What if we could predict what we will be eating in the next 10 years? None of us have a crystal ball to predict the future. However, through early signs and signals from consumers, this is not only possible but also essential for businesses to stay relevant. Consumer shifts are happening at a faster pace than ever before, requiring businesses to stay at the forefront of innovation. At IFF, we see 5 key signals indicating significant consumer shifts ahead.A shift in Trust & Transparency will influence our future world. Today, trust has shifted completely to become a bottom up approach rather than top down approach. Trust is at an all-time low, and consumers have gradually moved from “institutional trust “to “distributed trust” where they trust each other more than they trust institutions or large companies. Technology has played a crucial role in an ironic way, because it has enabled people to go back to an era of small community trust--the slight difference is that, this “small community” is now the whole online world. Therefore, the trust economy is building on pure reputation across many industries. So, what if our food could speak and tell the story of its journey? As a call to the industry, it is crucial to build trust & transparency into the processes and track ratings as consumers have already moved towards reputation-based trust.
The second signal is Regenerative Design, meaning designing with sustainability in mind. The planet population is expected to reach 10 billion people by 2050. On the other hand, one third of all food produced globally is lost or goes to waste.
Therefore, the industry needs to address how to feed the world population by the time we reach 2050. Rising resource scarcity impacts intelligent modification of ingredients and transformation of lifestyles. So, what if we can take the waste streams of the current production process and create new valuable side products? This has been happening in the cheese manufacturing process for years; separating the curds and the whey and using them for other nutritional products. New processes and approaches to the supply chain will be the future key enablers; bringing quality, consistency, cost efficiency, as well as new stories to be told about upcycling and the virtues of new side products. This will serve as an absolute competitive advantage for the companies that embrace it.
Sensory Renaissance is the third signal changing our approach to innovation. Contrary to common consensus that we have 5 senses to perceive the world around us, we have 21 senses according to New Scientist Magazine.
Consumers have become far more sophisticated and experiential; therefore, it is not enough to be engaged at smell or taste level any more. Moreover, consumption drivers are changing as consumers move away from affluence to influence with their purchases.
Millenials and Gen-Z say it is more important for them to have an experience than to own things, and three out of four Millennials and Generation Z favor spending money on experiences over physical goods. So, what if all our food experiences were Instagram-able? Your sensorial brand experience will matter to the coming generations.
The fourth signal is Augmented Self. The Mind-Body connection becomes a quantifiable science which helps improve health & wellness in a holistic way. Guided by the increasing demand of consumers to monitor their health, the use of wearable technology has more than tripled in the last four years leading to development of Fitbits, smartwatches and wearable monitors. Technologies will enable consumers new ways to pursue their health and wellbeing goals with an anticipatory and aspirational approach. Additionally, rising levels of stress and a deepening understanding of how it contributes to diseases will drive greater focus on emotional health and foods to alter mood.
What if our bodies could speak to us and tell us what it is they need? Consumers will be empowered and will take responsibility for their health and wellness while embracing preventative options.
The last signal is Customization, exploring the potential for ultimate personalization driven by biology, science and digital ecosystems.
Imagine a world where food is as customized as the people who eat it. General health claims will no longer suffice as consumers expect more targeted and individualized solutions for their specific needs, goals and diet types. Moreover, the customization is key for millennials and their pursuit of personalized offerings has already a created ripple effect in many sectors. Soon, brands will start to build customization into their processes and develop products according to consumers’ unique DNA features. These are 5 global signals that we need to watch closely in order to stay innovative and relevant to what today’s consumers are looking for.Esra Yalçın - Pazarlama Müdürü / Marketing Manager - Türkiye, Orta Avrupa ve İran Turkey, Central Europe and Iran - IFF Aroma Esans San. ve Tic. A.Ş.
