Cost-of-living pressures continue to challenge Australian consumers in 2023, despite recent falls in inflation and the stalling of interest rate increases by the Reserve Bank of Australia. Previous rises in the headline rate placed greater pressure on mortgage holders, with property investors hiking rents at a time of heightened demand driven by a simultaneous recovery in post-pandemic immigration. In this context, affordability remains key, but other global trends are playing an important role.
Most markets have emerged from strict pandemic restrictions in 2022, but the expected shifts in sales of staple foods were disrupted by surging inflationary pressures around the globe, and these pressures significantly worsened with Russia’s invasion of Ukraine. As populations continue to increase and climate change exacerbates production uncertainty, producers are navigating a post-pandemic landscape characterised by higher demand, rising costs and ever-greater challenges.
Is it vegans who are the main consumers of meat and dairy alternatives? Or is it people who are cutting down on animal-based foods – meat and dairy limiters? Thanks to Euromonitor International’s Voice of the Consumer: Health and Nutrition survey, it is possible to determine the answer.
In 2013, the world’s first cultivated burger was unveiled at Maastricht University. It cost USD300,000 and took two years to make; the developers went on to form Mosa Meats in 2016. Since 2013, multiple start-ups have joined the fray, and as of mid-2022, an estimated 30-45 were working on cell-cultured food. While many of these start-ups' estimates for product launches have come and gone, in one country (Singapore) it is possible to buy and consume cell-cultured meat - and countries around the world are gearing up to follow suit.
With staple foods continuing to see inflationary pressure due to a number of cost-push and demand-pull drivers, monitoring these categories and their changing daily prices is paramount for staying ahead of the competition. Using Via, Euromonitor International’s e-commerce tracking tool, prices for stock keeping units (SKUs) by product categories and leading players can be easily tracked and compared.
Staple foods have come under intense pressure from inflation in recent times, and the drivers show no immediate signs of easing. While costs were already rising across the board, Russia’s invasion of Ukraine and the resulting impact on the world’s wheat supply has meant costs have soared for producers and prices have surged on-shelf for consumers.
The National Restaurant Association (NRA) Show took place in Chicago from 21-24 May 2022. As the foodservice industry recovers from the challenges of the pandemic, companies are focused on innovation to drive business. The show hosted attendees from around the world and featured the latest developments in food, drinks, packaging, and technology for the restaurant industry. Euromonitor International analysts attending the show observed several key trends driving innovation.
Companies around the world are struggling with price increases due to disruptions in local and global supply chain. It is critical for companies to stay aware of changing online prices and understand how competitors' products are faring.