There’s a lot to love when it comes to social media. Today’s consumers certainly seem to think so. According to data from Mintel, a leading provider of market research, insight and analysis, 93% of Americans are social media users.1
Food trucks make big bucks. Once stalled in negative perceptions and considered a dubious source of quick eats, these mobile foodservice operations are serving up sales at a rapid pace. The food truck industry has become turbocharged, with a growth rate projected to accelerate fourfold, from $615 million in 2012 to $2.7 billion in 2017.1
A case in point is the Asia Pacific region. In the second offering of Food Industry Asia’s Lunch Series held in Singapore last year, global market intelligence agency Mintel identified four overarching trends that it anticipates will help drive food and drink consumption in the region in the coming years.1 Gleaned from the work of more than 100 Mintel analysts with a global reach across the food, drink and foodservice industries, the trends were parsed in a presentation by Avanthi Ravindran, senior trend and innovation consultant at Mintel South-East Asia and India.1
"Today's consumers are willing to experiment with new dessert flavors and ingredients, but foodservice operators should optimize their assortments with trusted brand names and familiar products."
Challenges and opportunities loom large for big food sellers. While the 25 largest players feasted on 63% of $495 billion in U.S. food and beverage sales in 2016, their share declined from 66% in 2012.1 Private label products, meanwhile, have seen a 3.5% year-over-year expansion of shelf space since 2012.1 Increasing price pressure from upstart store brands and retailers insisting on lower prices are turning up the competitive heat.1