Retail Market Trends

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Bottled water products compete with other packaged drinks, but not tap water. Most bottled water drinkers consume both tap water and bottled water, packaged conveniently in 3 and 5-gallon for the home and office, or at retail 1 and 2.5 gallon or individual size commonly sold by the case. 

Despite economic constraints, consumers remain loyal to familiar products, emphasizing the need for incentivizing purchases and leveraging integrated marketing strategies to drive engagement.

Together, these trends demonstrate a wide variety of factors that cross consumers’ minds when deciding what they want to buy, and from which brands. To stay relevant in today’s marketplace, brands need to understand these trends and how their influence can impact purchase decisions.

“Truffle is a beloved flavor that provides decadent luxury; combining with our rich and bold White Cheddar delivers the best of both worlds,” said Amanda Vaal, brand director at Cracker Barrel Cheese. “Dill also continues to be high in demand, delivering a sharp and savory twist to a snacking classic.”

As retailers and operators across the country navigate ongoing economic challenges, Coca-Cola Lens makes actionable insights more accessible, magnifying relevant trends to anticipate consumer preferences. 

Keeping food safe (70%) and the use of pesticides (60%) are top concerns when considering how food is grown. Nutritional content, use of agricultural technology, environmental sustainability, animal welfare, and farm workers welfare were other listed concerns consumers factor into their purchase decisions.  

The beauty of Innova’s annual Top 10 Trends of the food and beverage industry is that the trends apply across all market categories—including dairy products and dairy alternatives. Dairy and dairy alternatives overlap in many ways, differ in others, and our Top 10 Trends can be interpreted across both.

The top snacking drivers are to “prevent feeling hungry” followed by “rewarding oneself” according to Innova Market Insights’ 2023 Snacking & Healthy Snacking survey.

Negative farm-level margins in mid-2023, along with some adverse weather, pulled US milk production below year-ago levels and dairy farmers have been reducing the size of their herds. US milk production in 2024 is expected to increase 0.8%, with most of the growth coming in the second half.

Trends and innovations that took place in the cereals and bars market for 2023, and what formulators can look for going into 2024.