Industry trends allow business owners to discover unforeseen risks for their company, making these risks measurable and leaving companies more prepared. These trends could also help find clues that could give an upper hand over competitors if played right.
For food and beverage business owners out there or to those who are still planning to launch their own startup, 2017 means a whole new game. There will be several factors that will influence the movement of our industry and it will be best to know what these factors are so as to anticipate the possibilities that your own business could encounter later.
And as all pros would recommend, it is not enough that you look within your own backyard only. You need to have a macro view of what is going on with the rest of the world thus, this global food and beverage report. Technology makes it easy for consumers to research, cook, or purchase food that they like sometimes, regardless of where these items are from. That is why your business should be quick to answer to these demands. This blog will help you analyse the upcoming global industry trends next year. See how they will apply to your own food and beverage business.
- Consumers will seek food inspiration from traditional food recipes, ingredients, and preparation methods.
For 2017, consumers are expected to go back to their roots by clinging on to what they are used to purchase and eat. This is quite a confusion for some because food choices are said to be going through a shift. That is still correct but business owners should look back at traditional food choices and then create a whole new concept around it. This is what you call “revolutionising” the way you experience food.
- Consumers are getting more educated about healthy food choices now.
We are more health conscious than how we used to be a few years ago. We make sure that our lifestyle is always in check – healthy, balanced, and clean. This includes spending more time for exercise, relaxation, and being smart about the food that we eat and the beverages that we drink. Business owners in the industry should then revisit their menu or product list to find out if they answer to this trend. Do you use vegetables, fruits, grains, beans, and other organic products in what you cook or sell? If so, leverage on these facts and highlight them when you do marketing. Include the nutritional details, calorie counts, or “did you know” facts as these will surely catch your target market’s attention.
- More consumers are becoming more concerned about food waste.
Food waste is food that is not eaten or is discarded and this happens as a result of many factors. Food waste can occur at the different stages of food production, processing, retailing, and consumption. Food wastage is becoming a serious global problem and so people are getting more conscious to ensure that this is minimised and eventually, eliminated. One way businesses can weigh in on this issue is through packaging. If your product uses minimal materials on packaging that goes to waste anyway, then you are helping to solve this problem. For restaurants, if there are unserved or unpurchased food that is still clean and consumable, then you can give it to your crews as a takeaway or to the less fortunate. For food that cannot be eaten, you can also launch a compost or animal feed project.
- Consumers will need food on-the-go or food that can be prepared or eaten quickly.
We now live in a fast-paced world and we all want things to be quick and easy. Such is the case too with food. Time is very precious and we aim for meals that are easy to prepare, easy to consume, those that can be delivered right away to our doorsteps, or quick to give their promised results. If businesses will use this as their selling point, consumers are sure to buy in on the concept. This idea will specifically apply to:
- Snacks and chips
- Catering services
- Casual dining restaurants
- Consumers will look into food businesses that can offer them night-time food products.
The growing population that is rendering work at night or those that spend a little more time outside to dine and drink are what comprise this niche market. That is why some joints are offering 24/7 food service now. A lot of bars and coffee shops have come to proliferate major cities because of this trend - because consumers demand food to be available on what used to be an off-peak time for food businesses. Cafes can especially benefit from this food trend. Coffee, tea, hot choco, pastries, and light snacks can either be for those who are working late and those who are trying to be in a relaxed mood before capping off their day.
Questions to Ask Amidst these Trends and Predictions
- How should I strengthen my brand to make my business more competitive? Should I invest in marketing? Or should I reinvent my menu or product list?
- Is my business prepared to meet the demands of consumers knowing that there are a lot of surprising new factors that affect their behaviours?
- How can I make the total food experience of my consumers more enjoyable? How can I influence them to visit my restaurant or cafe?
- I am yet to open my business this 2017? Is it too risky? What are the business opportunities for me given these trends?
Overall, the food and beverage industry looks very promising for entrepreneurs. Based on the information above, one could already identify which areas within their businesses can they further improve or change. Remember, businesses thrive because they connect with their customers – their products and services answer to their needs and wants. Not only because these businesses need to profit. The trends mentioned above will be very helpful then in matching consumer behaviour and demands versus what your food business can offer.
What are your own predictions for 2017? Do you think the trends mentioned above could affect your current business or your brewing food business prospect? Share your thoughts in the comments section below.