As we kick off 2024, the landscape for product innovators and marketers is evolving in response to economic, political, and cultural shifts. In this dynamic environment, staying ahead requires a keen understanding of emerging trends. We’ve analyzed current factors to reveal five dominant themes and offer below how to navigate them to shape the future of consumer behavior. IFT included these projections in a recent article in Food Technology magazine.
1. Fractionation of Product Markets
In the midst of an election year, media-driven distrust is expected to create a more complex consumer landscape. To remain relevant, brands must embody transparency, doing exactly what they claim and communicating it effectively. This shift also opens doors for smaller, upstart brands targeting emerging moments, niche markets, and smaller consumer segments. The ability to authentically connect with these groups will be a key differentiator in 2024.
Action: Cultivate Consumer Trust
2. Consumer Desire for Something New
Brands that strike the delicate balance between familiarity and innovation are poised for the greatest success in the market. Consumers find solace in the familiar yet yearn for the excitement of something new. The key is getting the combination right in the product experience – offering something novel with enough familiarity to be comfortable.
Action: Offer Novelty in Context with the Familiar
3. Demand for Verifiably Sustainable Products
Election year rhetoric is anticipated to amplify the demand for products sourced through verifiably sustainable agricultural practices. This includes upcycling, carbon neutrality, and the promotion of natural or organic ingredients. Brands that champion sustainability not only meet consumer expectations but also align themselves with the growing environmental consciousness of the market.
Action: Integrate Sustainability Practices
4. Demand for Authentic, Cultural Experiences
The surge in international travel is set to drive a heightened interest in culturally authentic products and flavors. From Italian to Asian, consumers seek genuine cultural experiences through their product choices. Product innovators should explore diverse landscapes to create offerings that transport consumers to different parts of the world, satisfying their cravings for culinary and cultural exploration.
Action: Turn to Cultural Diversity to Drive Product Innovation
5. Greater Food Service Share-of-Stomach
As economic concerns over inflation subside, consumers are expected to continue the trend of eating out more frequently. This places increased pressure on product retailers to differentiate themselves with new and innovative offerings. It also emphasizes the ongoing need to stay attuned to market dynamics and ever-evolving consumer preferences to win in the moment, ultimately capturing a larger share-of-stomach in this competitive landscape.
Action: Continuously Adapt to Meet Evolving Consumer Expectations
As we embark on 2024, product innovators and marketers should embrace these key trends to stay ahead of the competition. By focusing on these top trends, brands can position themselves as leaders in a rapidly evolving marketplace. It’s a great time to not only meet but exceed the expectations of the modern consumer and earn their loyalty.
