Trend spotting in Foods & Beverages is a safe yet risky affair. Of the ten trends you spot, even getting a few of them right could mean hitting the jackpot. The changes in the F&B industry happen very gradually over the course of many years, especially in places that have a long history and culture.
India has the unique distinction of being one of the oldest civilizations with one of the youngest populations, with about two-thirds of the population under 35. This has far-reaching consequences in terms of likes and preferences. Trends become viral rapidly and fall from grace just as fast! Diners get bored very quickly and are constantly seeking new trends to try, putting that much more pressure on the chefs and CPG companies. What worked in the western world need not necessarily work here. Also it need not follow the same trajectory. A leap here, and a precipitous drop elsewhere, watch out the Millennials are coming. At the same time, our strong and unique culture takes them back to Grandma’s times in terms of familiar, home-style taste preferences. Indeed, a heady cocktail to play with.
With rapid technological advancements, a mobile phone in every hand, access to internet, travel, and exposure to what’s happening across the world on a real-time basis, the F&B landscape is highly conducive for rapid and continuous change.
Using tried-and-tested techniques of success stories in the past and extrapolating those to the future is fraught with danger. Quickly identifying fads and trends across consumer segments and incorporating them into the F&B sector is crucial. Upon close examination of a vast array of macro and micro consumer trends and interactions with a number of experts in the F&B industry, five overarching megatrends can be identified. These trends are likely to play a significant role across the entire Food and Beverages sector in India. Here is an attempt to decode the future as it will unfold.
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