The biggest trends to influence food and drink in 2023
We’ve already given you the latest flavours that will be trending in 2023, now it’s time to look at the bigger picture. We’ve looked at the food and drink industry as a whole and highlighted 6 key trends that will be influencing the market this year.
As the cost of living crisis causes consumers to feel the pinch, we are seeing people still splash on indulgence, but focusing on value for money.
Don’t let that scare you off from daring to be different though.
Innova Market Research reports that 3 in 5 global consumers with a worsened financial situation also say that they are likely to make a one-time impulse purchase “when the food or beverage product is innovative in flavours/tastes”.
Sustainability is not lowering on consumers’ agendas, as it is a key factor when purchasing. However, one eye will need to stay on keeping costs down.
A whopping 89% of consumers are more likely to purchase from a brand that implements environmentally-friendly practices.
Plant-Based or Bust?
The cracks are starting to show in the plant-based meat replacement market due to poor taste and high prices. Bakery and dairy will need to ensure they don’t fall into the same trap.
The top reason consumers avoid plant-based products is the fear of poor taste or texture. Something the industry will need to overcome if they want to sustain growth past its initial infancy and intrigue stage.
Quality products aren’t the only places consumers are seeking value. Consumers today want to buy from brands that also align with them personally.
Don’t be bland, don’t blend in and don’t stay silent. Make sure you stand for something. 62% of Consumers want companies to take a stance on social, cultural, environmental and political issues that are close to their hearts.
Are You Experienced?
It’s all about keeping consumers engaged. Products need to deliver a deeper connection and experience for adventurous consumers looking for escapism.
We’re sure you’ve seen Coca-Cola’s “Pixel” flavoured drinks and Cadbury’s “Mystery Flavour” bars. Experience is all the rage. 57% of consumers find the idea of retro and nostalgic food and drink appealing.
Let’s Get Digital
As digital slowly takes over our everyday lives, food and drink is changing as we know it. From how we consume, to what we buy – it’s clear digital is all-consuming.
The power of social media is clear with the way products look has never been as important. Food and drink is increasingly purchased due to how attractive it is, let’s face it, no one will share a boring product.
Taking it a step further, 74% of consumers feel the Metaverse “is the future”. McDonald’s is already investing in AI for virtual restaurants. We’ll be honest, the Metaverse doesn’t sound very tasty to us.
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