Propriety survey shows that 53% of consumers are
still very concerned about rising food prices.
CLEVELAND, May 8, 2024
/PRNewswire/ -- In a dynamic landscape where food and beverage
trends evolve faster than ever, Packaged Facts' latest report,
U.S. Food Market Outlook 2024: Opportunities & Challenges
With Pricing, Convenience, Sustainability & More,
provides a compass for industry players navigating uncharted
waters.
The food industry faces unprecedented tests—from supply
challenges and rising labor costs to changing consumer preferences
and increasing need to address sustainability issues. Packaged
Facts' new report equips retailers, service providers, wholesalers,
food processors, packaging firms, and investors with data-driven
actionable insights, predictions, and recommendations to guide
business decision making. Here are 3 important trends to watch in
2024.
Inflation and Value-Seeking Consumers
Despite easing growth relative to 2022 and 2023, prices remain
high and a persistent challenge for the food sector. Consumers
continue to seek value, driving surges in private label options
across all categories, from basics to restaurant-inspired
convenience options.
According to Jennifer Christ,
Food & Beverage Research Manager at Packaged Facts, "Our
propriety survey shows that 53% of consumers are still very
concerned about rising food prices. High food prices are leading
consumers to seek out more affordable options, from buying private
label versions to shopping at discount grocers or shopping around
at multiple locations. Some are even considering alternatives to
products they used to buy whether it was trading to more affordable
cuts of meat or types of proteins or sticking to more affordable
in-season produce options."
Sustainability Takes Center Stage:
- Plant-based options, clean labels, and sustainable supply
chains are in high demand.
- Packaging innovations, including recyclable and reduced
packaging, gain traction.
Ms. Mapes-Christ notes, "On our most recent survey, 50% of
respondents noted that they were more willing to take action about
sustainability -- in purchases and waste – than they were last
year. Strategies like innovations in sustainable packaging,
upcycling collaborations, and transparency and storytelling with
responsible sourcing present opportunities for food companies to
catch the eye of these consumers."
Contradictory Preferences:
- Shoppers crave indulgence and health-conscious choices
simultaneously.
- Snack-form meals bridge the gap, offering energy, indulgence,
comfort, and more, but consumers increasingly seek the same
nutritional and flavor impact in their snacking that they get in a
meal.
- Consumers seek restaurant quality meals but want easy assembly
and quick cooking.
"There are opportunities for new or limited time offerings to
address these interests and attract consumer attention. Ideas
traditionally come from restaurant trends, but food bloggers and
social media are another key source for inspiration for food
companies as younger consumers use these to discover new flavors
and combinations," reported Ms. Mapes-Christ
Scope: U.S. Food Market Outlook 2024
combines Packaged Facts' decades of market monitoring with the
company's proprietary Packaged Facts National Online Consumer
Survey and more. This benchmark report is the definitive resource
for understanding the trends, opportunities, challenges, and the
competitive environment within U.S. food market, anchoring Packaged
Facts' full collection. Dive into:
- Product innovation outlook
- Retail channel trends
- Consumer attitudes & motivations
- Competitive analysis
- Marketing developments
If you cite the study, please send us a link to the article and
we will reciprocate on our product page.
About The Freedonia Group
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a division of MarketResearch.com, is a premier international
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market forecasts, industry trends, and market share information.
From one-person consulting firms to global conglomerates, our
analysts provide companies with unbiased, reliable industry market
research and analysis to help them make important business
decisions. The Freedonia Group's brands also include Packaged
Facts, a trusted provider of consumer market research on food
& beverage, pet products and services, demographics, and
financial services, and Simba Information, the leading
authority for market intelligence and forecasts on the education
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SOURCE Packaged Facts