21 Mar Food for Thought: Discoveries at the IFE
The Product of the Year team were out in full force at the IFE this week, sniffing out the new products and hoping to find our future Product of the Year winners. Trade fairs are a great way to see what’s trending in the FMCG world, providing an opportunity to meet innovators face to face and discuss what exciting new products are in the pipeline.
Of course we were super-happy to catch up with this year’s Protein Bar category winners Grenade, who have a whole new range of exciting products out – so roll on the 2020 awards!
Our CEO Mike Nolan was speaking on a panel discussion entitled What are the next Global Innovations?, discussing the themes and trends we’ve seen at Product of the Year awards shows around the world. Speaking to a packed crowd, Mike answered questions on how to tell apart long-standing consumer trends from fashions and fads, and why we have more in common with consumers in New York, Mumbai, and Johannesburg than you might think. More than ever, innovators are undertaking serious research on consumer trends, rather than just jumping on the bandwagon of protein, plant-based, or gluten-free and slapping labels all over their products. Taking care to actually think about what your consumers are looking for is so important – or you could spend thousands developing a new product only to find that the fashion has moved on!
Perhaps with this in mind, there was definitely a wane in the protein bubble at the IFE. Rather than a high-protein label being slapped on everything in sight, people are marketing their product according to its own strengths, and not fad-following. This is something we’re definitely pleased to see – we’re looking for real, market-changing innovation to be next year’s Product of the Year winners.
Mike also talked about how the flow of the day is being disrupted, with people less likely than ever to sit down for three square meals and instead eating on-the-go, snacking, or buying sharing plates. We definitely noticed a snacking revolution with many new products promising easy, healthy, on-the-go snacking, or no-crumbs options to eat at your desk. As ever, breakfast is leading the way in innovation, with breakfast balls, bars, and drinks from The Protein Ball Company and Deliciously Ella. There’s also slick innovation in packaging as well, with easy no-spill pouches of healthy seeds and nuts, and a notable increase in the amount of recyclable, green alternatives to environmentally harmful plastic packaging.
We also saw a huge increase in the number of functional food and drink products. Health has been a macro-trend for donkey’s years – of course everyone wants to eat healthily and feed their children well – but now people are expecting their food and drink to achieve something extra. And innovators have responded, from collagen-enriched snacks that promise better skin to vitamin-infused teas such as Tea + to keep you brighter, fresher, and more alert.
Was there an innovation we missed? Or have you not yet had a chance to tell us about the incredible new product you’re bringing to market? We’d love to hear about it – and, of course, Product of the Year will be open for entries any time soon…