Unearthing growth opportunities in food and beverage
A groundbreaking study uncovering why we eat what we eat and drink what we drink
Sometimes you can almost taste the possibilities.
We know there is a lot to be unpicked when it comes to what we eat and drink. Yes, we wanted to capture the COVID period and its consequences, but we also knew it wasn’t representative enough. So we took a three-year view of consumption across multiple countries. Put simply, we wanted to understand how the world really eats and drinks with wider perspective beyond recent events.
And guess what? It wasn’t just about the food and the drink — the products. It was about the people we share it with, the connections we make, and the memories we create. In these uncertain times, as consumers around the world face ongoing economic challenges, the food and beverage industry is searching for ways to help consumers. And wouldn't you know it, our work might just have found answers to some of the bigger questions.
Our study analyses 2.5 million consumption occasions to uncover hidden growth opportunities
Our team analysed 2.5 million consumption occasions to uncover hidden growth opportunities for brands and retailers, despite the financial obstacles faced by many consumers. By diving into the concept of "Demand Moments," this study opens up a world of insights into consumer behaviour and preferences, giving brands the tools they need to make smart, strategic decisions in order to capture demand from more people on more occasions. So, pull up a chair and get comfortable because we're about to embark on a journey through a series of chapters that explore the findings and implications of this study for the food and beverage industry.
Truly understanding consumer habits is a crucial first step in unlocking growth opportunities for brands. And for this to be successful, we need to be as close as possible to the needs, uses, and priorities that come with any given product. Without that proximity to consumer demands, we risk missing the most significant moments of truth.
The aim of this report is to efficiently guide you towards what truly matters. Instead of attempting to decipher individual components of a usage moment, we have developed a comprehensive and exclusive framework that uncovers the most impactful consumption perspectives for discovering growth territories and competing for new occasions.
This framework will help you define which categories compete for similar demands, allowing you to innovate faster and smarter while ultimately marketing your product more precisely. Additionally, we explore examples of how to integrate this knowledge into execution plans to ensure the recipe is a success.
The analysis identifies the unique combinations of features that make up a consumption experience. The process involves analysing all contextual, functional, and emotional elements and synthesizing them into “14 moments of truth“.
This approach provides a clear perspective on how to analyse brands, their competitors, and market categories. It also provides a roadmap for growth, revealing strengths to reinforce and opportunities for expansion while also indicating areas of unexpected competition. We built the framework using our proprietary usage panel that captures data across Brazil, Mexico, the United Kingdom, Spain, and France. It covers all 52 weeks of the year and more than 2.5 million consumption occasions every year.
By the end of 2023, we will have added Portugal, Colombia, Germany and Italy in the report. We also developed a “usage flex” platform to roll out usage panels elsewhere on demand.
The study also highlights regional differences in food and beverage consumption, providing valuable insights for brands looking to tap into the global market. By understanding cultural nuances, brands can develop targeted strategies to cater to the preferences of consumers in Europe, Latin America, and beyond.
In the dynamic food and beverage landscape, understanding the competition is crucial for success. Our research emphasizes the importance of distinguishing between long-term and short-term influences on consumer preferences. The study also explores the role of retail in fulfilling these demands, with different retailers and retail formats playing distinct roles in each Demand Moment.
As we continue to track the global changes in demand, we’ll also continue to explore the implications of these findings for the industry and the ways in which brands can leverage them to adapt and thrive in this uncertain economic climate.
