2024 Predictions: What to Expect in the Year Ahead
As we approach 2024, the Food Biz Wiz team, has shared some insights into the upcoming trends in the food industry. We got to listen to this podcast and wanted to share what we’ve heard from Joe Tarnowski (episode 226). Here's a concise and expert summary of our expectations for the year.
Challenges Ahead
We anticipate ongoing issues with supply chain disruptions and labor shortages. Suppliers might feel the strain as wholesale buyers become less tolerant of brands that aren't retail-ready or those that can't adapt to their distribution and promotional systems.
Joe's Perspective: Despite these challenges, they've spurred innovation in sourcing and efficiency. However, brands need to be more prepared for meetings with buyers, as their time is increasingly limited.
World of Brio’s Perspective: We ensure your supply and its price stability by proactively buying your volume upfront and reserving it for your replenishment cycles. One way to deal with volatility is to choose the right partner.
Positive Shifts for Brands
In 2024, brands are likely to take more control over their sales and marketing strategies. Expect to see innovative marketing approaches and a move away from traditional retail channels. Brands may pivot to focus on independent stores, foodservice accounts, pop-up shops, and direct-to-consumer (DTC) collaborations.
Authenticity will be key in marketing. Brands are becoming their own influencers, emphasizing real connections and personalized consumer experiences.
Joe's Observation: Brands are exploring new channels and forming closer ties with independent retailers, which helps in organic growth. Examples like Fire Department Coffee and Pacinos Signature Line show the power of leveraging social media influence.
World of Brio’s Perspective: Your brand can run on our sophisticated supply chain and brand machine, so you thrive as the opportunities arise. You’re always welcome to challenge us with your brand ideas and will be presented by a ready to action partner.
Trends in Wellness and Indulgence
The health and wellness trend persists, with consumers seeking products that are both enjoyable and beneficial. However, there's also a growing appreciation for pure indulgence without the functional claims, especially among younger generations.
On the business front, there’s a rising focus on team health and work-life balance, recognizing that a healthy team is essential for a successful business.
Joe’s Insight: The wellness trend is strong, but indulgence remains a key driver in consumer behavior. Remember, taste is critical, no matter how healthy the product is.
World of Brio’s Perspective: The pure and honest ingredients is our product philosophy and core value, and delighted to hear a more quality and honesty oriented customer demand formalizing. We also don’t like additives, colorings, preservatives and seemingly Gen-Z is sharing the same values.
Looking Forward
While 2024 might bring challenges like retailer and distributor consolidations, it also promises innovation and growth in healthier product categories. We anticipate a blend of AI-driven retail experiences and a return to in-person marketing, underpinning a balanced, founder-led approach to brand development.
In summary, 2024 is set to be a year of adaptation, innovation, and balancing authenticity with consumer and market demands.
