Source : Proveg.com
Food and beverage industry has observed major change in terms of consumer preference, market dynamics, product launch, and buying patterns over the past few years. Changing lifestyle and consumer behavior lead companies to introduce variety of food products into the market. Apart from this, companies are expected to introduce some surprise food items, which are unconventional and inline according to the consumer requirements. Without wasting time let’s start discussing one by one.
Meat Alternatives :
Vegetarian people are always in search of cuisines which are as good as non-vegetarian dishes. Here are some of the healthy meat alternatives that one should try. Plant-based meat emphasizing companies to redesign their product launch strategies. Plant-based tunas, plant based milk, burgers, and crab cakes are some of the food items from pant-based meat alternatives which are available in the market. Additionally, tofu is also considered as one of the popular meat substitute owing to its texture, taste, and availability. Tofu has high nutritional value and health benefits because of this it is widely accepted by consumers.
Source : Restaurantindia.in
Frozen Food Products :
Changing lifestyles and consumer preference has also impacted on eating habits. People are preferring ready to eat food due to their busy schedule. Sometimes it is not possible to store fresh food items at home for working couple, therefore frozen food segment is anticipated to increase its popularity in the years to come. These products comprises of wide range of food products including frozen seafood, frozen snacks, frozen fruits and vegetables, frozen meals, and others. As far as frozen food products are concerned it is not only used by individuals but also used commercially by restaurants, caterers, fast food outlets, and others.
CBD Infused Food and Beverages :
CBD is projected to become famous functional ingredient because it’s multidimensional usage. It has wide range of application not only in food and beverage industry but also in skincare and cosmetics industry. CBD is legalized in some part of the world however it is facing difficulties for manufacturers to introduce CBD infused food products into the market where CBD is banned or have restricted usage. It has been noticed, companies are developing and prognosticated to launch variety of CBD infused beverages into the market such as CBD infused non-alcoholic beverages. For instance, In December 2019, AB InBev launched CBD infused beverages in Canada the newly introduced ready-to- brew teas are known as Everie. From this we can say that CBD is the new buzz word in the food and beverages industry.
Source : Forbes.com
Sustainable Packing :
Packaging refers to the most integral part of the food and beverage industry. Manufacturer, being it is small or big incorporate innovative ways of packaging I order to attract large customer base. On the other hand, these packaging materials could have harmful effect on environment and human health. However, designing environment-friendly packaging that kept food product fresh for longer period of time is sometimes difficult. Packaging material which are recycled, reusable, and degradable are part of sustainable packaging. Some of the popular material of sustainable packaging are plastic, metal, paper and paperboard. Sustainable packaging is the need of an hour, in incorporating innovative sustainable packaging methodologies by producers could be the fisrst step taken towards reduction of carbon footprints.
Source : Packon.org
Strategic decisions :
Source : google.com
Manufacturers and companies working hand in hand in order to penetrate the market from the last few years, it has been observed big giants looking forward to acquire small companies. Apart from this, partnership and collaboration with competitors is also adopted by many organization to multiply their product portfolio and number of customers.
As discussed above are some of the key trends observed in the food and beverage industry. Growing global population and fast-paced lifestyles could be one of the significant factors that changed the food and beverages industry. Because of companies efforts towards sustainable packaging and new product development; consumer will definitely see number of products on the shelf in the upcoming years.
Author : Mangesh Nagapurkar
