The Future of Gourmet Foods

  • November 2011
  • -
  • SCRIP Insights

Summary

Table of Contents

This report identifies current trends in gourmet food and considers how gourmet products are differentiated from mainstream products, how they evolve and how their premium positioning can be defended. By looking at the latest trends in new product development and evolutions in consumer demand, the report identifies key opportunities for future development strategies.Understand consumer expectations of gourmet food within the mass market for food and drinks and benchmark products against gourmet criteria.Gain an insight into how consumer demand for healthy and ethically produced food can be an opportunity rather than a threat to gourmet food.Evaluate how consumption of gourmet food has changed due to the economic recession and gain an insight into what’s changing in the market.Analyze product launch activity to gain an insight into the innovations landscape and assess the future development of key trends.Identify strategies for the innovation and marketing of gourmet products that will meet coming consumer tastes and demands.Gourmet products typically attract a price premium, but as a result of the economic downturn in developed economies, consumers expect food and drinks manufacturers to justify premiums through specific, transparent, and verifiable product claims.Public awareness of ethical issues surrounding food production and packaging waste is leading to demand for sustainably produced and packaged products. Despite the economic downturn, consumers are more prepared than ever to pay a premium for ethical food and drink; by extension, ethical claims help justify price premium of gourmet products.Although gourmet is often thought of as indulgent, the trend towards products that promote health and wellbeing is proving to be a boon for gourmet products which make claims such as all-natural ingredients, no chemical additives, or even contain health-enhancing ingredients such as exotic super fruits, which appeal to health-conscious consumers.What does it take to create a really successful gourmet product, how can it be differentiated from the competition, and how should it be marketed?How can gourmet food positioning be defended over time from threats such as private label and the commoditization of new flavors and ingredients?Where is gourmet innovation taking place, what are the innovations, and what’s important to consumers in those markets?What are the key developments in eating out and other leisure activities that are having an influence on gourmet food trends?What impact is factors such as the global economic recession, consumer interest in ethical issues, and health concerns having on gourmet foods?

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