In 2023, three factors will play a major role in the kind of food products we will see on our shelves. They include value, functionality and sustainability. According to Innova research, cost and value for money have become imperative to one in two consumers worldwide when selecting food. This implies that consumers are cutting back on certain foods, opting for private labels and cooking from scratch. Supposing we continue to plunge into recession consumers will be seeking products that offer value due to their personal preferences with regards to nutrition, health benefits and functionality of the product. Baking mixes, soup, prepared foods, dried vegetables and baby food are winners for the first half of the year as predicted by Catalina’s Shopper Intelligence Platform. Also research has shown that people prefer to pay for quality valuable products compared to cheaper options without.
Globally, sustainability continues to rank high in determining consumer behaviors. More people are becoming conscious of the source, process of production and how it affects the environment in general. Industry watchers predict that foods that are positioned as produce ethically will be among the gainers in 2023. In relation to sustainability, plant based food have continued to be in high demand due to the health of the environment.
In addition, there is a growing interest in consumers to consume functional foods. A 2021 global survey by Kerry suggests that more than 40 % of consumers have purchased more functional foods and drinks since the start of the COVID-19 pandemic. In conclusion food trends in 2023 will basically be hinged on the overall value the product brings to the consumer in aspect of cost; the process of production and how it affects the environment and finally the product functionality especially in building immunity and promoting mental health.