Sustainability is a baseline requirement as more consumers make purchases based on sustainable attributes such as recyclable, reusable, and biodegradable. Many consumers shop consciously at retailers committed to sustainability. Brands that have sustainability as part of their value proposition are likely to fare better than ones that consider sustainability as risk management or risk avoidance. All of this, while the popularity of sustainably marketed products among younger consumers points to an enduring demand.
77% of consumers believe sustainability is important when selecting products to buy
(an increase from 69% in 2021)
When Shopping Online, Shoppers Want Ingredient Lists, Product Origin and Packaging Recyclability
~ 50% want a list of ingredients for every item
~ 50% want to know where the item was made/grown
~ 50% want information about recyclability of packaging that will be delivered
For Online Shoppers, Sustainability is Important – Make It Easy to Find Sustainable Products Online
~ 84% believe sustainability of products is IMPORTANT when shopping online
~ 17% say finding sustainable products when shopping online is TYPICALLY EASY
~ 69% say finding sustainable products when shopping online is SOMETIMES EASY
Many Consumers Intentionally Shop at Retailers that Support Sustainability
~ 27% of shoppers seek out retailers that carry sustainable products
~ 32% of Gen Z and Millennials choose retailers that carry sustainable products
~ 17% of shoppers seek out retailers that are devoted to sustainable business practices
~ 20% of Gen Z and Millennials choose retailers devoted to sustainability
Sustainable products drive a third of all CPG growth, while representing 17% of total CPG sales
~ Most consumers have increased or maintained their level of sustainable product purchases
~ 93% have maintained or increased their sustainable purchase habits in the past year
~ A higher percentage of Gen Z and Millennials are purchasing more sustainable products
Source: Information Resources Inc. (IRI)
Sustainability Makes List of Near-Future Product Development Trends
How will manufacturers and brands harness technology, reduce waste, introduce more planet-friendly packaging, and incorporate novel ingredients to deliver more eco-friendly options?
Imbibe, a product development company and ingredient supplier, kicked off the new year with an engaging presentation on some of the most compelling trends shaping product development. Many foodservice chains, retailers, ingredient suppliers, and flavor houses broadcast annual trends, but Imbibe prides itself on doing things differently and decided not to focus solely on the rest of 2023. Instead, Imbibe is intent on driving conversations about what portfolio management and expansion might look like through at least 2028.
Without giving away too much of the content, here are some of the hottest trends you should be paying attention to if you plan on launching a food, beverage, or supplement in the next five years.
Recent Developments in the Food Waste Management Market
Key industry players are focusing on reducing food waste by about 50% through the adoption of several methods to extend the shelf-life of food. Top companies are paying strict regulations on food waste. FDA supports the food industry regarding food safety, packaged foods, and clean labeling. In the coming period, food manufacturers are likely to develop smart technology that may reduce the wastage of food items.
The United States is likely to record a CAGR of 5.9% with a valuation of $40.2 billion during the forecast period. The amount of food thrown out by Americans each year is uncountable. According to the EPA, about 63 million tons of wasted food were generated in the commercial, institutional, and residential sectors. However, about 32% were managed by animal feed during the forecast period.
The United States food waste management market is growing owing to rapid urbanization and industrialization. Moreover, the increasing use of organic waste for animal feed and fertilizer production drives the US market.
Over production, damage to food goods, strict food-grading criteria, and market fluctuations are all factors fueling the USA food waste management market. However, the government is taking serious steps to obtain biofuel from food waste, as it helps to reduce fossil fuel consumption. Historically, the USA contributed a CAGR of 7.1% between 2017 and 2022.
Source: Future Market Insights / Food Waste Management Market
Hellmann’s Inspires Consumers to "Make Taste, Not Waste"
In a 30-second commercial spot that aired during Super Bowl LVII, Hellmann's drove awareness around the issue of residential food waste.
“The Big Game has been an incredible platform for Hellmann’s to spread the message around how we make food delicious, even those ingredients left behind in your fridge,” said Benjamin Crook, vice president/gm, dressings & condiments (NA) at Unilever. “With the Big Game being the second most wasteful food day of the year in the US, it makes sense to use this event to inspire people to get creative in the kitchen and make lasting change at home to help eliminate food waste.”