At a recent summit of Fortune’s Most Powerful Women (USA) there was a general acceptance that the food industry is experiencing significant change that will, without question, continue to escalate. And these changes are significant, with a value in the United States of around $18 billion USD – or at least that is what it has cost the top 25 US food and beverage companies in the last five years.
Whereas in the past consumers have relied on labelling and the like to obtain information about what we are eating, the limitless information now available to us on our smartphones and the desire for transparency has seen a significant disruption to the food industry.
Interestingly, this disruption is typically being driven by millennials who simply want confirmation of what is in their food, how it is made and where it is grown. Certainly this push has the support of the food industry but the ability for the major multi nationals to innovate and change as rapidly as required by the consumer will be a challenge for them which in turn makes way for significant opportunity for the smaller, more nimble players.
So, where is it headed? Fortune’s panellists believe that health is being redefined – the focus is no longer on fat and calories but has now shifted to diet supplementation. Of course, no one has certainty on this although with retailers asking what the next big thing will be and consumers looking for innovation to present it, the one thing we know is that this once staid industry is no longer.
Source article: http://fortune.com/2015/10/13/food-revolution-millennials/