Health conscious market spurs F&B sector growth

CEBU, Philippines - A market study revealed that the growing preference for natural, simple and flexible diet will soon be among the greatest money-making business in the food and beverage sector.

The study conducted by London-based market research service provider — Mintel gave a credible cue on what type of businesses in the food and drink sectors will make profits starting next year.

The tremendously growing health-conscious market further drive the expansion of vegetarian, vegan, and other plant- focused formulations.

According Mintel's forecast, consumers' strong health and wellness priorities will spur the introduction of more packaged products and recipes for home cooking that abound in fruits, vegetables, nuts, seeds, grains, botanicals, and other plants associated with good health.

Technology will play a part in this movement, as can be seen in the use of artificial intelligence to develop plant-based alternatives to animal products, including milk, mayonnaise, yogurt, and cheese.

Another trend that will make a "buzz" starting 2017 is the global focus on minimizing food waste to align with efforts on sustainability, which is changing consumer perceptions.

“In 2017, the stigma associated with imperfect produce will begin to fade, more products will make use of ingredients that would have otherwise gone to waste, such as fruit snacks made from ‘ugly’ fruit and mayonnaise made from the liquid from packaged chickpeas, and food waste will be repurposed in new ways, such as power sources,” said the report.

Likewise, a significant trend among consumers in the new year is to find out the “time investment” required in cooking or preparing meals.

According to the report, time is an increasingly precious resource and today's multitasking lifestyles are propelling a need for shortcut solutions that are still fresh, nutritious, and customizable. In fact, "already we have seen so-called ‘bio-hacking’ food and drink that offers complete nutrition in convenient formats,” the report said.

Starting 2017, the time spent on — or saved by — a food or drink product will become a clear selling point, inspiring more products to directly communicate how long they will take to receive, prepare, or consume.

The study likewise unveiled new opportunities for functional food and drink designed for evening consumption as people try to calm down before bedtime, sleep better, and restore their body.

This means, products that have credible health benefit attached on it, processed and sourced out naturally with lesser of without the aid of chemicals will surely make money. — (FREEMAN)