The food and beverage industry moves quickly and there is increasing pressure for industry leaders to keep up with the changing trends. In the past decade, the natural progression of a new product from introduction to mass or wholesale levels has sped up from five or six years to now potentially one or two years.  According to this article, there is pressure for new products to meet the ever-shifting consumer interest in even quicker timelines, which means distinguishing between short-term crazes and long-term trends.

There are a few factors that can help industry leaders better evaluate and forecast upcoming trends in order to maximize their returns:

• How frequently the product is consumed – a larger potential customer base will lead to a quicker tipping point, or moment when the trend takes off.
• Cultural demand – the amount of other emerging trends products relate to will influence growth and success.
• Purchase intent – how much the consumer has to change their behavior in order to experience the product and immediate benefits.
• Innovation – keep in mind the number and rate of new products launched in your category to get a better idea of the overall opportunity and competition.
• Media – positive or negative social and traditional media exposure can influence product potential.
• Supply chain – before expanding and promoting a product, the necessary infrastructure has to be in place to meet the increased demand.
• Research – products are more likely to succeed when based on scientific studies, and specifically studies with a high degree of consensus, if the information is available quickly.
• Industry regulations – the amount of clarity and risk involved in launching and marketing potential projects will influence success.

Manufacturers looking to capitalize on upcoming trends must make educated decisions very quickly based on the information at hand. If you need help staying ahead of the trends in your industry, contact us!