Food and Beverage Top Stories

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The NPD Group suggests reports that consumers still eat most meals at home. Meanwhile, they’re continuing to try plant-based or vegetable-forward options for reasons of health or interest in sustainability. Others follow specialty diets and welcome quick, easy options. Everyday eaters also crave more international tastes.

Per the Innova Database of new products, snack bar new product introductions (cereal and energy bars) grew more than 6% while cold cereal launches expanded by more than 2% during the first 11 months of 2022 versus the same period in 2021. Hot cereal launches declined by around 10% during the same period.

Market research firm BDSA reported edibles brought in nearly $2.75 billion, up about $105 million from 2021.

JPG Resources identified 731 booths (23%) as having “vegan” food, and 401 booths (13%) that described their offerings as functional. Meanwhile, references to “regenerative agriculture” and “fermentation” mentions made up approximately 1% each out of 3,178 total exhibitors.

QUINN announced its participation in the Soil Carbon Initiative (SCI). Since 2020, QUINN has worked with Nebraska sorghum grower Steve Tucker, an SCI farmer partner, as he transitions to regenerative practices. Sorghum, a nutrient-dense and inherently sustainable crop, has been a crucial ingredient for Quinn’s supply chain since the company debuted whole-grain, gluten-free pretzels in 2016.

While 85% of consumers say rising inflation has had an impact on the way they shop overall, there are areas in which they are not willing to compromise. Today’s brands are being pushed to be different, accessible, and to seem premium and/or customized—all while driving cost savings for their own operations.

Lu Ann Williams, Innova Market Insights’ Co-Founder and Global Insights Director, discusses strong consumer interest in sugar reduction and its impact on new foods and beverages.

Modern consumers are adopting sustainable food and beverage products at an increased rate, while younger generations of shoppers, in particular, have gravitated toward sustainable options.

The Massachusetts company saw its fifth year of double-digit growth, with revenue projections set to top $150 million in 2023.

Over the past decade, the alternative protein industry has seen rapid growth in investor interest, with a total of $14.2 billion invested globally. Despite a high variance, investment in alternative proteins has doubled on average year over year. Amid challenging market conditions, alternative protein investment decelerated over the past year (alongside the 35% decline in overall global venture funding), decreasing from $5.1 billion in 2021 to $2.9 billion in 2022.