Predictions for Food Retail in 2024

Historical trends notice: This article was published in January 2024 and summarises food-retail trends and predictions reported at that time. Environmental statements below are general industry commentary and do not constitute environmental claims about Ingredient Solutions or its products.

What will the food industry have to look forward to in 2024? Make sure your business stays ahead of the trends. In this article we look at a selection of predictions and trends for 2024.

An Omnichannel Approach

Inflation has pushed up the price of groceries, increasing revenue growth for supermarkets, but resulting in smaller sales volumes. This has led grocers to look for new ways, outside of revenue growth, to increase market share. Retailers had already moved from a single channel approach (E.g. a physical shop) to a multichannel approach (E.g. A shop and an online store). Now they are moving from that multichannel approach to an omnichannel approach. Multichannel approaches involved interacting with customers in several ways but each interaction was distinct to the channel. In an omnichannel approach centralised data management plays a key role. The distinctions among channels, both physical and online, are blurred. Customers can simultaneously use different channels in their shopping process, starting their product search in one channel and finishing the purchase in another one, for example consumers are increasingly ordering online and collecting instore. ¹

Food Targetted at Kids

Food products aimed at kids are forecast to increase in number and become focused on similar trends that have emerged in the adult food industry, as parents seek to feed their children more convenient but healthy foods. So we’ll see more convenient, portable foods for children, but with a focus on health and better for you ingredients. There will be growth in plant based kids food products. According to Future Market Insights, the global kid’s food and beverage market is estimated to double in size by 2033. ²

Increased Cheese Consumption

According to data from Fortune Business Insights, the U.S. cheese market is projected to peak at almost $60 billion in 2029, growing at a CAGR of 4.6%. A trend sweeping consumer diets in theUS right now is 30G (the idea that most if not all meals should feature 30 grams of protein to promote energy, well-being, and suppress appetite). This has also made increasing the protein content of non-dairy cheese a more prominent goal of many non-dairy manufacturers. ³

Plant-based Foods

We will continue to see more and more innovative approaches to plant-based foods. Precision fermentation for dairy products and cultured fish and meat (cultivated from animal muscle and fat cells) will be increasingly available.

Regenerative Agriculture as an Emerging Trend

In 2024, regenerative agriculture was receiving increased attention across the food sector. The term can cover a range of farming approaches and does not have one universally applied standard. Any claim that a product is “regenerative” should therefore explain the criteria used and be supported by relevant supplier, certification or farm-level evidence.

Packaging, Waste and Environmental Information

Food manufacturers were facing increased customer and regulatory interest in packaging, recycling, waste reduction and product information. Claims about recyclable materials, reduced packaging or environmental performance should identify exactly what part of the product or packaging is covered and should be supported by current evidence.

Handheld foods are on the rise

Expect new handheld food formats (E.g. tacos, empanadas, wraps, corndogs, carrozza) and unconventional flavor combinations in old favourites. ²

Robots

Fast food restaurants are beginning to use more and more robots in both food preperation and in serving. You are likely to have food prepared by one or be served by one in the not too distant future. Use of robots will lead to time saving and address staffing shortages. According to the International Federation of Robotics (IFR), more than 24,500 Hospitality robots were sold in 2022, a 125% increase. ²

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