New Research Reveals Food and Beverage Spending Trends for 2024
A new report from Innova Market Insights predicts that consumer preferences, such as well-loved ingredients, nature-friendly claims and health benefits, will increase spending in 2024 for food and beverage products.
A recent 2023 beverage showed how Gen Y and millennials' recognition of high-quality ingredients and sustainable practices can be perceived as better-tasting drink products. In general, large swaths of consumers want nutrition and simple ingredients, but research from Innova Market Insights, “Top Ten Food and Drink Trends for 2024,” reinforces these consumer behaviors. The Innova research also reveals psychographic behavior that can help brand owners market products in new ways in 2024.
As food manufacturers know, familiarity with food products can establish brand loyalty, and while protein products are making inroads, they can be a tough conversion for older demographics. "A third of the consumers we polled said they respond positively to certain key ingredients being flagged up," explains Lu Ann Williams, global insights director at Netherlands-based Innova. “This may be for reasons of flavor or texture, for example, or other positive associations—not purely because of any better-for-you benefits.”