ANUGA, the largest food and drinks event in the world, is fast approaching and it is expected to be a harbinger of bubbling trends. Euromonitor International has the pleasure of taking part in it to discuss some of the hottest topics in the industry.
With changing consumer demand, the dominance of the heavyweights of the industry has been challenged in recent years by the growth of regional and independent players that are more aligned with current consumer demand. Moreover, the rise of a plethora of alternative business models leveraging technology and e-commerce has also put pressure on established bricks-and-mortar businesses.
Euromonitor International´s megatrends analysis
Euromonitor International will be leveraging its megatrends framework to delve into trends such as healthy and ethical living shaping conscious consumers’ choices nowadays. We’ll also explore economic and technological shifts rewriting the shopping journey as consumers demand more experiences and added-value brands. The aim is to guide and unveil opportunities for businesses that are seeking to drive sustainable growth and remain relevant as competition increases and new ideas and business models disrupt entire industries in a fast-evolving landscape.
There is a clear evolution of consumers’ perception of food and diets. The concept of mindful eating, which is increasingly present worldwide, is one of the latest shifts in consumer perceptions of food and drinks, based on experiencing the process of eating more intensely. An increasing number of consumers are scrutinising ingredients lists and demanding clean label products. This trend has even gone a step further as consumers are now not only worried about the food they eat but also about wellbeing as a whole, seeking to encompass healthy eating with mental wellbeing and physical health.
Ethical consumerism is also more in vogue than ever. An increasing number of consumers are concerned about climate change and seeking transparency in the foods they eat. Ethical living encompasses motivations and behaviours aimed at achieving sustainability.
By using megatrends analyses, it is easy to contextualise fast growing trends such as the rise of plant-based foods and alternative proteins to understand consumer motivations behind these food choices.
Understanding disruption in food
Disruption is not a new concept and has always been present in consumer markets. However, the rapid evolution of technology has reinvented the ways in which a company can disrupt a market or a complete industry. But it is not only about technology; consumer preferences are rapidly evolving, which is also at the core of disruption.
Euromonitor International identified several key features to help understand what it takes to disrupt a market, which are analysed at product level and in relation to the business model. To do this, we will be leveraging our renovation-innovation-disruption framework at ANUGA, which will enable consumer-facing companies to better understand the scope of disruption in the food industry and to turn potential challenges brought by disruption into business opportunities.
The food industry has seen a huge number of disrupting brands hitting shelves in different parts of the world. Although trends diverge massively in different regions, disruptors share a common denominator as they bring authenticity and differentiate themselves from the rest with a product or service not seen elsewhere.
Along these lines, social media has also been a game-changer. It is increasingly being used as a platform to gain visibility and as a key method to communicate with the target consumer.
It is crucial to meet the needs of a more demanding, educated and empowered consumer and identify and analyse new upcoming trends and the agility of insurgent brands appearing seemingly from nowhere. In order to do this, Euromonitor International’s presentations at ANUGA are a must-attend to better understand key trends in the food industry through the lens of our megatrends framework and disruptors analysis to deliver successful business strategies.
For more details about the presentation slots: https://blog.euromonitor.com/event/anuga/
To read about “Evolving Trends in Food and Nutrition in 2019”, pre-register to receive a copy of our free white paper, exclusive to ANUGA: https://go.euromonitor.com/ANUGA19