Innovation Trends and Opportunities in Convenient Food and Drinks

2017-02-24
Price :
Published : Feb-2017
No. of Pages : 26

Today’s lifestyles are getting more hectic, consumers feel like their free time is shrinking. Over half of consumers globally feel like they do not have time to deal with all the things they would like to; highlighting how time scarcity can negatively affect the fulfilment of daily commitments. Time scarcity does not only affect industrialized countries with the highest level of economic development.

It is identified that age as a key factor in determining the motivations that could drive shoppers towards time-saving products and services. As consumers get older, their motivations gradually move away from work and family and towards avoiding stress and having time to enjoy their hobbies. Although these older consumers should have more time to dedicate to their activities as their children leave the family home and their career aspirations slow down, they want convenient products to simplify their lives and give them more free time.

Additionally, consumers are looking for convenience in the form of ready-to-consume items to facilitate the desk lunch for those food and drinks being consumed at work. Again, packaging features can contribute to increasing the convenience of the product. It has detected that convenience is not an “umbrella” term merely translated in “one-size-fits-all” products. As such, the producers in the FMCG market should exploit the evolution of the convenience concept based on the consumer’s age by marketing customized time-saving products aligning with shoppers’ needs.

According Analytics Team; people living on their own are also more likely to demand convenient solutions in the emerging markets. Therefore, the concept of convenience is shaking off its association with big households in developed markets, to embrace the reality of smaller households. Manufacturers operating in the FMCG space must rethink their offerings targeting this growing segment looking for items to better manage their daily lives.

The report “Innovation Trends and Opportunities in Convenient Food and Drinks” outlines consumer motivations driving the purchase of time-saving products and services. It also discusses five key innovation trends in the food and drink industry, and explores future opportunities within this space.

Companies mentioned in this report: Findus, Unidiet Nutrition, Volvic, Five Tastes, Barilla, Waitrose, Granarolo, Emart, GS 25, Florette, Kellogg’s, Cocobella, Powerful Oatmeal, Vegemil, Game Up, Happy Mama Organics, NukaCha, Aichun Beauty, Brad’s, Nilgiri’s, Mansome

Filed in: Food & Beverage
Publisher : GlobalData
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