We look this week at some of the FMCG industry trends that we are all expecting to see showing up and influencing the market this year.
Feed the Minds
In 2021 and beyond, food, drink, and foodservice brands will be offering moments of respite through product rituals and formulations that enhance stress relief activities. As the singular focus of avoiding COVID-19 is starting to reach it's end point (we hope), people are expected to make more serious commitments to reduce the health risks associated with unhealthy eating, become more interested in mindful and intuitive eating, and seek proof and incentives using technology.
The Covid-19 global pandemic has made consumers recognise that wellbeing is a vital concern. In the coming years, consumers will be looking for more products and services that offer mental and emotional health benefits.
Functional formulations and emotionally engaging multisensory products will help FMCG brands command a larger share among a myriad of mental and emotional health options.
It is predicted that innovative food and drink formulations will help people learn how diet can impact mental and emotional health, which will lead to new interest in psychology-based approaches to healthy eating.
A Redefinition of Quality
Another thing we should expect to see in the coming year is consumers looking for approachable upscale meals for special ˜home entertainment' occasions.
Expect to see brands and retailers launch appropriately priced products with ethical or environmental claims and consumers increase their expectations for contactless retail that will expand to include experiential services.
Over the next five years and beyond, brands and operators that invest in seamless retail and equitable access to healthy food are likely to come out on top.
When it comes to value, pandemic-shocked consumers are seeking a return to what is essential. Consumers are now focused on minimal consumption and getting the best returns from their purchases.
As markets reopen, the pace of life will get busier, and consumers will expect timesaving, hygienic, and adventurous convenience food, drink, and foodservice throughout the industry.
In the next few years, brands will also be challenged to respond to new definitions of quality and ensure e-commerce is accessible to shoppers of all socioeconomic levels.
The focus on getting the best value for one's money will motivate brands to be more transparent about product price by providing details about the ingredients, processes, and people that are reflected in a product's price.
United on the Food Front
In the next 12 months, FMCG companies will be encouraging people to use their brands as a form of self-expression and a way to reconnect with their pre-pandemic identities.
Expect to see social commerce develop as a new way for brands to capitalise on building communities that will, in turn, give brands actionable ways to give back and use their resources, reputation, and reach to help consumers act on important causes.
Consumers understanding of the community has been strengthened by COVID-19. Recognising the importance of connection and support, consumers will organise in like-minded communities for socialisation and camaraderie.
FMCG brands can take advantage of their positions as common interests and passions to which consumers can tie their identities and actively bring individual fans together.
Bound by the brand(s) they have in common; communities will expand people's social circles and introduce collective ways to make a difference.