According to Innova Market Insights, the food and beverage trends’ list in 2023 is headed by what it calls ‘redefining value’. Global consumer surveys, market and new product data have shown that cost and value for money have become more important to more than half of consumers worldwide.
Brands, innovators, producers and consumers are wrestling with rising costs and greater instability. Combating this requires a deep understanding of where consumers draw the line on compromise. Strategies such as simple price increases, or flexible ingredient lists to cope with supply chain fluctuations, can work in the short term. However, brands need to be open in their communication and show the benefits they are bringing.