What are the best ways to identify food trends in the industry?

Data research plays a crucial role in understanding and analysing trends within the food industry, and visiting supermarkets and paying attention to food shelves and labels can be a practical way to gather valuable data.This includes purchasing pattern, preferred product categories, nutritional information and health claims. This information is valuable to understand and respond to changing consumer preferences and predicting future trends.

Analyze social media platforms, market research reports, and industry publications for real-time insights. Utilize data analytics tools to track consumer preferences, online discussions, and emerging culinary concepts, ensuring a comprehensive approach to identifying food trends.

Monitor Market Research Reports: Keep an eye on industry reports from market research firms, such as Mintel, Nielsen, Euromonitor, and Innova Market Insights. These reports often highlight emerging trends, consumer preferences, and market dynamics.

Monitor influencers and experts on social media, attend industry events, and engage in forums. Their insights provide firsthand knowledge on emerging food trends.

Attend food industry trade shows, conferences, and exhibitions to network with industry professionals, discover new products, and learn about emerging trends.

Conduct tastings, pilot menu items, and gather customer feedback. Real-world experimentation allows for firsthand insights into evolving culinary preferences and trends.

Customers vote with their money what they want. A lagging indicator of customer trends is via market updates on public companies. For example, meat analogs companies were hot in 2020-2022 which is why companies like Beyond Meat (I used to work there) had lofty valuations. Fast forward to 2024 and we see that 2023 was tough for this company and sector as a whole. Thus, based on the data a potential conclusion is that maybe meat analogs will not have the market penetration that they projected so the trend is that in the short-to-medium term we are not expecting this sector to grow quickly.

It is important to distinguish between fads (hyped media-driven) trends and real trends. A good approach to gauge is whether the trend is in line with the rising health and wellness global trend or not.

Some effective ways to identify food trends are: 1. Industry Publications and Reports: Stay updated with industry-specific publications, magazines, and reports. 2. Trade Shows and Conferences: Attend food industry trade shows and conferences where you can network with industry professionals, discover new products, and gain firsthand knowledge of emerging trends. 3. Consumer Behavior Analysis: Analyze consumer behavior and preferences through surveys, focus groups, and data from market research firms to understand evolving food choices. 4. Health and Wellness Trends: Stay informed about health and wellness trends. This includes monitoring the popularity of specific diets, superfoods, and functional ingredients.

Track Restaurant Menus and Foodservice Trends: Keep an eye on restaurant menus, foodservice trends, and culinary innovations. Restaurants often serve as trendsetters, introducing new ingredients, flavors, and preparation techniques that influence consumer preferences. Monitor Retailers and Grocery Stores: Pay attention to product launches, promotions, and merchandising strategies at major retailers and grocery stores. Retailers often reflect consumer demand and preferences through their product offerings and marketing initiatives.