Euromonitor International asked 1,000 industry, country, economic and consumer experts around the world to identify “megatrends” each year. These are trends it believes will “shape the world through 2030.” Of the eight top trends illustrated this year, these four will directly impact your business.
Especially younger consumers want to know more about where their food comes from and how animals are raised. This is not a new philosophy. It’s growing, and it means you need to be more transparent about your business.
With Amazon’s purchase of Whole Foods, you can bet the trend toward online shopping will move further into food and meal preparation. Meal kits are increasingly popular, especially with younger consumers, and the growth of this market will impact pork demand in the long term. The industry needs to be on the ground floor in terms of recipe development and making sure pork is included as a main entrée.
It’s a long word with a simple premise: bridging luxury and mass-market consumption by making the “good” better and the “greater” more accessible, to give consumers a taste of all things premium.
But as more brands look to ‘premiumize’ their offers, the way to express this new focus on specialness needs to be more than just skin deep, says Sophie Maxwell, futures director at Pearlfisher, a company that builds brands and icons.
“We are seeing that premiumization is understood and appreciated in increasingly different ways,” Maxwell says. “It can be category specific with, for example, rapid wealth creation in emerging markets bringing about new sources of demand for products.”
High-end meats and sausages with specific attributes desired by consumers are likely to see favorable demand and growth.
Consumers are less interested in buying “stuff” and more interested in creating memories through food, travel and events. AdAge reports that consumers today are broadly catching on to the notion that experiences make you happier and are as valuable ‐‐ or more ‐‐ than buying fancy things. Several psychological studies have shown all people -- not just millennials -- are happier when their money is spent on living, rather than on having. Meal preparation and entertaining are valued experiences – making sure pork meets consumers’ needs in this area is increasingly important.
Euromonitor International provides comprehensive market research on consumer products, commercial industries, demographic trends and consumer lifestyles. Read the full report here.