Private label food products contribute to driving flavor innovation
Implications - In contrast to the days where private brand foods served as a cost-effective alternatives to name brand products, store brand food items are now participating in setting flavor trends by experimenting with limited edition and seasonal offerings. Setting industry precedents with private labels gives retailers the chance to distinguish their brand identity from a customer perspective.
Workshop Question - How can your brand redirect a negative consumer perception of its product into something more positive?
Trend Themes
1. Private-brand Premium - Private label food products are participating in setting flavor trends by experimenting with limited edition and seasonal offerings.
2. Vegetarian/vegan Increase - Increased demand for vegetarian/vegan options from customers.
3. Globally Inspired Comfort Food - Comfort foods are being reinvented with globally influenced ingredients to offer new ways for consumers to experience their favorite dishes.
Industry Implications
1. Food and Beverage Industry - The food and beverage industry can benefit from experimenting with limited edition and seasonal offerings in setting flavor trends in their private label lines and offering alternative plant-based options to meet the increased demand.
2. Hospitality Industry - The hospitality industry can benefit from offering vegetarian/vegan options on their menus and using globally inspired ingredients to reinvent classic dishes.
3. Retail Industry - The retail industry can benefit from offering globally inspired products and private label lines with limited edition offerings and seasonal flavor trends.
