PARIS, July 30, 2024–(BUSINESS WIRE)–Regulatory News:
SIAL Paris, the world’s largest food innovation exhibition, has published the SIAL Insights 2024 report. Produced in collaboration with industry experts Kantar, Protéines XTC and Circana, the report explores the current state of the global food industry, highlighting key trends and challenges amid economic pressures and changing consumer behavior.
Responding to the cost of living crisis
The report finds that rising food prices are having a significant impact on global consumption patterns. Over the past two years, food prices have increased by more than 10%, often outpacing overall inflation. Consumers are responding by adjusting their purchasing habits, including buying smaller quantities, switching to more affordable brands, and seeking discounts. The food industry must adapt its supply models to align with these new consumer behaviors while maintaining sustainable practices.
Key trends for 2024: emotion, connection, compassion
Sensory: Despite economic challenges, consumers are prioritizing pleasure in their food choices. More than 52% of new products aim to deliver sensory pleasure, especially among lower-income households for whom food is an affordable source of comfort and pleasure.
Connection: Collective dining experiences are becoming more important, and there’s a new focus on building community through food. Nearly 30% of respondents said communal dining is their main reason for dining out, with traditional dishes and ingredients growing in popularity.
Caring: Health and sustainability are key concerns. Demand for natural and minimally processed foods is growing, with 74% of consumers concerned about the health impact of their diet. Interest in organic and fair trade products is growing, but price remains a barrier for many. Personalized nutrition is also a trend, with 65% of respondents willing to pay a premium for healthier products.
Special Report: Technological Innovation in Food
Technological advances are transforming the food industry. E-commerce brings convenience and cost savings, with online food sales increasing by 11% in France. Precision and vertical farming are addressing challenges of resource management and environmental impact. The report also explores the potential of lab-grown proteins as a sustainable alternative to conventional agriculture.
To download the full report and take advantage of the early bird ticket promotion, available until July 31st, visit the Sial Paris website.
About SIAL Paris
Organized by Comexposium, SIAL Paris is the world’s largest food industry trade fair, boasting more than 7,500 exhibitors and over 400,000 products on display. The event is part of the SIAL Network, the world’s largest network of food and beverage trade fairs. Through 11 regular events, the network brings together 17,000 exhibitors and 700,000 professionals from more than 200 countries. The next SIAL Paris will take place from 19 to 23 October 2024 in Paris-Nord Villepinte. www.sialparis.com
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contact address
Press Contact
Pamela Themonis: pamela.themonis@comexposium.com
Gladys Leroy: gladys.leroy@comexposium.com
