Weekly Roundup – Week of 5.20.24

May 24, 2024

Explore the latest food and beverage industry topics and news stories of the week – all curated by our team of strategists and food enthusiasts:

Dissecting The Shifting Trends Shaping The Future Of Dining

A new episode of The Food Institute Podcast features Krystle Mobayeni, Co-Founder of BentoBox and Head of Restaurants at Fiserv. With inflation persisting in various sectors, including food prices, consumers are faced with tough choices about their dining habits. Are they opting to dine in more frequently, perhaps cooking at home to mitigate rising costs? Or are they maintaining their indulgences, continuing to treat themselves at their favorite restaurants despite economic pressures? Mobayeni provides valuable insights into these pressing questions, drawing from her extensive experience in the restaurant industry and her deep understanding of consumer dining behaviors. Listen Now.

A Spotlight On The 2024 Sweets & Snacks Expo

The 2024 Sweets & Snacks Expo in Indianapolis highlighted the diverse and creative landscape of the candy and snack industry, featuring innovative products like fish jerky, ramen-flavored popcorn, sour candy, and high-caffeine gum. With roughly 1,000 exhibitor booths, nearly 16,000 attendees explored offerings from major brands such as Hershey, Ferrero, Conagra, and Mars Wrigley. Alongside these giants, hundreds of smaller innovators aimed for the spotlight, showcasing their unique product innovations. Explore More.

Target Appeals To Value & Price-Sensitive Consumers

Target loyalists have a new reason to shop! The retail titan announced plans to cut prices on about 5,000 popular items, focusing on grocery, household, and health and beauty products. The retailer has already reduced prices on 1,500 items, with more reductions continuing throughout the summer. Both national labels and Target’s owned brands, like Good & Gather, will see price drops. This initiative, launched just before Target’s Q1 earnings report and Memorial Day, aims to remain competitive and includes additional Memorial Day discounts. Read Article.

Sustainable Solutions: Is The Industry Ready For 3D-Printed Foods?

Researchers at Southern Illinois University have developed a method to create 3D-printed food, like cookies, from plastic waste. The process involves mixing waste biomass and plastic into a slurry, which a special yeast converts into proteins for 3D printing. This innovation, named µBites, aims to address global issues of hunger and plastic pollution. The technique includes depolymerizing plastics without producing toxic chemicals, using a process called oxidative hydrothermal dissolution (OHD). OHD transforms the biomass and plastic into water-soluble carbon molecules that yeast can consume. Would you be willing to try a 3D-printed cookie? Learn More to decide for yourself.

Food Brands Respond To Evolving Consumer Preferences

New brands and unique products are emerging to meet diverse needs and lifestyles. Nestle is launching a frozen-food brand, Vital Pursuit, targeting consumers taking popular weight loss and diabetes drugs like Ozempic and Wegovy. With around 6% of U.S. adults currently using these treatments and projections estimating up to 31.5 million users by 2035, Vital Pursuit will offer nutritious frozen bowls, sandwich melts, and pizzas priced at $4.99 or under.

Additionally, surprising flavor combinations, such as gravy-flavored Jones Soda and Sour Patch Kids Oreos, are increasingly appearing in grocery stores and restaurants. While these may seem like social media stunts, they reflect food companies’ efforts to cater to expanding consumer tastes and keep brands relevant in a competitive market. Kristen Braun, Senior Brand Manager at Mondelez International, notes that consumers today seek a variety of flavors and experiences, rather than being strictly defined by one preference. This trend has led companies to embrace creativity and explore new flavor combinations, reflecting a dynamic period of flavor development in the food industry.

We wish all our clients, readers and dedicated team to have a happy and safe holiday weekend. Stop back again next week for more trending topics.