Beverage and deli categories expected to outperform total food and beverage unit sales
November 29, 2023
A forward-looking outlook provides insight into the anticipated performance of the food and beverage industry throughout 2024, pointing to a more favorable landscape as several headwinds that weighed down 2023 are expected to recede.
Over the past four years, plant-based product sales have seen strong growth, reaching record sales of $8B in 2022 (SPINS). While 88% of active users have a moderate to high commitment to continue their plant-based purchases, one-third of shoppers say they would like to see more plant-based offerings at stores, according to research. Retailers and brands can drive growth by offering a broader assortment and more online and in-store options.
Gen Z’s dietary preferences are evolving. To appeal to them, diet and nutrition brands will need to embrace international flavors and cuisines. We predict growth in categories that successfully blend Gen Z’s desire for nutritious, plant-forward foods with their craving for authentic, internationally-inspired flavors.
Although plant-based has become a popular term in the dairy- and meat-free categories, it does not accurately describe all developments in this fast-moving field. There are technologies that generate “animal-free,” bioidentical ingredients such as dairy whey and dairy casein. Even so, “plant-based” continues to grow in use, with indexed average annual growth of +42% between 2017 and 2022.
Creating lower-sugar alternatives to high-sugar dairy products has becomes especially important considering that, according to the CDC’s 2022 National Diabetes Statistics Report, some 130 million Americans—around one-third of the total population—have diabetes or pre-diabetes, and more than 10% don’t even know it. But the dairy industry has not been asleep at the wheel when it comes to this crisis.
The Specialty Food Association (SFA) Trendspotter Panel has predicted what will be hot in specialty food for 2024. Ranging from soup to cell-based meat and seafood to peach to value–and more–the Trendspotters have set their sights on a diverse list of trends for the $194 billion specialty food industry.
Caffeine with added benefits, going back to basics in the plant-based category, complex heat from global peppers, and water conservation and stewardship are all among the food trends expected to rise in popularity across the industry in the next year.
Kroger® Mercado celebrates the tradition of Latin American foods with authentically inspired products. The line includes a range of items including core Hispanic ingredients needed to make a favorite treasured recipe to sweet and refreshing beverages.
Digital is the force that has been reshaping our lives and will have a greater impact in the years to come. We are in the middle of an accelerating digital revolution that impacts every aspect of consumers’ lives. Moreover, the digital world is evolving into a bigger, faster, more immersive and interconnected entity.