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5 Top New Sources of Insight for Growth - May 2021

Amy Bond, Librarian & Information Specialist

Top 10 new sources for power growth Source.PNG

An article from WARC on building an insights led organisation states clearly that a consumer-centric approach drives business growth and, and to develop consumer-centric strategy a business must be insight led (WARC, 2017). Bord Bia’s Knowledge and Market Intelligence Team provides access to insight reports from a range of databases. Here are some must read new sources of insight from these world leading information providers.

 

1. Baked Goods in Western Europe (Euromonitor,April 2021). As something of a mature category, baked goods were seeing slow or even declining real value growth year on year of late in Western Europe. However, due to Coronavirus (COVID-19) in the region, a certain amount of foodservice consumption was moving into people’s homes and consumers were also resorting to familiar basic products, such as bread, during lockdowns, helping drive sales during 2020.

2. Asia Food and Drink Report Q2 2021 (FitchConnect, April 2021). The Asian food and drink sector was relatively shielded from the negative economic impact of the Covid-19pandemic. Over the medium term, Asian consumers will see their disposable incomes grow over the medium term, shifting preferences towards Western-style food and drink, as well as health-conscious food options.

3. Innovation Update Q2 2021: Alcoholic Drinks Global (GlobalData, March 2021). This research is part of GlobalData's Quarterly Innovation Updates series which is based on innovative products that have been recorded by GlobalData's Product Launch Analytics. This research identifies notable new product launches across the globe by innovation types, flavours and ingredients, top themes based on GlobalData’s Consumer Theme Map, and packaging.

4. Revising centre store (IGD, April 2021). Centre store categories are of significant interest and importance for grocery retailers and suppliers. Many new store concepts have placed their focus on the fresh food and foodservice offer to raise their shopper value proposition. After strong growth during the pandemic, global retailers are realising the need to reinvest in the centre store, to both boost sales growth and their value proposition offer.

5. Cheese - Ireland (Mintel, April 2021). The cheese market continues to grow every year, with cheese being a staple product in most Irish consumer homes. The current pandemic has also encouraged more indulgent behaviours, meaning consumers want to enjoy more luxury products such as cheeseboards. The pandemic has also highlighted health concerns, leading to people seeking products with added benefits.

 

Bord Bia clients who want to learn more about accessing these reports or want support with other insights work, please contact thethinkinghouse@bordbia.ie.

 

References

Euromonitor. (2021). Baked Goods in Western Europe. Euromonitor. Retrieved from http://www.euromonitor.com

FitchConnect. (2021). Asia Food and Drink Report Q2 2021. FitchConnect. Retrieved from http://www.fitchconnect.com

GlobalData. (2021). Innovation Update Q2 2021: Alcoholic Drinks Global. GlobalData. Retrieved from http://www.globaldata.com

IGD. (2021). Revising centre store. IGD. Retrieved from http://www.igd.com

WARC. (2017). How to build an insight-led organisation. WARC. Retrieved from http://www.warc.com