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There are trend soothsayers aplenty in today’s food and beverage marketplace. With a few taps on the keyboard, the internet makes it possible for you to find “what’s new” in food and beverage with lightning speed. The internet certainly has changed the way trends are gathered, discussed and ranked. What was once annual trends reports and listings produced from painstaking compilation and analysis of industry sales and transaction data has been overturned by daily tracking of industry feeds, influencer blogs, Eater.com posts, Instagram feeds, Pinterest pin counts and the like.
If you’re looking for “new” in the world of all things food and beverage, most likely you can find it on the internet — and fast. Finding “what’s new,” however, is one thing; finding what has true future market potential is another thing altogether.
Relying on the internet for spotting food and beverage trends comes with a certain inherent risk, and you will need to weigh if noticing the perceived “new” unfolding in the moment has any real value for your business in the future.
In Understanding the Future Market Potential of Trends, we share our approach to identifying trends with a sharp focus on how your organization can monetize those trends, which relies on being able to execute at the product level via innovation or acquisition.
Here’s an excerpt:
WHAT IS A TREND? – A BUSINESS DEFINITION
Before we go any further, we wanted to reprise our definition of an adopted trend in packaged food and beverage. (The progressive consumer is referred to as one who is highly engaged regarding food culture, including health + wellness, sustainability and food discovery. These consumers are seen as early adopters and trendsetters.)
We hope you enjoying reading this edition of Hartbeat Exec. We welcome the opportunity to have a deeper conversation around our capabilities and services in the following areas:
Contact: Shelley@hartman-group.com
Food & Beverage Occasions Consumer Package Goods Private Label and National Brands Trends Point Of View Foodservice/Restaurant
As leaders in the study of American food culture, The Hartman Group has been tracking how Americans shop for food since the 1990s. From one-stop shopping to multichannel shopping to online markets and click-and-collect, we continue to track consumers’ evolving perceptions, needs, habits and relationships with food retailers. New to the 2017 report is a special section on the expansion of the discount grocery channel, the emerging fresh-format channel and smaller-footprint retail formats.