17 July 2017 - LONDON--(BUSINESS WIRE)
The global food and beverage industry is driven by consumers, with a multi-dimensional and global network that has transformed the consumers’ eating habits and preferences. The industry is experiencing significant growth due to factors like technological advancements, streamlined manufacturing processes, and improved cold chain facilities.
However, procurement analysts at SpendEdge say, “Regardless of the growth, the industry is dominated by the category captains who dictate the retail space and indulge in mergers and acquisitions (M&A) with smaller food and drink companies and manufacturing units.”
In its recent analysis, SpendEdge released their list of ‘Top 5 Trends in the Global Food and Beverages Industry’. These trends will help organizations and professionals in the food and beverage industry gain actionable insights, drive cost reduction and devise price negotiation strategies.
Top 5 current trends in the food and beverage industry are:
1. Nutritional Foods
Customers are swiftly shifting towards products that are sugar free, gluten free, lactose free and have a low calorific value. There has been a complete shift in focus by manufacturers in procuring natural ingredients and substituting them for artificial flavors and substances.
2. Functional Beverages
Functional beverages can be used as nutritional drinks as well as guilt free meal replacements. The demand for these beverages has been driven by the decline in the demands for sugar based and carbonated drinks.
3. Convenience Food Products
The lack of time for meal preparations is leading to a rise in convenience food products which can be prepared with little effort.
4. Supply Chain Transparency
New concepts such as sustainability, farm-to-table movement and fair-trade practice are creating are helping organizations to build a loyal customer base and a credible brand reputation. This movement informs consumers where the food has been sourced, procured, delivered and under what conditions.
5. Innovative Packaging
Companies are designing innovative and sustainable ways of packaging to present their products. To stay ahead of or gain on the competition, food and beverage companies must develop their packaging designs on three points: simplicity, mobility and environment friendliness.
Illustration Photo: Blue food with nutritional information (credits: Dina-Roberts Wakulczyk / Flickr Creative Commons Attribution 2.0 Generic (CC BY 2.0))