer attention
Usage of social networking
Networks that help people to connect online and meet offline
Who uses social networking sites?
Social networking sites offer access to consumer expenditure
Targeting the right consumer group
Strategies for using social networks
Directly engaging with consumers via social networks
Mavens and online recommendations
Social networks combined with data
Drivers for sophistication and premiumization
The rise of consumer disposable income
Increasing consumer knowledge and sophistication
New definitions of status
Defining premium and sophisticated
The pros and cons of typical premiumization strategies
“More of”, “better than”, and “masstige”
Routes to successful premiumization strategies
Operate in the right market in the right way
Pick the relevant emerging consumer trends
Be premium in the use of the media
Sustainability is increasingly important to consumers
Increasing buy-in in to sustainable and ethical products
A number of linked sustainability claims is better
Examples of sustainability initiatives
Marketing a sustainable ethos – “cause marketing”
Whole company sustainable ethos
Drivers of change in time-of-life benchmarks
Changes in time-of-life benchmarks
Targeting new senior consumer segments
Fit and active seniors
Seniors in poor health
Second relationship seniors
Financially stretched seniors