Entering the post-pandemic world, innovations in cooking ingredients and meals are not only focused on healthier ingredients but also convenience. Manufacturers are also balancing the need to increase prices, due to supply chain disruptions and rising raw material costs, with consumers’ demand for affordability. This report delves into cooking ingredients and meals’ growth drivers, as well as the actions taken by global players to navigate these macroeconomic challenges.
This report comes in PPT.
Global companies constantly face competition from local manufacturers, which have market-specific knowledge and closer proximity to the market. This is reflected in the high degree of fragmentation of the cooking ingredients and meals industry globally. To grab any possible opportunities in this context, global companies are pushing region-specific innovations.
While current sales of global companies are mainly coming from developed markets, emerging markets are expected to lead growth in the future. Growing economies and the reopening of economies such as China have pushed manufacturers to invest more in these markets. Kraft Heinz, for example, has shifted its Asia headquarters from Singapore to China, and has further invested in its ketchup production line in China to tap into the potential offered by the large consumer base.
Given the global macroeconomic pressures, companies are forced to be agile and resilient. While the divestment of underperforming brands allows them to refocus their budgets, strategic mergers and acquisitions allow them to adapt more quickly by tapping into available technologies and resources. Partnerships are another method taken by players like Nestlé to gain more ideas for innovations.
Consumers are increasingly looking for novel experiences, a trend which should be considered by industry players. Recent innovations include those that push for new experiences, such as the ease of usage and storage through packaging innovations by McCormick, and dual menus in a single pack by ConAgra under its Marie Callender’s brand.
Consumers are increasingly looking for cooking ingredients and meals that provide both value for money and nutritional benefits. They appreciate products that help them save time and simplify their lives. Examples include Kewpie's innovation in Japan through Reshipi Hirogaru, and Campbell’s FlavorUp! sauces, which add value through convenient packaging, and offer versatility as they can be used in a wide variety of dishes.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!