The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreJul 2014
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With so much happening in packaged food, identifying developments that really matter is a challenge. Euromonitor International has picked out 14 of the most influential food trends to watch in 2014, with Part Two looking at the importance of lower-income groups and the emerging middle class for the packaged food industry. This report also looks at how the internet has impacted how food is sold, how brands engage with consumers and why portable breakfast is the next thing on the menu.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
While there are a number of challenges to be faced selling food to the bottom of the pyramid, the lower-income groups in emerging markets form the majority of the world’s population and therefore represent an increasingly important target audience for the world’s largest food brands.
Having lived on relatively low incomes, many middle-class consumers in the world’s emerging markets are hungry to spend their newly augmented incomes on branded products. While it is more difficult for food brands to convey the message of higher status than it is for apparel brands, the opportunity is nonetheless there through gifting or time saving.
On a global level, the amount of packaged food that is purchased online still represents a relatively small share of the total. However, the scale and speed at which the digital transition is occurring means that food brands need to think hard about how their products are positioned on a virtual shelf.
With the phenomenal rise of the internet as a medium of communication it has become increasingly important for the food industry to monitor what consumers are saying about their brands. Utilising social media is an effective way to solicit consumer opinions and create a 2-way dialogue. Used in the wrong way, however, it can easily become a quick way to lose loyal fans.
Single-occupant households have already created many opportunities for the food industry such as ready meals. However, with flexible working conditions and the ever-evolving role of women in the workforce, breakfast is no longer an eating occasion at which all members of the family are necessarily present.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.