I’m often working with food market companies that plan to create an international brand and aim to learn more about their markets in order to define their business plan. Here is a gift, some data concerning the UK food trends.
TRANSPARENCY, ETHICS, AFFORDABLE QUALITY
Worldwide, consumers need to regain trust in food and drink. The emphasis is on food origin, provenance and food waste. The British require transparency and traceability from companies and put pressure on manufacturers to share more details about their supply chain, to create more clear and complete labels, to increase the use of natural as well as ethical and environmental ingredients. 30% of consumers report they shop locally. Another request from consumers – regardless of income – is related to affordable quality, especially on staple food categories: according to Attest 2018, 21% of consumers have changed their favourite grocery brands due to price increments linked to Brexit and the consequent loss of purchasing power of the pound sterling on international markets.
TECHNOLOGY, PERSONALISATION, EXPERIENCE
Another trend is the increase in new product development and innovation. In the UK, while some producers are still using centuries-old methods and recipes, others are inventing, developing and launching new production techniques, especially related to areas such as high-tech packaging and convenience. British pioneers created frozen food, ready-meals and instant coffee – undoubtedly revolutionary items – and continue to explore new ideas.
Technology has been used to find new solutions “to replace traditional farms and factories with scientifically engineered ingredients and finished products”, disrupting the traditional food chain and manufacturing industry in favour of laboratories. It seems to be clear that “technology could eventually be used to design food and drink that is inherently more nutritious, which could extend the consumer audience for scientifically engineered food and drink beyond environmentally conscious shoppers to reach consumers who are concerned about ingredient consistency, efficacy and purity.”
Consumers’ emphasis is moving from buying to creating, from possession to experience. The use of technology in the food industry has meant also the success of online and mobile food shopping through meal-kit deliveries, app-based ordering, click and collect services. Thanks to these practices, food and drink retail channels have the opportunity to build a more personalised offer focused on recommendations, cross-category pairings, promotions and products based on individual consumer behaviour and habits. Companies can answer the consumers demand for time and money options that can save them time, effort and energy, establishing new forms and levels of efficiency.
[via: Mintel, Euromonitor, Attest, Opentable and Deliveroo reports]
To be continued in the next post 🙂
Could you imagine all this?
If you’ve got a business idea and you’d like to support it with a market analysis, I would love to hear from you.
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