TrendSights Analysis: Added Functionality

  • ID: 4032019
  • Report
  • Region: Global
  • 44 pages
  • GlobalData
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FEATURED COMPANIES

  • Apple
  • CTC-LANKA
  • Frizc Flavor
  • Kraft Foods Group
  • Pet Head
  • Scholl
  • MORE

Consumer desire for new experiences, as well as products that match multiple needs, drives the demand for technological breakthroughs. Technological innovations either maximize the consumption experience, or offer novel, more effective formulations. These features not only help the products to stand out, but also help to encourage consumers to trade-up by adding value to the product.

Added functionality is a part of the Sensory and Indulgence mega-trend, mirroring how modern technology has become an important part of consumption experiences. A core part of this trend is consumers’ desire for novelty in product formulation, packaging, and positioning. Added functionality has many facets: various textures, flavors, functional benefits, and additional consumption enjoyment, the importance of which varies across the product category and consumer demographics. However, the need for Experience Currency - consumers’ desire for products that are more than just fit for purpose - is the main driver of the trend.

Trend drivers

  • Tired of plain products, consumers are on the lookout for new experiences
  • Technological breakthrough is associated with greater efficacy of product formulations
  • Increasing ownership of portable gadgets presents a range of opportunities for manufacturers to add entertainment value to the product

Consumer targets

  • Early young adults are the most interested in new experiences when it comes to tobacco
  • Women are more interested in added functionality in household care and laundry
  • Mid-Lifers and Older Consumers are more interested in functional novelties in coffee

The development of new formulations using scientific breakthroughs that significantly enhance the product’s efficacy; such as formulations of energy-boosting beverages featuring new ingredients "packed with caffeine", or requiring smaller quantities of the product, are enhancing the perception of the product’s efficacy. These products appeal to convenience-seeking experiential consumers, who are prepared to trade-up for solutions they consider to save time and effort. Moreover, added functionality is often considered as offering better value, as consumers receive additional properties without the need to buy another product.

The report "TrendSights Analysis: Added Functionality" examines what Added Functionality means as a consumer trend and why it is important, who are likely to be the target audience, how FMCG brands can best capitalize on the trend, and what will be the future outlook for the trend.

Companies mentioned in this report: Coca Cola, Gatorade, Apple, Medea, The Perfume Studio, DrinkBlocks, YumCha Tea Concentrates, Varni Brothers, Daily Serving, CTC-LANKA, Kraft Foods Group, Scholl, Unitrade Merchandise, Rooted Beauty, Handstands, Bolton Solitaire, Ora, Diageo, Pivovarnya Moskva-Efes, China Tobacco Shaanxi, Reynolds American, Frizc Flavor, Mars Petcare US, Pet Head, Honest Kitchen.

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Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Apple
  • CTC-LANKA
  • Frizc Flavor
  • Kraft Foods Group
  • Pet Head
  • Scholl
  • MORE

1. Trend Snapshot
2. What is Added Functionality?
3. Why is Added Functionality important?
4. Who is driving Added Functionality?
5. How can Added Functionality be capitalized on?
6. What Next in Added Functionality?
7. Appendix

Note: Product cover images may vary from those shown
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  • Apple
  • Bolton Solitaire
  • CTC-LANKA
  • China Tobacco Shaanxi
  • Coca Cola
  • Daily Serving
  • Diageo
  • DrinkBlocks
  • Frizc Flavor
  • Gatorade
  • Handstands
  • Honest Kitchen
  • Kraft Foods Group
  • Mars Petcare US
  • Medea
  • Ora
  • Pet Head
  • Pivovarnya Moskva-Efes
  • Reynolds American
  • Rooted Beauty
  • Scholl
  • The Perfume Studio
  • Unitrade Merchandise
  • Varni Brothers
  • YumCha Tea Concentrates
Note: Product cover images may vary from those shown
5 of 4
Note: Product cover images may vary from those shown
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