Weekly Roundup – Week of 6.27.2022
July 1, 2022
This week’s roundup highlights our top relevant and interesting food-and-beverage-related news stories of the week, curated from our team of strategists and food enthusiasts:
Exploding Costs Of 4th Of July Foods
Festivals, fireworks, and food are all enjoyed during 4th of July celebrations. However, this year Americans will also experience a blast in higher food costs due to inflation and supply chain disruptions. Based on a new American Farm Bureau Federation marketbasket survey, U.S. consumers will pay $69.68 for their favorite Independence Day foods—up 17% from last year. Farmers are also feeling the heat with escalating farming expenses, fuel, and tripled fertilizer prices. Notable cookout cost increases according to the AFBF include:
- 2 lbs. ground beef +36%
- 2 lbs. chicken breast +33%
- 32 oz. pork & beans +33%
- Half-gallon of vanilla ice cream +10%
Bundling Products Across Multiple Retailers
As time-strapped and budget-conscious consumers continue to battle the convenience of shopping in one place over searching for retailers with the lowest prices, EasyBins has come up with a solution that might satisfy both needs. The company allows consumers to shop online from multiple grocery chains and place all items in one order for delivery. This gives consumers the opportunity to buy their favorite foods from Trader Joe’s and Target, for example, while purchasing pantry staples from Walmart – without the inconvenience of making several trips to multiple stores. Learn More.
Ingredient Sourcing Challenges Hinder Product Development
In the 2022 R&D survey from Food Processing, research and development divisions at food companies report shortages in ingredients which have a direct correlation with a reduction in product development. Ingredients such as MSG, sweeteners, starches and gums, fats and oils, and soluble fiber are in short supply. As a result, many companies report reducing SKUs, swapping ingredients, and cutting R&D budgets. Find The Details.
Grocery e-Commerce Expands To Virtual Convenience Stores
Instacart and Walmart Canada announce partnership expansion with the Walmart Now virtual c-store pilot program. Available on Instacart’s app, more than 40% of Toronto households can shop for approximately 4,000 products for delivery in as fast as 30 minutes, fulfilled from 10 Walmart Now locations. In the U.S., Instacart has already aligned with major grocers including Kroger and Publix on virtual convenience stores. Time will tell if Walmart Now virtual c-stores will gain traction in U.S. markets. Read More.
Amazon Introduces A New Tool For Reporting Shopper Behavior
Through Amazon’s new service called Store Analytics, using its Just Walk Out and Dash Cart systems, CPG companies can track metrics on how shoppers are interacting with their products available in Amazon Go and Amazon Fresh Stores and whether they decide to purchase them. Amazon claims that this information “will permit suppliers to guide merchandising strategies, develop promotions and determine which items to offer.” The article states that “brands will be able to know the percentage of people who take one of their products off the shelf and then buy it either during the store visit or later on Amazon’s website.” Read Full Article.
Stop back each week for more timely news stories.
