Moonshot Collaborative

📈 Consumer Confidence Update: Optimism Surges as Inflation Concerns Ease Recent data from McKinsey & Company's consumer research arm ConsumerWise shows US consumer optimism hitting a two-year high in February 2024, with inflation worries slightly easing. Despite 20% remaining pessimistic, the lowest since June 2022, consumers plan to increase spending on grocery essentials like fresh produce. While trading down for better value persists, especially among younger and lower-income groups, splurging intentions are on the rise, particularly among Gen Z and millennials. Interestingly, the trend is shifting towards splurging on food at home rather than in restaurants, reflecting changing consumer preferences. As consumer behavior evolves, businesses must adapt strategies to meet shifting needs. Let's seize these opportunities and navigate the changing landscape together! Full story here: https://lnkd.in/gU8yAKTw #ConsumerInsights #EconomicTrends

🌱 Insights into Consumer Behavior: Adapting Strategies for the Future 🌱 In the ever-evolving landscape of consumer goods, understanding shifting trends is crucial for staying ahead. Recent data from McKinsey & Company highlights both challenges and opportunities: 🛍️ In 2023, overall unit sales per trip declined by 3 to 5 percent across the grocery, health and beauty, and household categories, compared to 2022. 🛒 Amidst declines, however, Gen Z's purchase occasions for grocery and health/beauty products increased by 10% in 2023 compared to 2022. Despite slightly fewer units per occasion, this indicates a significant shift in shopping frequency. 💻 Analysis across five consumer goods categories reveals a notable migration from traditional brick-and-mortar stores to online and value channels. However, volume losses in physical stores still overshadow gains in digital platforms. 💰 The top reasons for reduced grocery purchases are linked to affordability concerns, reflecting a broader trend across various product categories. In light of these insights, McKinsey gave a few strategic considerations for consumer goods companies: 1️⃣ Portfolio Optimization: Align offerings with current consumer demand. Consider exiting segments not meeting expectations while doubling down on high-demand categories like health and wellness. 2️⃣ Channel Expansion: Embrace growing online and value channels. Tailor products and promotions to fit digital shopping environments, potentially exploring unique offerings to stand out. 3️⃣ Pricing and Promotion: Reevaluate pricing strategies to address consumer concerns and maintain margins. Explore flexible pricing architectures and value promotions to incentivize purchases. 4️⃣ Brand Loyalty: Despite the allure of performance marketing, invest in building brand loyalty. Establishing "brand love" can foster long-term consumer engagement and drive both physical and digital sales. In a dynamic market, adaptation is key. By understanding and responding to evolving consumer behaviors, companies can position themselves for sustainable growth in the future. Let's innovate together! #ConsumerInsights #MarketTrends #BusinessStrategy Full story here: https://lnkd.in/ed8aiMPn

The plant-based food industry has experienced significant changes in the past few years. With companies seeing recent declines in sales, many are innovating to meet changing consumer trends and preferences. Here are some highlights from Food Dive's recent trendline analysis: 🥦 Research has shown that consumers are looking for products with recognizable ingredients. Brands such as Actual Veggies and meati™ are aligned with this trend with their use of ingredients such as broccoli, kale, beans, and mushrooms. 🥑 Similarly, major plant-based meat player Beyond Meat who has traditionally used ingredients such as coconut and canola oil, recently announced that they will be replacing these oils with avocado oil in their burgers sold in retail. ☕ Oatly is also continuing to capitalize on the clean-ingredient trend by releasing a new product range of oat-based creamers. As consumers seek healthier ingredients that they can recognize, brands should prioritize meeting these needs and consider how to effectively communicate their offerings with their target audience. Reach out to us to find out more about how we can help your brand navigate these opportunities. Full report here: https://lnkd.in/gYWpsB_n #plantbased #cleaningredients #consumerinsights

Driving repeat purchase rates and achieving profitability continue to be challenging for companies in the plant-based industry, including the larger and more established players like Impossible Foods and Beyond Meat. In addition to ensuring products compete on taste and price, one strategy to address this is to cast a wider net among consumers and ensure that they don't feel alienated or judged for consuming animal products but rather included and inspired by brand stories. To put this into practice, Leslie Sims, CMO at Impossible Foods expressed that the company will be focusing on communicating the nutritional benefits of their products while dispelling myths to appeal to a broader range of flexitarian consumers. Meanwhile, plant-based meat brand meati™ has made it a point to not position itself as anti-meat eater from the start in the hopes of gaining favor and brand loyalty among its target audience. Determining what kind of messaging will appeal most to your consumer base is key for driving product trial and repeat purchase rates. Contact us to find out more about how you can use our panel of consumers to define your messaging. #plantbased #consumerinsights #messaging Full story from Food Dive here: https://lnkd.in/d98aHVqJ

BrandSpark® International in collaboration with Newsweek has just launched its 16th Annual Best New Products Awards for 2024, which surveyed over 12,000 consumers. They found that plant-based products continue to resonate with consumers, with notable winners such as RollinGreens' plant-based chicken, Impossible Foods' Indulgent Burger, Kraft Heinz and NotCo's cheese slices, and Premier Nutrition: The Good Energy People's plant-based protein powder. In addition, the results found that better-for-you snacking is dominating consumer preferences in 2024, with low-calorie, no-added sugars, and real fruit ingredients trending among the winners in the snack category. Innovation and keeping up with consumer trends are essential for companies to meet their target consumers' needs. Need help determining what your audience is looking for in the grocery aisle? Reach out to find out how we can help. #plantbased #newproducts #consumerinsights Full story from The Food Institute here: https://lnkd.in/ev6ZmCQG

In today's challenging market, companies in the plant-based sector must continually innovate to attract and retain customers. Jennifer Bartashus, a Senior Analyst specializing in Retail Staples & Packaged Food at Bloomberg Intelligence, suggests a shift towards prioritizing taste and refining target demographics as a potential solution to drive repeat purchase rates. Rather than pursuing widespread adoption of plant-based products, the focus should be on nurturing existing consumer bases to increase purchase frequency. This article from The Food Institute dives deeper into this topic and other challenges facing the plant-based industry today. You can also discover more insights by clicking the link below and tuning into the podcast episode featuring our co-founder, David Benzaquen, as he discusses the current landscape of the plant-based industry in 2024. #plantbased #consumerinsights Full story here: https://lnkd.in/eigWKKu2

According to ProVeg International's brand new consumer research report, the colors your brand chooses for its packaging can have a significant impact on consumers' purchase decisions and can be strategically harnessed to evoke certain feelings and associations. Among their key findings, here are some of the highlights: 1. 54% of the US consumers surveyed associated the color red with superior-tasting food products. 2. Blue was the most favored color among consumers, while 45% of US consumers associated products packaged in blue with being budget-friendly, and 45% were also more willing to pay a premium for products packaged in blue. 3. In the US, 68% of consumers associated the color green with naturalness, 72% with safety, and 68% with eco-friendliness. Color can be used to influence consumers in many different ways, and our team at Moonshot Collaborative can help you test aspects of your product such as packaging colors with your target audience. Reach out to learn more! Full report here: https://lnkd.in/gcSEdcPS #plantbased #color #packaging

Packaging is often the first point of contact that a consumer has with your product, so getting it right is essential. ProVeg International published their packaging best practices to boost sales of your plant-based products: 🎨 Colors: the organization recommends going either very traditional, and capitalizing on browns and darker packaging to tap into familiarity, or going way outside the box with bold, eye-catching colors like Pink Albatross - by Rethink Foods Co has done with their plant-based ice cream packaging. 🏷 Wording & Labeling: Avoid wording that includes negative connotations such as "meat-free" or "meatless", and swap in words that describe the incredible taste, look, and feel of your product. 📦 Materials: Research has found that boxes continuously perform well with consumers, as compared to canned foods which tend to perform poorly, with glass being a viable substitute for these types of shelf-stable products. What packaging successes and failures have you seen? Let us know in the comments below! Full story here: https://lnkd.in/gyWs8dfj #packaging #plantbased #consumerinsights

When trying to appeal to a highly conscious consumer base, which plant-based product characteristics are going to resonate with them most? Consumers are becoming increasingly aware of not only what kind of ingredients are in the products they purchase, but also why those ingredients are on the list. Increasingly, they want foods that are viewed as 'natural', with minimal processing, and that are high in protein. Furthermore, among flexitarian consumers, industry experts have noticed a potential shift in demand away from products that mimic animal-based burgers, nuggets, and sausages, towards products that are more 'naturally' plant-based, such as a vegetable curry. As consumer demand changes, companies will have to adapt and innovate to put out product offerings that meet these new demands. If you're looking to better understand your target consumer base, reach out to us to find out about how we can help. #plantbased #consumerinsights #consumerdemand Full story from FoodNavigator here: https://lnkd.in/g5EvCHkM

The National Frozen and Refrigerated Foods Association, Inc. recently published its largest consumer research undertaking to date, surveying more than 12,000 U.S. consumers, with 20 consumers welcoming researchers into their homes and to their local grocery stores to gain more insight. Some of the key findings include: 🔪 Nearly 3 in 5 consumers (59%) say they began cooking at home using pre-cut frozen fruits and vegetables to save on prep time. 🤳 54% of consumers are learning about food and cooking through TikTok and YouTube. 👩🍳 45% of consumers rely on air fryers, and 43% use slow cookers to cook and prepare food. Understanding what consumers are looking for at the grocery store and how they are cooking at home can help to inform your marketing strategy. Looking to dive deeper into what your target audience is looking for? Reach out to find out how we can help. #consumerinsights #cookingathome #foodandbeverage Full story from The Packer here: https://lnkd.in/gJSqkaP8