THOUGHTS

Preparing for the New Decade with Expert Insights into Significant Food and Beverage Industry Trends

Dec 29, 2020

The global food and beverage industry has witnessed trends, challenges, and transformations like no other. Over recent years, all industry players have been substantially impacted by the highly dynamic market and consumers’ changing preferences. As trends, worldviews towards food groups, interest in new culinary adventures, and opinions regarding health and wellness change, so does the food and beverage industry.

Consumers have become increasingly selective about their food or provide for their families and peers to consume. Additionally, increasing competition, variety, and options have made it more challenging for companies to monopolize a certain niche segment in the food and beverages market. On the contrary, there has been a sudden upsurge in niche markets, wherein companies are focusing on highly specific dietary, health, or taste preferences and creating new segments continually.

The industry has been through tumultuous changes over the second half of this decade. In the last five years, food and beverage companies have witnessed a sudden increase in innovation, rising demand for environmentally friendly alternatives, and a need for service and packaging alternatives. Infiniti’s industry experts have studied the ever-changing food and beverage industry and discovered three significant trends that have impacted the industry over the past five years. Before entering the new decade, and the new post-COVID era, it is essential for industry players to evaluate and strategize for the biggest trends affecting their market. To help companies through this process, our experts have highlighted the significant trends, discussed them in detail, and provided insights into our solutions and how they can help businesses transform.

Wondering how changing market dynamics have affected your business? Speak with our industry experts and gain a comprehensive understanding of major factors influencing change in the food and beverage industry.

Direct-to-Consumer Business Models

Streamlined supply chains, increasing eCommerce adoption, and the increased availability of delivery services have propelled all industries into a new form of business services. Companies have started to offer their products via their own websites, mobile applications, and social media channels in the food and beverage industry. Additionally, companies are available on various other platforms and embrace an omnichannel business model for efficiency, growth, and consumer convenience. Major brands have established an online presence, tactfully placed certain brick-and-mortar stores, and engaged with their clients across various platforms, most often over the internet. This direct-to-consumer approach has transformed multiple markets, and the food and beverage industry is one among them. This enables improved services, personalized offerings, better offers and rewards for consumers, well-informed decision-making, and better reach to consumers.

Infiniti’s market intelligence experts studied direct-to-consumer business models and identified various crucial benefits including, reduced customer attrition, increased consumer feedback and room for improvement, higher customer loyalty, and most importantly, a more comprehensive customer engagement approach. With our market scanning and monitoring experts’ help, companies can identify and incorporate better strategic decisions into their business models, improve their offerings, compete with industry leaders, and overcome industry challenges.

Changing Dietary Demands

Consumers’ preferences change continually and directly impact major market dynamics. In the food and beverage industry, consumers changing choices influence company offerings, products, and services directly. Recently, awareness regarding the environmental impact of various food groups and the increasing particularity of dietary preferences have caused substantial industry changes. Veganism, lactose intolerance, gluten allergies, and rising concern regarding the meat industry have propelled growth and transformation. Companies are now creating niche product ranges and offering innovative alternatives to standard foods. The introduction of vegan baked goods, bottled healthy smoothies, and packaged ready-to-eat meals are some instances of industry changes. This helps companies increase brand loyalty, introduce niche products, create smaller market segments, and provide an ideal consumer experience.

Infiniti’s customer intelligence solutions have helped businesses identify customers’ needs, understand changing consumer preferences, and develop comprehensive strategies to meet consumers’ demands. Additionally, with our brand health assessment, companies can evaluate current and potential consumers’ reactions towards their offerings, assess brand visibility, and understand the factors influencing their brand image. This enables the development of comprehensive strategies to improve overall brand health and optimize consumer experiences.

Infiniti’s solutions help food and beverage industry players overcome changing market dynamics and strategize for the future. Request more information to learn how you can prepare for the upcoming decade.

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