Tetra Pak Reveals Key Consumer Trends for the F&B Industry
Tetra Pak, a processing and packaging solutions company, unveiled the key findings and insights from its report, Trendipedia 2023, offering valuable knowledge about evolving consumer behaviour and exciting opportunities for businesses in the food and beverage industry.
Tetra Pak, a processing and packaging solutions company, released key findings and insights from its full report, Trendipedia 2023. The annual global report monitors changes in consumer behaviour, identifying and analysing interesting consumer trends and opportunities for businesses in the food and beverage industry to take advantage of.
“The world is always evolving, and we continue to be faced with emerging new trends. At Tetra Pak, we believe innovation is the answer, and through a collaborative approach, we gather customers, industry partners and experts, to tackle the most challenging issues in our industry. We remain committed in playing our part to develop breakthrough solutions that will help shape a more sustainable tomorrow for people on our planet. The Trendipedia report holds many insights that can help our customers improve any dimension of their business and drive performance,” said John Jose, Marketing Director of Tetra Pak Malaysia,
Singapore, Philippines, and Indonesia.
In the post-pandemic times, many have seen macro-level changes resulting in supply chain disruptions, pricing increases from inflation, and labor shortages that have caused businesses to scale back services. This has caused consumers to rethink and change their ways. “These days, consumers are setting new priorities and standards regarding where and when they use their money impacting their spending habits. As a result, companies need to be more creative in attracting consumers to choose their products today,” said Billie Ing, Global Head of Trends and Foresight at Ipsos Strategy.
According to the latest report, the main trends in Malaysia, Singapore, Philippines, and Indonesia are ‘Flexi-shopping’, ‘In Control’, and ‘Eatertainment’.
Flexi-shopping – This trend refers to consumers that are living with a flexible mindset, cutting back where needed but treating themselves occasionally, especially where there are perceived additional benefits around health or sustainability. “Despite rising inflation, Southeast Asian consumers say that health benefits and natural ingredients are more important factors than price, in determining if the food or beverage is of good value. Here, the ready-to-drink (RTD) category provides consumers with a convenient, accessible, and affordable way to drink beverages. This category continues to be popular due to its Tetra Pak convenience and health-conscious varieties, supporting consumers with health-focused lifestyles,” said Jose.
In Control – This trend refers to how consumers are using the way they eat and drink to bring a feeling of control to their lives. The choice of whether to indulge or moderate their consumption can help people take their physical health into their own hands. In recent times, consumers have been embracing plant-based options in their diet to support a healthy living, and this trend shows no sign of slowing down. In fact, the global plant-based beverage category is predicted to experience a remarkable growth rate of 1.9% by 2024. This increase is a strong indicator that consumers are seeking healthier and sustainable options, and plant-based beverages are the answer.
Eatertainment – Whilst connecting with like-minded people, some are looking to be entertained as they dare to try new flavours, recipes, and trends from cyberspace. The food community is filled with Gen Zs, gamified, and creative consumers, empowered by social media. In Singapore, 54% of millennials and 53% of gen Z experienced virtual gaming and played immersive open-world video games. “To reach new segments of consumers, brands should consider exploring online and entertainment platforms that are growing in popularity. Social platforms such as TikTok have become a source of recipe inspiration for consumers to discover, experiment and share their food experiences. Moreover, social influencers and content creators play a key role in spreading information about the latest food trends,” added Jose.
Other major trends identified under the year’s five themes include ‘Life Hacks’, ‘Replenish and Repair’, ‘Climatarianism’, ‘Green Clarity’, ‘Un-masking Identities’, ‘Evolving Spaces’.
Ed. Photos and data courtesy of Tetra Pak.