With AI and ML growing at a phenomenal rate, it is safe to say that the future of food industry insights lies in learning to analyze data. Spoonshot deploys AI and NLP to establish relationships between unstructured data points.
While dining out is opening up again, there is a labor shortage and general paranoia to contend with. This has led to a surge in automation and heightened scope to eliminate rote tasks, whether in choosing the dishes, payment options, or even flipping the burgers. This will allow restaurants to focus on more mission-critical tasks such as creating new dishes and value-added experiences.
We process data on the properties of various ingredients and understand how they interact with one another to influence the final recipe. Sifting through large volumes of data and deploying our proprietary algorithms allows us to predict trends before they take off. For instance, our food and beverage [F&B] market research shows that carob is all set to make a comeback. We believe it is going to be the star of coffee innovation, RTD beverage, baked goods, bars, and powders.
Our team works to develop technology capable of providing nuanced knowledge. While generic insights are useful in varying degrees, personalized insights help brands fast-track new product development. Our food industry insights, based on real-time data, delivers highly relevant and curated intelligence to each of our customers.
Segmentation of the F&B Market
The various segments within the F&B industry are based on the sale of specific products starting from manufacturing, through processing, and distribution. These are done by brands that identify as corporations, sole traders, or partnerships. The segments within the F&B industry range from alcoholic beverages to canned goods and bakery products. The processed food is eventually packed and distributed through various channels intended for individual and commercial use.
The following section is going to offer insights into some segments –
1. Alcoholic Beverages
This segment consists of sales of alcoholic beverages by various brands starting from manufacturing, through fermentation, and production of distilled alcoholic beverages. This includes wine, beer, spirits such as rum, whisky, cognac, etc.
Food and drink market research shows interest in low and no alcohol drinks rising by 332.6% over the last five years. This is in direct correlation as more people seek healthier choices.
2. Non-alcoholic Beverages
The non-alcoholic beverage market consists of sales of beverages without alcohol. These include soft drinks, coffee, tea, soda, etc.
Food and beverage insights show a decline of interest in carbonated soda drinks since 2017 due to their high sugar content in the drinks. This has led to decrease in volume sales as consumers switch to juice, tea, coffee, and flavored water.
Innovation in this sector has led to inclusion of macro- [protein, fiber] and micro-nutrients [vitamins and minerals], reducing sugar, salt, and portion size, and eliminating artificial additives.
3. Grain Products
Milling flour meals from various sources such as grains or vegetables, making flour mixes or dough is the major work in this sector. Additionally, they also mill, clean, and polish rice, manufacture malt from barley, rice, and other grains.
According to Spoonshot’s food and drink insights, consumer interest in gluten-free foods in the US has gone up by 288% since 2012. With growing awareness of gluten, we believe there will be a rise in alternative flours, especially for use in baking. Spoonshot data predicts a 25% growth in interest in millets in the coming year.
We believe with rising demand for gluten-free products, more innovation will help brands achieve the best taste and texture possible.
4. Bakery and Confectionary
This segment as the name suggests consists of sales of bakery and confectionery products.
With the on-going culture around sugar; baked goods and pastries need to get ahead of the game.
Food and beverage market research shows that allulose, a sugar substitute, is going to rise in popularity. With the keto-diet goong strong and allulose being keto-friendly, we predict allulose and sugar reduction technologies to trend into 2021 and beyond.
Also Read: Food Trends & Predictions 2022
5. Dairy Food
With more and more people turning vegan, dairy alternatives are on the rise. Our food and drink market research shows that dairy-free desserts made with aquafaba will take center stage in 2021.
Additionally, Nestlé has just announced that it will be launching Kit Kat V, certified vegan and made from 100% sustainable cocoa, with a rice base instead of milk.
With increasing interest and demand for vegan products across, business interest in vegan food and drink has grown by 521.5% since 2016. It is projected to grow by 5% over the course of 2021.