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FoodChain ID Weekly Market Watch – November 1

The weekly synopsis of top stories making the headlines from FoodChain ID's Chief Revenue Officer, Brandon Taylor.

By Brandon Taylor, Chief Revenue Officer

SUSTAINABILITY

European Union Must Cut Carbon Emissions Three Times Faster to Meet Targets

The Guardian reported that the European Union (EU) must cut greenhouse gas pollution almost three times more quickly than it has over the past decade to meet its climate targets, according to a European Commission report.

Wopke Hoekstra, the EU’s new climate commissioner noted that much more substantial progress is needed in cutting emissions in agriculture.

According to a new report from the European branch of campaign group Climate Action Network (CAN), the policies in the EU member drafts that were submitted are not enough to keep the planet from heating by 1.5°C above preindustrial levels. CAN claims that the draft policies are also too weak to comply with minimum EU climate and energy requirements for 2030.

Chiara Martinelli, the director of CAN Europe, called on governments in the EU to “match the magnitude of the challenge” in their action plans. “This report starkly highlights the glaring contrast between the urgent demand for accelerated climate action and the sluggish on-ground progress.”

Source: The Guardian

INDUSTRY TRENDS

Top Ten 2024 Food & Drink Trends from Innova Market Insights

Innova Market Insights revealed its Top Ten Food & Drink Trends for 2024. Certain ingredients are expected to rise to prominence next year as sentimental factors, social media and health claims drive purchasing decisions.

New research shows that, while the effects of high food price inflation and the need to cut back are still affecting consumer markets worldwide, eye-catching or well-loved ingredients, nature-friendly claims, and products with health benefits will increasingly inspire higher spending into 2024.

“There is always an overlap across trends and regional or local differences and differences between genders and even income groups. But trends help to see where things are moving in broader terms and uncover opportunities with your consumer,” Lu Ann Williams, global insights director at Netherlands-based Innova Market Insights and reported in Food Ingredients First.

For many families, simply finding the food they need at a price they can afford is the prime challenge. However, Innova Market Insights’ research with consumers and across the products they buy indicates that other considerations are coming into play. For instance, a third of the consumers polled said they respond positively to certain key ingredients being flagged up.

“We’ve come full circle, and today, in an environment where simple messages spread quickly across social media, certain ingredients are being talked about non-stop.”

“From regenerative agriculture to farming conditions for livestock, brands which highlight a bond with nature and the environment are achieving cut-through with consumers,” says Williams. Attractive sustainability claims can be the difference between two competing products.

At least three 2024 food and drink trends contain a “best of both worlds” element. For instance, Innova Market Insights emphasizes a move in plant-based foods toward familiar and convenient recipes and formats.

Every year, Innova Market Insights compiles its Top Ten Food & Drink Trends, based partly on direct consumer research to identify shifts in behavior and preference and partly on which products are being launched and how they and their ingredients are described on-pack.

Source: Food Ingredients First

Sweetener Market Continues Its Evolution

As sugar-conscious shoppers increasingly clamor for clean labels, the $108.6 billion sweetener market continues its natural evolution with a projected compound annual growth rate (CAGR) of 3.8% from 2022 to 2032, according to business research firm Future Market Insights.

Assortment of sugars

Mintel market research data show that more than two-thirds of consumers say it is essential for the sugar or sweetness in foods and beverages to come from natural sources, and sales of naturally sweetened products are increasing, according to SPINS data. In early 2022, SPINS reported that year-over-year sales were up for products with monk fruit (20%) and stevia (15%), and for beverages with coconut sugar (21%) and sugar alcohols (20%). Although coconut sugar still accounts for only a small portion of the sweetener market, this segment saw nearly a 30% jump in dollar sales in the 52 weeks ending May 21, 2023, according to SPINS.

Source: Food Technology Magazine

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