New research from Innova has unveiled the persistent impact of elevated food price inflation on global consumer markets, prompting a necessity to economise. However, according to findings from Innova, certain factors, such as appealing or beloved ingredients, eco-friendly claims, and health advantages, are anticipated to drive consumer expenditure well into 2024.
Global Insights Director at Innova, Lu Ann Williams, reflected on many families' challenges in securing affordable food.
"Our research with consumers and across the products they buy tells us that other considerations are coming into play and will feature more prominently during 2024,” said Williams.
Innova's annual Top Ten Food and Drink Trends for 2024 identified a dominant theme – the spotlight on specific ingredients.
"A third of the consumers we polled said they respond positively to certain key ingredients being flagged up."
This positive response is not solely driven by health benefits but also by factors such as flavour, texture, or positive associations.
In two instances highlighted by Innova's global research, 42 percent of consumers deemed 'protein' the most crucial ingredient, while including mushrooms (or specific types) in main meals witnessed a 12 percent year-on-year growth between 2018 and 2023.
The awareness of the climate crisis is influencing consumer choices, extending beyond direct engagement with carbon footprint issues. From regenerative agriculture to livestock farming conditions, brands highlighting a bond with nature and the environment are achieving cut-through with consumers.
This led to the identification of 'Nurturing nature' as the second major trend for 2024.
Health concerns persist despite the recent prioritisation of the planet's well-being over personal well-being.
“Over a third of consumers tell us they want to be proactive about maintaining good health."
This has formed the basis for the third trend, 'Prioritising prevention.'
Several 2024 trends incorporate a 'best of both worlds' approach. Innova highlighted the move in plant-based foods towards familiar and convenient recipes and formats as the focus of the fourth trend, 'Plant-based: The rise of applied offerings.' Ready meals and sides making 'plant-based' or 'vegan' claims experienced eight percent annual growth globally between 2020 and 2023.
Balancing local pride with international excitement, incorporating identified local ingredients into global recipes became the focal point of the fifth trend, 'Local goes global.'
The remaining five trends in Innova's Top Ten for 2024 include 'Home kitchen heroes,' 'Indulging in health,' 'Oceans of possibilities,' 'H2.O: Quenching the future,' and 'Minimising the noise.'
See more insights from the 2024 Buyer's Guide below:
