4 key food and beverage consumer trends for 2024
The main market researchers agree on these 4 food and beverage consumer trends for 2024: good prices, care for the environment, moments of healthy pleasure and the advancement of vegetable protein.
2024 is here and the world of consumption will receive it with the inflation that permeates practically all economies. Furthermore, at least two major war conflicts dominate the area and the polarization of public opinion is changing the political profile of nations. All of this impacts the way we buy food and drinks.
All the analyzes coincide in a consumer who looks for affordable prices, who prefers brands that care for the environment, who looks for moments of healthy pleasure, and who every day adds more and more vegetable protein products to their shopping list. It is a buyer who reflects, evaluates, qualifies and selects before paying.
The challenge for brands is not only to stay in the consumer’s taste. They must evolve, perfect their speeches and, in the best of cases, find opportunities to grow.
The best-selling foods and beverages will continue to be those that manage to connect best with their buyers, anticipate their needs and, above all, offer practical, achievable and real solutions.
These are the four trends that are repeated in the studies and surveys released by Mintel, Euromonitor International, Innova Market Insights and Whole Food Market.
1. Affordable prices
For buyers, it is about guaranteeing a quality purchase, while making the most of their money and taking advantage of opportunities. According to “Global Consumer Trends 2024” by Euromonitor International, “almost 3 of 4 consumers said they were concerned about the increase in the cost of everyday products.” They even claim that they became “budgeters” because of the overwhelming need to negotiate their lifestyle with rising costs.
Under this scenario, the study states that consumers will become “value hackers” (a phrase that could be translated as “spending optimizers”). That is, they will actively look for ways to minimize costs without compromising quality to the extent possible.
They look for offers, credit card payments, exchange points. “Businesses must increase incentives, innovate on affordability and address cost-conscious needs.” For Mintel, this forecast is included in its “Costumer Trends 2024” study. In the section “More than value”, they state that buyers build a perception about what value means, “they are more realistic and seek a balance between the quality received and what the product costs.”
“Long-term financial turbulence and sky-high prices will limit consumers’ purchasing power and force many to maintain more price-conscious purchasing habits,” this is what the study predicted for this year and that to be continue. They state that this “will result in competitive brands amplifying and capitalizing on their legacy, achievements and success stories to demonstrate their value.”
2. Brands that take care of the environment
The way in which food is grown, processed, created and transported is already among the topics of interest to consumers. These are questions that were not asked before, but the climate emergency and the increasing interest for the environment are now a global challenge.
Innova Markets Insights identifies it as “nutritious nature”, and in its “Top Ten Food & Drink Trends 2024” points out that the impact of the production food can even be a purchase differentiator. “This type of story can be a tiebreaker between competing products. For example, over the past four years, our analysis has revealed a staggering 40% annual increase in food and beverage products that make some type of claim about water use,” they explain.
In the analysis, Euromonitor International reveals that environmental concerns continue to be a priority for consumers, so companies must be very responsible with their communication. This means avoiding at all costs the practice known as “green washing”, in which brands carry out actions with little or no positive impact on the environment, although they promote them as if they were a decisive solution.
This bad practice of companies with respect to the environment can contrast negatively with the activism that consumers are taking. “More than 60% of consumers intended to have a positive impact on the environment in 2023, but realize that their individual contributions to protecting the planet are limited. “Some consumers will continue to make sustainable choices within their means, while others may not make as much effort because they feel discouraged.”
Despite everything, other market researchers agree that caring for the environment is a priority when making a purchase.
3. The search for pleasure in food and drinks
The moment of cuddling, of the hug and the satisfaction that is felt when enjoying our favorite drink or food, is also a constant that is repeated in the studies. Consumers will seek solace from what burdens them on a daily basis. These small spaces of enjoyment will generate happiness.
“Shoppers will also look for products that provoke those rewarding emotions. And they will look for entertainment that excites them or experiences that serve as a temporary escape,” explains Euromonitor.
For Innova Markets Inside, health and pleasure will be a combination, as healthier indulgences are increasingly sought. “One in two consumers state that they prefer to treat themselves to everyday moments of happiness that they can experience, along with a large percentage who decrease or reduce their alcohol consumption.”
4. The firm step forward of vegetable protein
The green power advance: more algae, fungi and seeds; less animal proteins. The supermarket Whole Foods Market published its food forecasts for the ninth time. For them, there is a special emphasis on foods and drinks that provide nutritional benefits but are also produced in a sustainable way: more vegetables and natural ingredients.
They mention that a “plant-based cuisine is re-emerging”, which includes seeds, mushrooms, legumes and fruits, although the latter are in smaller quantities. Vegetable meat and seafood options and buckwheat also have a place here, the popularity of which has recently increased around the world.
