Price and sustainability are consumers’ top two priorities in 2024 for food, drink, and supplement purchases, predicts FMCG Gurus

Image from FMCG Gurus

Market researcher FMCG Gurus is sharing its predictions for what consumers’ top 10 priorities will be in 2024 when purchasing food, drinks, and dietary supplements. The backdrop of their priorities is today’s era of uncertainty stemming from global challenges such as conflict, inflation, the COVID-19 pandemic, and strain on food systems. To counter this uncertainty, consumers are now prizing physical and emotional wellness, both of which will drive their purchasing decisions next year, FMCG Gurus states.

FMCG Gurus’ Top Ten Trends for 2024 globally are:

1. Maximize My Value
2. Green Horizon
3. My Plate, My Profile
4. Strive for Happiness
5. Natural Harmony
6. Breaking Barriers
7. Tech Meets Taste
8. For Today, Better Tomorrow
9. Pursuing Simplicity
10. Revive and Thrive

The company shared more insights on the first five trends. For more information on these and the other trends, read the report or the company’s Trend Digest e-magazine, or contact the company at info@fmcggurus.com.

Maximize My Value

Inflation has prompted a global drive to economize spending. FMCG Gurus reports that 53% of global consumers are now actively seeking ways to trim their food and drink expenses. This shift also impacts brand loyalty, prompting consumers to remain open to exploring diverse shopping options. At the same time, consumers want to avoid compromising when they can and will therefore seek out strategies like promotional offers to afford their purchases. Brands should make sure to offer promotional discounts that cater to individual needs.

Consumers are also looking to minimize waste, and here, brands can innovate packaging that prolongs product shelf-life. Finally, while consumers are expected to cut back on non-essential purchases, they still have a desire to indulge themselves. Thus, they will continue to demand affordable, premium treats that come without post-consumption guilt.

Green Horizon

An overwhelming 8 in 10 global consumers say they have more trust in companies employing regenerative farming practices, FMCG Gurus data shows. Heightened awareness of climate change's impact on food production is spurring consumers to seek environmentally friendly practices from companies, both large and small, including local producers. Upcycled ingredients are growing popular due to their ability to combat food waste. However, FMCG Gurus cautions that with so many companies making sustainability claims, these claims alone may not be enough to drive purchasing decisions, especially if products are more expensive than their non-eco-friendly counterparts. Given this, brands must be sure to showcase their products’ additional benefits beyond environmental consciousness alone.

My Plate, My Profile

Up to 28% of global consumers are actively tracking their diet and lifestyle using apps, FMCG Gurus reports. This has consumers thinking about the influence of genetics on well-being and paves the way for the next wave of innovation in the health and wellness market: personalized customization based on genetic sampling. The biggest topic in this category is currently the gut microbiome. And while there exist questions about the accuracy and ethical implications of personalized data, the fact is that today’s consumers are expecting to see technological advancements that enable real-time health monitoring and personalized health solutions.

Strive for Happiness

Up to 57% of global consumers are looking to improve their mental well-being, FMCG Gurus' 2023 data found. When asked to define “good mental well-being,” consumers defined it as “happiness,” the market researcher reports. Companies should keep in mind that consumers are seeking to support better sleep habits and healthier eating patterns and to reduce the pressures of everyday life.

Natural Harmony

Consumers are still scrutinizing product labels, with FMCG Gurus data this year showing that 59% of global consumers say they are paying more attention to ingredient listings compared to last year. What are they looking for? An emphasis on realness and authenticity in products. Consumers also want natural products and free-from claims. However, FMCG Gurus warns, it’s important to convey to consumers that ingredient lists are not being reduced simply to cut costs.