Weekly Roundup – Week of 5.8.2023
May 12, 2023
Read our latest roundup featuring notable food and beverage-related news stories of the week – curated by our team of strategists and food enthusiasts:
Will Innovation and Inflation Disrupt Plant-Based Milk Growth?
According to The Food Institute article, alternative milk maintains its category leader status in both sales and household penetration of all plant-based dairy products. However, with the vast variety of options available to retailers and consumers along with soaring dairy inflation, alternative milk production may stall. The National Consumer Panel cites that “41% of U.S. households purchased plant-based milk in 2022, with a repeat purchase rate of 76%.” Toward the end of 2022, sales figures rose due to higher inflation while volume sales were down. While a variety of options can be a big growth driver, it can also hurt sales in this case. Innovation of flavors and raw materials can pose a challenge to retailers and be overwhelming for consumers. Read More.
C-store Retailers Find Success In Nontraditional Locations
As convenience continues to be a major factor in where consumers shop, C-store brands are leveraging this shopping behavior, opening locations in unexpected places such as airports, arenas, hospitals, and college campuses. For example, big brands like Circle K and 7-Eleven have opened stores in airports, catering to travelers with longer layovers and deeper pockets. Sports arenas are also cashing in on quick in-and-out service for fans – ampm at Dodger Stadium and GetGo Café + Market inside PPG Paints Arena, for instance. See More.
3D Printers Make Ready-To-Cook Fish Fillets
Steakholder Foods has partnered with Umami Meats to extract grouper cells and grow them into muscle and fat for Steakholder Foods to then add a ‘bio-ink’ suited for special 3D printing, as explained in a Reuters article. The result is a fillet that has the flakiness of traditional fish and mirrors the taste when seasoned and fried. The company is researching other endangered species for cell cultivation while also determining a price point consumers will swallow. Read Article.
Buy Now, Pay Later Trend Continues To Gain Ground In Grocery
A Bankrate study from January found that almost 40% of adults report having less money saved up in 2022 and more than one-third claimed increased credit card debt. Consumers are looking to buy now, pay later programs to purchase consumer goods and groceries – similar to how layaway transactions worked in the past. The share of online BNPL transactions involving groceries grew 40% in January and February — the fastest pace among the retail categories in the U.S. for that time period, Adobe Analytics data uncovered. “The fact that BNPL programs carry the risk that a consumer might not be able to manage the payments doesn’t mean they aren’t a sound budget-management tool,” said Chris Walton, a former Target vice president who is now co-CEO of OmniTalk. “It’s just a smarter way to use credit from the consumer perspective.” Learn More.
New Products From Popular Brands
The iconic Barbie brand is giving fans another reason to “swoon.” Barbie and Swoon, a zero-sugar beverage brand, have partnered for the launch of Barbie x Swoon Pink Lemonade – now available nationwide. 10% of net sales will go to the Barbie Dream Gap Project which supports curriculum, skills development, and leadership opportunities for girls between the ages of five and 10. Cholula will be expanding its product offerings by adding three flavors of salsa and three seasoning blends to its mix of products that fall outside of the hot sauce category. And most unique of the three product launches in this week’s roundup is a pairing between Kraft Heinz Velveeta cheese and confectioner Compartés Chocolatier truffles. The companies have crafted TruffVels – chocolate and cheese truffles – for a limited time. The truffles are made to look like signature Velveeta Shells & Cheese with an outer shell coating made of white chocolate infused with Velveeta. We’ll definitely be on the lookout for all three brands on shelves and sites!
Make sure to stop back each week for more of the latest food and beverage news stories.
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