Business Wire IndiaRegulatory News:
SIAL Paris, the world's largest food innovation exhibition, has released its SIAL Insights 2024 report. Developed with industry experts Kantar, ProtéinesXTC, and Circana, this report explores the current state of the global food industry, highlighting major trends and challenges amid economic pressures and shifting consumer behaviors.
Adressing the Cost-of-Living Crisis
The report reveals that rising food prices have significantly impacted spending patterns globally. Over the past two years, food prices have risen by more than 10%, often exceeding overall inflation rates. Consumers are responding by adjusting their purchasing habits, such as buying smaller quantities, switching to more affordable brands, and seeking discounts. The food industry must adapt its supply models to meet these new consumer behaviors while maintaining sustainable practices.
Key Trends for 2024: Feeling, Connecting, Caring
Feeling: Despite economic challenges, consumers prioritize pleasure in their food choices. Over 52% of new products aim to deliver sensory enjoyment, especially in lower-income households where food serves as an affordable source of comfort and joy.
Connecting: The importance of collective dining experiences has grown, with a renewed focus on community building through food. Nearly 30% of respondents cite communal dining as a key reason for eating out, and traditional dishes and heritage ingredients are gaining popularity.
Caring: Health and sustainability are critical concerns. There is a growing demand for natural, minimally processed foods, with 74% of consumers expressing concern about the health implications of their diet. Interest in organic and fair-trade products is on the rise, although price remains a barrier for many. Personalized nutrition is also trending, with 65% of respondents willing to pay more for healthier products.
Special Report: Technological Innovations in Food
Technological advancements are transforming the food industry. E-commerce offers convenience and cost savings, with online food sales growing by 11% in France. Precision agriculture and vertical farming are addressing the challenges of resource management and environmental impact. The report also explores the potential of lab-grown proteins as sustainable alternatives to traditional farming.
To download the full report and to enjoy the early bird price ticket promotion available until July 31, visit Sial Paris Website.
About SIAL Paris
Organised by Comexposium, SIAL Paris is the largest food industry trade fair in the world with more than 7,500 exhibitors and 400,000 exhibited products. The event is part of the SIAL Network, the world’s largest network of food and drink trade fairs. Through eleven regular events, the network brings together 17,000 exhibitors and 700,000 professionals from over 200 countries. The next SIAL Paris will be held from 19 to 23 October 2024 at Paris Nord Villepinte. www.sialparis.com
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