Year-End 2020 Trends, 2021 Emerging Growth Pockets
December 18, 2020
Consumers of all income levels drove the growth for premium and super-premium products as they moved their spending on discretionary entertainment, travel, and restaurants to everyday indulgences. As the country’s ability to move and travel increases due to vaccine distribution, we expect budgets for lower-income households to get squeezed. This will drive demand for value and private label products. And we expect health and wellness, indulgence, and taste exploration trends to continue.
Trends in 2020
➤ The demand for at-home food skyrocketed as people shifted to remote working and online school
➤ Consumers looked for foods with a long shelf life, comfort foods, and indulgent items
➤ Home cooking was up during the pandemic, with consumers looking for fresh ingredients
➤ There was a rise in the purchase of premium and super-premium products
➤ Because of low stock and unavailability, consumers bought when they saw the product rather than waiting for sales or promotions
Emerging growth expected for 2021
➤ Consumers will be purchasing smaller-sized products because they more adverse to waste and spoilage
➤ Private label products will grow in sales
➤ Brands and private labels will need to evolve to meet consumer demands and needs
➤ Sustainable products will be a growth opportunity for brands and retailers
The demand for private label products, which consumers perceive as high quality and a value for the price, will continue to grow. Flagstone Foods is committed to supporting sustainable farming by promoting bee health. We’re on a mission to get 100% of our almonds from bee-friendly farms by 2025.
We’re currently partnering with Pomona Farming, one of California’s largest almond growers. With 3,300 acres dedicated to bee habitat and conservation, Pomona Farming has 30 varieties of pollinator-friendly plants and 3 year-round bee sanctuaries. Those bee sanctuaries are home to over 700 beehives.
Flagstone Foods is the premier manufacturer of private label nuts, dried fruit, and nut-based snacks.
Click HERE to read the full report from IRI Worldwide.
Source: 2020. Discovering Pockets of Demand, 2020 Trends & Emerging Growth Pockets. IRI Worldwide