As technological advances continue to reshape the world we live in, industries from automotive to financial services are undergoing great change. For the food and beverage industry, it’s no different. Whether it’s the chemical composition of the food that we eat, who is selling it, or where it’s being sold, brands must adapt their offerings to fit the need of the modern consumer. Here, we take a look at four trends that are shaping the future of the food industry.MORE
In 2017, online grocery sales exceeded the $31 billion mark. That number represents a 27% increase over 2016 and double that of 2015 – staggering growth in a short period of time for a fledgling industry. While the $31 billion accounts for only 3% of the total grocery market, the growth is hard to ignore. After all, the web-based grocery market is growing at a rate nearly ten times that of the overall grocery industry. And, that disparity should only continue to grow as stores add same-day pickup for online orders and online merchants ramp up same-day delivery.MORE
Most marketers would agree that they’ve never faced as many challenges as they do today. Amazon, direct-to-consumer brands, and shifts in consumer behavior are making it more difficult for CPG brands to break through or retain market share. Of the 3,000 new product launches each year, analysts found that only about 15% succeed. Today, products are not just competing for space on the shelf, they’re competing for space virtually everywhere.