Lauren Sneyd, Library Assistant & Information Specialist, Bord Bia - The Irish Food Board
This foodalert will introduce and discuss how these themes Euromonitor’s ‘Strategic Themes in Food and Nutrition’ are reshaping today’s global market and the implications for Irish suppliers.
Consumer segmentation in the era of eating occasions:
This means defining how users interact with food. The who, what, where, when and why? To help Irish suppliers understand changing consumer behaviours and needs when marketing products, tailored to a specific audience. Understanding your consumer can save time and money by reaching the correct demographic with the appropriate content.
Food provenance and the country of origins effect:
Local inspiration can drive flavor innovation by tapping into consumer’s desire for comfort and nostalgia. Consumers are expressing increased interest in locally sourced ingredients presenting an opportunity for Irish companies to become the preference for consumers by demonstrating their commitment to local enterprise.
Food tech & the digital economy:
Technology affects most aspects of our lives including food. Mintel states that over 71% of UK consumers often eat meals while using home entertainment technology’ (The Disconnected Consumer: The Big Conversation, 2020). However, Food technology is essential as food and drink companies will introduce technological solutions to produce sustainable products. Agriculture is a key opportunity for Irish suppliers to take new innovative action and win over consumers with local transparent, quality products.
Functional food and the regulatory environment:
Functional food and drink blends science and nature, as according to Bord Bia’s Functional food and innovation playbook “Consumers increasingly prefer food and drinks as delivery systems as opposed to pills or tablets, presenting an opportunity for the functional food market” (Bord Bia, 2019). More and more ingredients are appearing in food and drink products with supporting functional claims as this trend continues to grow in popularity. Multiple health benefits can be an attractive draw for consumers as we move away from reactive health to preventative health in the future.
Mindful eating & the new food beliefs:
Balance is central as consumers are paying more and more attention to ingredients labels looking for less processed and more natural and trendy ingredients. Irish suppliers can utilise this trend with flavour innovation targeting the health conscious consumer.
Plant-based eating and alternative proteins:
Consumer demand has increased for diverse alternative products presenting an opportunity for new plant based or alternative products to enter the market. Consumers are becoming more open to trying alternative diets and understanding these consumers could create increased growth in the Irish food and drink industry. Expanding to cater to flexible eaters can create new opportunities for Irish suppliers.
Sustainable eating and the environmental cost of food:
Environmental changes have caused consumers to rethink their perspective on food. Food and drink is one of the largest industries affecting climate change, with the amount of food that is wasted daily exacerbating this fact.
According to the Food and Agriculture Organisation of the United Nations (FAO), around one third (1.3 billion tonnes) of food is wasted globally each year (1).
Brands who are implementing positive changes to counteract and take action against food waste can appeal to climate conscious consumers. There are many unique ways of preventing food waste as brands and retailers are getting creative incentivizing consumers through various schemes. Defra in the UK has announced a £15 million scheme to tackle food waste (Food Waste Scheme, 2019).
These topics and themes will continue to grow and expand globally, holding numerous lucrative opportunities for the Irish food and drink industry. Those who choose to innovative and implement positive changes in line with Euromonitor’s 7 Strategic Themes in Food and Nutrition will be better positioned to meet the needs of consumers in the ever changing food and nutrition industry.
References:
(1) Key facts on food loss and waste you should know! (2020). Retrieved 20 January 2020, from http://www.fao.org/save-food/resources/keyfindings/en/
⦁ Euromonitor. (2020). Strategic Themes in Food and Nutrition.
⦁ Mintel. (2020). Hi Tech Harvest.
⦁ Mintel. (2019). Infocus: Zero Food Waste.
⦁ Bord Bia. (2019). Function Food & Beverage Innovation Playbook. Retrieved from https://www.bordbia.ie/globalassets/bordbia.ie/industry/marketing-reports/consumer-reports/functional-food-and-beverage-innovation-playbook-june-2019.pdf
⦁ Mintel. (2020). The Disconnected Consumer: The Big Conversation.
⦁ Mintel. (2019). Food Waste Scheme.