Weekly Roundup – Week of 8.1.2022

August 5, 2022

This week’s roundup highlights newsworthy food-and-beverage-related stories of the past week, curated from our team of strategists and food enthusiasts:

Consumers Choose Restaurants, Cutting Spending On Other Goods & Services

Good news for restaurants! A new survey from Popmenu reveals that consumers spend roughly 40% of their food budgets on restaurant spending. The survey indicates that “When ordering from restaurants online, 33% of diners spend $50 or more on average and 45% of consumers eat in restaurants at least twice a week.” Before cutting spending at restaurants, consumers share that they’re more likely to reduce spending on clothes, gym memberships, and travel. As more and more restaurants increase menu prices, it will be interesting to see if this spending trend continues. Learn More.

PepsiCo Invests $550 Million In Celsius Energy Drink

To capitalize on the energy drink market, PepsiCo looks to expand its beverage business with a long-term deal – worth $550 million – to distribute Celsius products. PepsiCo has already dipped its hand in the energy drinks category by purchasing RockStar Energy in 2020. Celsius has been marketed as a healthy alternative to other energy drinks and the company claims it helps burn body fat. Right now, it appears this deal has been a good investment for PepsiCo as shares of Celsius jumped 16% since Monday following PepsiCo’s announcement. Find The Details Here. Subscription required.

Tito’s Takes Customization To A New Level With Empty Cans

As sales from RTD cocktails continue to explode – growing more than 40% last year according to the Distilled Spirits Council of the US (DISCUS) – Tito’s creates a stir by offering completely empty cans. “Tito’s In A Can” is a 16-ounce, refillable “empty” can costing $20 for consumers to create and customize their cocktails any way they want. Even as customers have requested a Tito’s-branded ready-made cocktail, Tito’s brand has stayed true to its mission that started 25 years ago – simply making good vodka. Tito’s fans can purchase cans at Tito’s online store for a limited time. And the bonus? Net proceeds benefit charity. Read More.

Soaring Prices & Meat Substitutes Shake Up Beef Industry

With an 11% increase in beef prices, consumers can expect to pay about $5.40 per pound. Beef magazine reports that U.S. consumption is forecasted to fall 2.2% this year as cattle inventories are down and consumers opt for cheaper types of meat and meat substitutes. 2022 fish and seafood consumption will increase as high as 10.5% according to the USDA. Even further, The National Chicken Council predicts that U.S. beef consumption will average 55.1 pounds per person versus 97.3 pounds of chicken next year. As food costs continue to rise, restaurants, like consumers, are also needing to shift priorities when it comes to food purchases and their menu. Read the article from The Food Institute to find out more.

Product Spotlight: Featuring All Things Chocolate

Mondelēz has launched Hu Organic Grass-Fed Milk Chocolate which is the better-for-you-snacking brand’s first candy made with dairy, expanding its portfolio beyond primarily vegan offerings. The bars come in five indulgent flavors: Simple; Hazelnut Butter + Crunchy Hazelnut; Cashew Butter; Crunchy Almond + Coconut Flakes and Almond Butter. All flavors can be purchased on Hu’s site and select retailers now and will be available in Walmart, Target, and Whole Foods within the next few months. In other news, Hershey reassures consumers that their favorite candies will still be available this fall. Even though Hershey’s has struggled recently with production issues, senior director of corporate communications, Allison Kleinfelter, indicates that “capacity constraints are due to increased consumer demand” but anticipates that the company will be “well positioned to deliver for the consumer whether they’re reaching for everyday or seasonal products.” Food Dive’s article indicates that maintaining or growing Hershey’s confectionery share over the coming year will require balancing pricing, inflation, and commodity costs while pushing through its capacity improvements. Read the Story Here.

Stop back each Friday to read our latest top stories of the week.