Weekly Roundup – Week of 10.24.2022
October 28, 2022
This week’s roundup covers timely food and beverage-related news stories curated by our team of strategists and food enthusiasts:
Top 3 Flavor Trends in 2023
Experts have made their early predictions on what flavors will surge in 2023. The Food Institute article sites, “According to industry experts, consumers are looking for authenticity and transparency above all else, and those values are largely dictating which flavors will win out next year.” Street Food, such as street corn, is one trend that meets consumer demand for authenticity, and it delivers on accessibility and portability giving it mainstream appeal. Due to the increased exposure and popularity of spicy foods, Complex Heat is another trend experts expect consumers to crave. International flavors, different blends of peppers, and ethnic cuisines are driving this trend to new heights. Lastly, Nostalgia remains a top trend moving into 2023. “In times of change and uncertainty, human nature takes us back to the things that make us feel safe and comfortable,” Dan Mesches, CEO of Sprinkles Cupcakes told The Food Institute. “Food especially has the power to do this. Read More.
Will Inflation Change The Way Consumers Shop For Holiday Meals?
According to a new report from The Food Industry Association (FMI), 45% of surveyed shoppers are worried about rising prices for holiday meals and celebrations. Grocery Dive’s article highlighted that in September, food-at-home prices increased 13% year-over-year while the overall inflation rate moved up 8.2% compared to the same period in 2021— continuing months-long highs for both figures. Out-of-stocks are also a big worry as “58% said food shortages around the holidays remain a concern.” FMI’s report indicated that more consumers will consider shopping further in advance of Thanksgiving and December holidays to avoid shortages. In terms of online shopping, the frequency of grocery e-commerce has also started to decline ahead of the holiday season. Read Full Article.
Improving Checkout Experiences at C-stores
While convenience store operators want customers to shop inside after filling up, many are reluctant to wait in line. New technology may help speed in-store shopping time. Self-checkout lines have been around for decades, but checkout-free shops have gained significant ground in the last year as consumers demand more contactless, fully automated solutions. Automation technology can relieve labor shortages and reduce labor costs while level-setting margins. Pay-and-Go technology has the potential to elevate customer experiences, easing stress and making it more enjoyable to shop at C-stores. Get The Story Here.
CPG Giant Looks To Regenerative Agriculture To Reach Its Net Zero Emissions Goal
First, what is regenerative agriculture? “Regenerative Agriculture” describes farming and grazing practices that, among other benefits, reverse climate change by rebuilding soil organic matter and restoring degraded soil biodiversity – resulting in both carbon drawdown and improving the water cycle. As part of its Pep+ sustainability platform, PepsiCo is dedicated to promoting regenerative agriculture processes “across its key ingredient footprint, equal to 7 million acres.” While PepsiCo estimates this will reduce greenhouse gas emissions by at least 3 million by the end of 2029, encouraging farmers to accept these new processes can be challenging. According to Rob Meyers, PepsiCo’s vice president of sustainable agriculture and global sustainability, “There are a lot of benefits to these practices we’re promoting and the outcomes we’re trying to drive, but some of those benefits are not well understood. There is real financial risk, and it requires that farmers are willing to go out on a limb and make that change, sometimes ahead of many of their peers.” Learn More.
Tricks & Treats Of The Week
Halloween is a scary-big business – a $10B business in fact. According to a survey conducted by Prosper Insights & Analytics and the National Retail Federation, nearly 70% of consumers plan on celebrating Halloween this year, sending projected spend on the category to $10.6 billion. Candy makes up the largest portion with outdoor decorations coming in at a close second. And this year, top retailers such as Walmart, Target, and Home Depot have drastically increased Halloween-related inventory.
This year, trick your friends with your ghoulish knowledge of Halloween. Here are a few fun facts to get started. Find the full list here.
1. An intense and persistent fear of Halloween is called Samhainophobia.
2. The first jack-o’-lanterns were actually made from turnips.
3. The world’s largest pumpkin weighed in at 1,054 kilograms (2,323 pounds).
4. The Village Halloween Parade in New York City is the United States’ largest Halloween parade, involving 50,000 participants and over 2 million spectators.
Then, test their familiarity of the holiday with this festive lifestyle quiz.
Finally, just how profitable is owning a pumpkin patch? The Hustle breaks down the Economics of a Pumpkin Patch in this 3 min video.
Stop back next week for more F&B news!
