Recapping the 2023 MegaTrends
Our MegaTrends series is designed to help brands see how best to innovate to meet the needs of the moment. We’ve recapped our five MegaTrends from 2023 as we prepare to re-examine these trends for 2024 in our live webinar with Innova Market Insights on Wednesday, December 6th. Register today!
1.?Eatopia
One rising 2023 MegaTrend was consumers’ search for Eatopia (which combines “eating” and “utopia”). As consumers became much more aware of their health and wellness in the wake of the pandemic, we saw their desire to consume their way to the perfect state of holistic wellness. We’ve identified the snacking occasion as a key access point for achieving Eatopia. For those of us interested in creating healthier food and beverage options, the Eatopia MegaTrend is positive news. Companies that understand the most important aspects of this MegaTrend can offer consumers the products they need to help them on their journey to Eatopia.
Learn more about how snack occasions can help consumers find “Eatopia” and how new regulations support this trend.
2. Refocusing
The Refocusing MegaTrend is reshaping what consumers expect from food and beverage companies. As consumers refocus on health, we’re noticing—across age and geography—many turning their attention to mental health. In fact, recent research shows it outranks physical health for many people. Gen Z consumers are especially tuned in to their mental health and show an interest in proactive solutions around diet and exercise that can help with stress, anxiety, and depression. Note that energy is becoming linked to mental health and not only physical health now. Consumers need products that offer sustained energy through nourishment to help them through the day but that also boost certain mental aspects like alertness and concentration.
Learn more about how food and beverage brands may need to refocus their innovation efforts to include mental health benefits and new ways of eating.
3.?Personalized Performance
While personalization is nothing new, what we’re seeing now is that performance consumers are driving advancements in the space. This is a group that’s looking for an edge and has a strong interest in personalized solutions that can help them achieve their goals—even if it's winning in eSports. Understanding these MegaTrends provide food and beverage companies valuable insights to guide marketing approaches and new products. The Personalized Performance MegaTrend points to an exciting time ahead for the sports nutrition category. Bringing together technologies like wearables with the latest in consumer data and nutrition science will help us meet the needs of today and tomorrow.
Learn more about how to personalize your products to help meet the needs of your consumers.
4. Authenticity
Authenticity is a refinement of an earlier MegaTrend encompassing sustainability. We’re seeing pushback by consumers over “greenwashing”—the use of unsubstantiated sustainability messaging as a marketing technique. Authenticity, whether it’s around environmental, social, or other missions, is becoming essential to winning consumers’ trust. As a top concern globally among consumers, sustainability is one of the important trends underlying the Authenticity MegaTrend. But sustainability must go hand in hand with transparency. We’re now seeing a number of major food and beverage companies, from Nestle to Pepsico, publicly reporting both their environmental targets and their progress.
It’s up to all of us in the food industry to really listen to consumers to ensure we’re investing in efforts that are meaningful to them. Learn more about how authenticity will be the surest way to win loyal consumers moving forward.
5. Co-Creation
The Co-Creation MegaTrend represents an opportunity for food brands on many levels. Soliciting consumer feedback, particularly through social media, lets consumers co-create the new products and flavors they want, which builds trust and supports exciting limited time offerings (LTOs) that can quickly generate new sales. In an era of declining trust in large businesses, strengthening the connection with consumers is more important than ever. Listening to consumers’ feedback is an effective way to do this. According to Innova, the majority of consumers think companies should listen to them more when developing new products.* It's no surprise that social media is the best way to engage them in this two-way communication.
Learn more about how you can make your consumers feel they’re a part of the process in creating your next great product.
Feeding the Needs of the Future?
Understanding the potential impacts and opportunities of today’s MegaTrends puts brands on the right track to create the products their consumers are looking for—even as their needs evolve. At the core of these MegaTrends, we see values like wellness and trust that we expect will continue to resonate with consumers into the future.
Don’t forget to register for our upcoming live event, MegaTrends for 2024 & Beyond, on Wednesday, December 6th, as we dive deeper into these five trends with Innova Market Insights.
* Sources cited here.