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1 May 2024
2024 the year of the ‘conscious consumer’
The concept of the conscious consumer is a state of mind identifying global trends that are of growing importance to consumers. Alongside sustainability and health , affordability is a definite consideration and what end users want today.
The current cost of living crisis is squeezing consumer spending everywhere, and with ‘stagflation’ and commodity price rises likely to continue for the rest of 2024, there is no escaping the role that cost will play in consumer decision making. With this in mind, ‘reformulation’ is a term that is going to figure heavily in product development project discussions. “We are seeing a lot of manufacturers focusing on reformulation exercises,” says Sherlyn Sim, APAC Strategic Marketing Director at Brenntag. “That might be a sugar reduction project to avoid a high sugar tax or the replacement of existing ingredients with more cost-effective alternatives that offer either equivalent or improved performance, for example.”Trend #3: addressing affordability through reformulation
But reformulation must not compromise the consumer experience, cautions Dr Nadia D’Incecco, EMEA Strategic Marketing Director at Brenntag. “Despite being on stricter budgets, consumers are still looking for foods that are tasty and high quality,”she notes. Our Innovation & Application Centers have been involved with numerous reformulation projects recently, from reducing gluten (an expensive component) in recipes to developing vitamin & mineral mixes that enable affordable fortification.
Weighing up priorities
Affordability is inextricably linked with the sustainability and health trends, as products that are produced sustainably or have added health benefits often carry a higher price tag, which can be a pain point for consumers. Determining whether a product will be viewed as overpriced by the market requires a sound understanding of its target audience and the trade-offs they will be willing to make.
“Despite rising inflation, some consumers are willing to pay more if they perceive that the value is worth paying for,”says Sherlyn. This is where reformulation solutions that will bring a sustainability or health benefit as well as a cost saving can elevate a concept.
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