Mega-trends: convenience food and health to double in ten years (1/2)

Mega-trends: convenience food and health to double in ten years Ten mega trends, will determine the success and shape of any new products to hit the market in the near future, according to a new report from Datamonitor. Three factors: Convenience, Health, Age Complexity top the list, the influence of which are already felt in the foodservice industry and by the restaurant operators. A clear perception of the diverse slices of consumer populations are key to the success of food firms operating in the €3.2 trillion global food industry. Confirming current marketing knowledge, a new report from Datamonitor asserts that changing consumer values are continuing to influence buying behaviour. “And that only by understanding the new interpretations of the mega-trends can companies remain 'on-trend' in the long-term," says Daniel Bone, consumer market analyst and author of the study. The ten trends which Datamonitor believes will impact/shape new products and services to come are the age, gender, lifestage, income complexities together with individualism, sensory, comfort, connectivity, convenience and health. Convenience Time saving products and 'quick fixes' are important to 82 per cent of European and US consumers. This could explain why prepared meal consumption in Europe and America is forecast to double in ten years, to exceed US$40bn by 2009, up from US$29bn in 1999. Health An overwhelming majority (90 per cent) of European and US consumers feel that improving health is important. Confirming growing sales for food firms operating in the functional food domain, the researchers claim that in 2003-04 64 per cent of Europeans and US consumers actually took "steps" to improve their health. The health ‘mega-trend’ also continues to be a major driver towards preferences for all things natural and organic. Annual growth will exceed 10 per cent in the US and European food and drink markets over the next five years. Strong opportunities for food firms will also lie in the crossover trend between health and convenience (health on-the-go), an area that clearly bears high growth potential. Age complexity While parents indulge their own childishness, younger consumers are constantly acquiring greater autonomous spending power and developing brand awareness and loyalty at a younger age. The report recommends that manufacturers offer age defying products that are aligned with the aspirational age of consumers - a desire to be older or younger. In addition, ‘ageless marketing’, which targets values and attitudes shared by all generations rather than specific age groups, will be important in appealing to a wide range of consumers, without alienating important groups. Gender complexity Gender roles are less defined than ever before. Male dieting and actively seeking out healthier food and drinks characterises how males are defying traditional macho consumption, claims the report. Datamonitor's survey showed that men were on a par with women in terms of both the level of importance they placed on improving their health through diet, and the extent to which they had actually made behavioural changes. But the prevailing existence of macho values means that traditional ideals of what it is to be a 'man' persists, and machismo themes still have strong relevance in products such as beer. Lifestage complexity The notion that the nuclear family stays together through life is still the norm in most countries, but it is changing significantly. Three core trends influencing the lifestage complexity trend include extended time as singletons, extended time spent as older consumers and the phenomenon of boomeranging children. Income complexity Reflection opportunities in premium food products, lower income and mid-market consumers are increasingly seeking luxury on a budget, and increasingly influenced by the 'democratisation of luxury'.