Weekly Roundup – Week of 1.26.24
February 2, 2024
Explore the week’s most newsworthy food and beverage stories – curated by our team of strategists and food enthusiasts:
Return To The Office Means A Healthy Boost In Catering Revenue
As offices make transitions to incorporate more in-person work, the catering industry is experiencing a lucrative resurgence, benefiting both popular chains and beloved local eateries. Projections by Expert Market Research indicate a compound annual growth rate of 6.2% in the catering business from 2024 to 2032, with an anticipated market value exceeding $124 billion by 2032. Catered foods boast higher check averages, prompting restaurants to revamp their catering menus, prioritizing boxed-style lunches and individualized options to align with evolving consumer preferences. Learn More.
Specialty Food Spotlight: Discover Purchasing and Consumption Trends
In the latest FI Newscast episode, Denise Purcell, VP of Resource Development at the Specialty Food Association, shares the latest trends captivating the specialty foods category from the floor of the 2024 Winter Fancy Food Show. Covering topics ranging from breakfast preferences to the evolving universe of snacks and beverages, Purcell reveals that for the very first time, it’s the salty, crunchy snacks that are dominating specialty food sales. And, notably, convenient breakfast options are overshadowing traditional lunch and dinner fare in the race for consumer attention. Find the details and discover more trends, Listen Now.
Yelp Introduces Updates To Enhance User Experiences
Yelp has unveiled an array of updates, comprising over 20 new features across its platform. The introduction of AI-powered business summaries with home feed and search options elevates user engagement, offering insights into what patrons can anticipate from a restaurant. The addition of lively Recognitions adds a playful touch, celebrating helpful consumer reviews. Business owners and restaurant operators can leverage Yelp’s upgrades which are geared towards enhancing operational efficiency, fostering competitiveness in local markets, and nurturing business growth. Read More.
Can The Plant-Based Meat Category Bounce Back?
The plant-based meat category, once a powerful force, encountered a significant sales slowdown in 2023. This setback prompted numerous players, both major and niche, to either withdraw from the category, scale back innovation, or implement job cuts. Notably, industry giants such as Beyond Meat and Impossible Foods faced substantial challenges in sustaining growth and addressing evolving consumer demands. What lies ahead? Industry executives express the imperative need to overhaul messaging and marketing strategies, debunk misconceptions, and proactively emphasize the nutritional advantages of plant-based options – all to reconnect with consumers and rejuvenate the plant-based meat sector. Read On.
Chipotle’s Strategic Move To Attract (and Retain) Gen Z Talent
Chipotle is rolling out irresistible perks targeted at Gen Z, a demographic that constitutes a significant 73% of its workforce of over 110,000. In anticipation of its busiest season, the popular burrito chain is on a hiring spree, aiming to add 19,000 new employees to its dynamic team. Retail Brew sheds light on the enticing perks, including a 401(k) match of up to 4% for employees managing student loan payments. As an added incentive, Chipotle offers a new credit card with zero interest or fees, complementing last year’s substantial increase in paychecks for 16- to 24-year-olds—a staggering double compared to the overall workforce. Read Article.
Brewing Happiness
Embracing the coffee realm, actor Robert Downey Jr. and Craig Dubitsky, founder of Eos and Hello consumer products, introduce “Happy,” a new beverage venture. Beyond mere market competition in the $28 billion U.S. coffee industry, the founders aim to transcend profit, focusing on mental health awareness through Happy’s branding. Each Happy coffee container features a QR code linking to the National Alliance on Mental Illness (NAMI) website. Offering a delightful range, the coffee features notes of chocolate and biscotti in three roast levels – light to dark – available in whole bean, ground, and K-cup formats. To further engage coffee enthusiasts, a separate QR code enables the traceability of the brand’s beans to their sources, elevating the coffee experience beyond taste.
Looking for more industry news, trends, and insights? Visit our blog every week for more roundups on the hottest food and beverage-related topics.
