ARNHEM, THE NETHERLANDS — Consumers are searching for affordable goods that are in line with their beliefs, according to Innova Market Insights’ consumer trends report.
The market research firm ranked redefining value as its No. 1 trend heading into 2023, replacing sustainability as the top trend of 2022.
“Redefining value throughout the food and beverage industry will lead in 2023 as consumers seek brands that listen, understand and respond to their core values,” said Lu Ann Williams, director of global insights. “They want brands that provide quality, trust and confidence via their product formulations, communications and wider sustainability actions.”
Planetary health does remain a top concern for consumers but rising economic pressures have increased consumer’s attention on factors such as affordable nutrition, which placed second among Innova’s top 2023 trends.
With over 60% of consumers seeing a noticeable rise in the prices of their foods and beverages, they are seeking ways to create nutritious diets on a budget. Buying in bulk, swapping to private labels, reduced luxury spending and purchasing fewer items have become common practices as consumers search for brands that can satisfy their varied needs.
As Gen Z and millennials continue to increase their market share, tapping into the younger generations’ interests is Innova’s No. 3 trend. Unlike previous age groups, these consumers are more experimental and show high levels of interest in novel and international flavors. They also pay more attention to brands that engage their lifestyle, beliefs and values, according to the firm.
Interest in plant-based foods held its place in Innova’s top 5 trends from last year, coming in at the No. 4 spot for 2023. Consumers have become more focused on increasing the variety of flavor profiles for plant alternatives, especially local and traditional styles, and are placing less emphasis on general improvements to taste and texture.
Aligned with their focus on sustainability and planetary health, consumers also are becoming more interested in innovative farming technologies, such as vertical and regenerative farming. Companies that are able to effectively communicate their sustainable production process may be able to capitalize on these concerns and win consumer support, according to Innova.“At Innova, we have seen a considerable consumer demand for value redefined throughout the supply chain, with creative and flexible approaches to the use of technology and reducing waste proving pivotal,” Ms. Williams said. “With financial concerns a dominating factor, 2023 is a significant year for new developments that answer these growing demands.”