Food
industry insights are an important way for restaurants, service delis, and convenience
stores to focus on the consumer with a greater degree of relevance. Steven Johnson Grocerant Guru® at Tacoma, WA
based Foodservice Solutions® insist that ‘outside eyes drive inside profits. While Foodservice Solutions® team conducts it
own proprietary grocerant niche research. It many times is validated time and
time again by other leading food industry companies the ilk of Circana.
That
said according to recently released 2024 food and beverage outlook, Circana indicates that several factors will
impact food and beverage growth throughout the year, including an improving
macroeconomic environment and growing promotional investments.
"Amid
shifting consumer preferences and evolving market dynamics, our food and
beverage outlook not only highlights key growth opportunities for 2024 but
reveals a cautiously optimistic outlook as we emerge from a myriad of
challenges that the industry has faced over the past several years," said
Sally Lyons Wyatt, executive vice president and practice leader, Circana.
"With continued innovation and adaptability, retailers and manufacturers
will be poised to position themselves for success in the coming year and
beyond."
Certain
departments are expected to lead the pack in volume growth. Circana predicts that the beverage and deli
sectors will continue to outperform overall food and beverage unit sales in
2024. One factor driving this trend is an increase in health-conscious
consumers seeking more protein and energy options in their diet, as well as
increased innovation in beverages, which has boosted consumer excitement and
encouraged category exploration.
Convenient
grab-and-go options will also likely continue driving sales as consumers
prioritize meal options that address diverse needs. Shifting consumer
preferences in other departments will likely put pressure on unit growth,
according to Circana, which advises retailers to optimize turnkey options for
on-the-go customers.
Additionally,
consumers will likely turn to the center store for solutions that deliver
convenience, quality and value.
Circana's
2024 food and beverage outlook was developed using econometric demand models
leveraging Circana's Demand Forecasting Platform. Forward-looking input
variable assumptions were developed using historical trends and insight from
industry experts, the company said.
Chicago-based
Circana serves as an advisor on the complexity of consumer behavior. Through
advanced analytics, cross-industry data and subject matter expertise, Circana
provides insights and research that helps clients unlock business growth.
Don’t over reach. Are you ready for some fresh ideations?
Do your food marketing ideations look more like yesterday than tomorrow?
Interested in learning how Foodservice Solutions® can edify your retail food brand while creating a platform
for consumer convenient meal participation, differentiation
and individualization? Email us
at: Steve@FoodserviceSolutions.us or visit us on our social media sites by
clicking the following links: Facebook, LinkedIn, or Twitter
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