Feast of opportunity: Dishing up success for food and beverage brands
Defying assumptions of market saturation, a mouthwatering analysis
Despite cost pressures on consumers worldwide, This new study reveals a string of hidden growth opportunities for food and beverage manufacturers and retailers that sell their products.
Heart, stomach, clock
The growth opportunities for brands and retailers come with a deeper dive into four growth scenarios. “We think about the impact of the heart, the stomach, and the clock on consumers' decisions in almost every moment of their lives.
“It’s interesting to note that this is not a daypart segmentation alone that governs these very different circumstantial drivers of consumption. There are, of course, habitual times for certain meals and needs, but the clock can be about the influence of time, or the pressure of time, not just the time of day”.
Our analytics experts built a matrix of 14 occasions that determine why we eat and drink what we eat. These contextual and circumstantial access points to consumption can then be used to guide decisions on everything from pricing and assortment to new product development and sales.
The 14 Demand Moments map to four growth scenarios that identify how consumers prioritise their consumption. The first is the biggest – ”Daily Nourishment” – and accounts for 39% of total occasions. Unsurprisingly, this is the segment we all rely on for our basic needs.
As we go later into the day, consumers look for moments to unwind and relax, accounting for 10% of the occasions. And lastly, the study found a heavy emphasis (28%) on those bonding moments, often at the end of a work week, when we have time to spend quality time with friends and family.
The multi-country study, dispels common assumptions that food and drink categories are saturated or close to it. It also details a roadmap of clear actions that brands can take.
Portfolio alignment
Most occasions involving drinks also involve food, so find pairings (perhaps even unexpected pairings) of food and drink types that can expand the opportunity set for your shoppers.
Can mini-meals also serve as a side dish, a topping, a condiment? Or, perhaps go the other way and position them as meal replacements in the right circumstances.
Guiding consumers to expanding their recipe repertoire is a great way to tackle the functional needs of eating but mix it up with new ingredients that add to the emotional and pleasurable side of consumption.
