LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global private label food and beverages market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global private label food and beverages market is expected to grow at a CAGR of more than 7% during the forecast period. Private label brands are slowly becoming popular among consumers. The low price of products and the changing consumer perception about the brand are helping the market to become popular among consumers.
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The top three emerging market trends driving the global private label food and beverages market according to Technavio research analysts are:
- Growing digitization of private label
- Increasing development of new packaging
- Rising focus on health and wellness
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Growing digitization of private label
With increasing competition, retailers are taking greater initiatives and efforts to promote their products by using modern technology and digitization. The Internet has become an ideal platform to promote and sell their products. Thus, business hubs like Amazon and other similar portals are providing platforms where customers can purchase private label products.
The private label companies can use social media to find their potential business partners and clients because this helps the businesses to have easy communication and link either publicly or privately using various social networking tools and forums.
Increasing development of new packaging
Sustainability is one of the important aspects that private label brands are adopting across the world. Furthermore, consumers are also looking for packaging materials that are more sustainable and environment-friendly. Thus, innovative packaging is one of the crucial factors that the private brand manufacturers are taking into consideration to create differentiation.
According to Manjunath Reddy, a lead analyst at Technavio for food research, “Premium and luxury packaging helps to attract consumers and improve the consumer experience. This has influenced many retailers to invest in R&D to develop environment-friendly, temperature resistant, insulated, food grade packaging to keep the packaged goods fresh for a long time.”
Rising focus on health and wellness
Consumers are becoming very particular about their health. Therefore, they are moving toward healthier and safer food products. Apart from price, their purchasing decision is also affected by the ingredients present in the product. These health-conscious consumers, especially millennials, look for simplicity with the ingredients.
“Food and beverages with labels mentioning gluten-free and organic ingredients have become popular among consumers. Consumers tend to have a greater inclination toward these products because they are certified to be safe. Products made with natural ingredients and colors are gaining more shelf space because of the growing demand. Private label brands are connecting their brands and products to health and wellness, environmental stewardship, and sustainability,” says Manjunath.
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