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New Strategies for offering Convenience in Food - targeting new occasions, best practice and new solutions

  • July 2014
  • -
  • GlobalData
  • -
  • 70 pages

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Summary
New Strategies for offering Convenience in Food - targeting new occasions, best practice, and new solutions is a detailed insight report highlighting numerous profitable opportunities that are available in the convenience market. A vast number of consumers feel increasingly time-scarce; while an aging population seeking lifestyle enablers is leading to huge demands for convenience food that need to be met. The change in consumer lifestyles, including skipping meals and increased eating on the go, means that retailers and manufacturers need to keep up to date with salient issues that are affecting consumer eating habits. The report identifies the key drivers of convenience food as well as available opportunities and solutions for meeting consumer demands.

Key Findings
- Consumers are feeling increasingly time-scarce, and whether this feeling is real or perceived, it is driving the need for convenient products.
- The convenience market is widespread with elements appealing to all age groups: children have full schedules with many activities to fit in one day; working consumers are faced with longer hours and shorter breaks, hence their need for time-saving products; and retired consumers seek convenient, easy-to-use products in order to enable their independence.
- Many factors contribute to how convenient a product actually is, manufacturers must ensure that they consider where their product will retail, how their packaging aids storage, consumption and shelf-appeal, the preparation required prior to consumption, and any additional functional benefits to the consumer.
- The drivers to convenience are market wide. One example is increased stress levels causing consumers to seek out time-saving products and those that allow them escapism.

Synopsis
New Strategies for offering Convenience in Food - targeting new occasions, best practice, and new solutions highlights key consumer groups that offer both new and ongoing opportunities for development. It identifies and dispels myths surrounding time scarcity and which consumers demand convenience whilst outlining how to effectively position differentiated products to target consumer needs. Important consumption motivations and changes in consumer behavior are analyzed and recommendations for manufacturers and retailers are drawn from this, identifying profitable markets and areas for innovation.

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- Analysis of how the convenience trend is changing the behavior of four key age groups: the youth population (0-15), young professionals (16-34), mature professionals (35-54), and older consumers (55 and over).

- Analysis of emerging consumer trends including meal time fragmentation and rising stress levels and exactly how these are affecting the convenience market; in addition the report outlines products that have successfully capitalized on existing trends and the trends that are available for manufacturers to target with innovation in the future.

- Unique insights into market data and the implications of this to manufacturers and retailers operating in the convenience market; for instance how the number of consumers delaying responsibilities, such as marriage and children, until later in life affects the required positioning of many convenience products.

Reasons To Buy
- Consumer analysis and case studies provide insight into the convenience market and clear opportunities for new product developments are explored.
- Canadean's unique consumer data, developed from extensive consumption surveys and consumer group tracking, quantifies the influence of 20 consumption motivations across the market and focuses in on those specific to consumers' need for convenience, hence granting a thorough understanding of consumer behavior.
- The recommended actions and analysis throughout the report will allow manufacturers to align their research and development and marketing strategy with the stand out trends influencing consumer behavior.

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